Lupin Q2 net profit dips 35% to Rs 409 crore

Drug major Lupin on Tuesday posted a 35.11 per cent dip in its consolidated net profit at Rs 408.8 crore for the second quarter ended September 30, mainly on account of slowdown in product approvals in the US.

The company had posted a net profit of Rs 630 crore during the same period of the previous fiscal.

Net sales of the company, however, rose to Rs 3,178.3 crore during the second quarter compared with Rs 3,116.8 crore during the same period of previous fiscal, Lupin said in a statement.

"Slowdown in approvals in the US and a lack of material launches continued to dampen growth. We continue to invest in research and remain upbeat on the pace of approvals and launches to pick up by the fourth quarter," Lupin Ltd Managing Director Nilesh Gupta said.

The company's board, which met today, appointed Ramesh Swaminathan Chief Financial Officer as an additional director and Jean-Luc Belingard as an independent director of the company for a period of five years effective October 27, subject to shareholders approval.

The company said its US sales stood at $174 million during the second quarter as against USD 202 million in second quarter of the previous fiscal.

During the second quarter, its India formulations business grew by 9.4 per cent, recording sales of Rs 873.8 crore during the second quarter as against Rs 799 crore during the same period of 2014-15.

Lupin's Japanese business posted net sales of Rs 323.4 crore during the second quarter, as against Rs 345.9 crore in the same period of previous fiscal.

The company's South African subsidiary, Pharma Dynamics achieved sales of Rs 99.8 crore in second quarter compared with Rs 105.7 crore last year.

The Mumbai-based firm's active pharmaceutical ingredients (API) sales grew by 1.1 per cent to Rs 321.9 crore during the second quarter as against Rs 318.3 crore during the same period of 2014-15.

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Rupee trades lower against US dollar

Snapping its two-day winning streak, the rupee fell by 8 paise to 64.90 against the US dollar in early trade on Friday. The domestic currency had closed 21 paise higher at 64.82 against the greenback in the previous session on sustained dollar selling by banks and exporters.

The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, stood at 94.51. While evidence is mounting that economic growth is cooling in the US, much of the slowdown appeared to be due to temporary factors, New York Fed President William Dudley said in a speech overnight.

Dudley said a strong dollar was also playing a role, but the economy still seemed to be growing at a healthy clip.

India Ratings expects the rupee to trade in the range of 64.50-66.25 against the US dollar for the remainder of 2015.

However, the readjustments carried out by foreign institutional investors in their portfolios towards the year-end and beginning of 2016 may cause some short-term volatility in the domestic currency, the rating agency said in a note.

"The key reasons for expecting stability in the rupee better macroeconomic fundamentals of the Indian economy among the emerging economies, comfortable balance of payment situation, postponement of policy normalisation by US Fed to December 2015 or maybe to 2016 and healthy capital inflow," Ind-Ra said.

The domestic foreign exchange data will be released during the day. In the US, data on factory output numbers scheduled for release later in the day will be tracked keenly. 

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