Lupin Ltd, India’s second-largest drugmaker by revenue, reported a surprise quarterly loss on Tuesday due to a one-time charge related to the acquisition of US-based Gavis Pharmaceuticals LLC.
Shares of the company briefly hit their lowest since May 2013 after the results, and closed 0.5 per cent lower.
Net loss was Rs 784 crore ($115.57 million) for the fiscal fourth quarter ended March 31, compared with a profit of Rs 380 crore a year earlier and an estimate of Rs 320 crore profit in a Thomson Reuters poll of 15 analysts.
One-time impairment charge was about Rs 1,464 crore on certain assets the company bought as part of the Gavis group acquisition.
Lupin bought privately held Gavis Pharmaceuticals in 2015 in a deal worth $880 million, in a bid to revive its growth in the United States.
Lupin, which specialises in oral contraceptives and drugs to treat diabetes and hypertension, said sales in the United States fell about 21.1 per cent to Rs 1,499 crore, while domestic sales climbed 13.5 per cent to Rs 965 crore.
© Thomson Reuters 2018
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