Lupin posts net profit of Rs 130 cr in Q2

Drug maker Lupin on Wednesday said its consolidated net profit stood at Rs 130 crore for the second quarter ended September 30, 2022.

The Mumbai-based company had reported a net loss of Rs 2,098 crore in the July-September period of the previous fiscal.

Total revenue from operations rose to Rs 4,145 crore for the period under review as compared to Rs 4,091 crore in the year-ago period, Lupin Ltd said in a regulatory filing.

The company said it paid Rs 1,878 crore towards litigation and settlement related expenses last year with respect to antitrust class action filed in the US in connection with the drug Glumetza.

''We have performed in line with our expectations during the quarter, and are on the path of steady growth in sales and profitability. Our sales growth sequentially was robust as our US business bounced back.

''Our India business delivered continued growth in line with the market, excluding the impact of loss of exclusivity and certain sales in the diabetes and cardiovascular therapy area,'' Lupin Managing Director Nilesh Gupta said.

All other geographies performed well, and the company continues to see the benefit of optimisation measures implemented, he added.