Pharmaceutical major Lupin on Wednesday reported a consolidated net loss of Rs 127.1 crore for the second quarter ended September 2019.
In the corresponding quarter last year, the company posted a net profit of Rs 268.45 crore. CNBC-TV18 Polls had predicted a profit of Rs 329 crore for the quarter under review.
Revenues for the quarter rose to Rs 4,359.7 crore compared with Rs 3,890.93 crore in the year-ago quarter.
Lupin said it has agreed to pay $63.5 million as a settlement in connection with the State of Texas lawsuit in the US and accordingly a provision of $53.5 million (net of the earlier provision of $10 million) has been made during the quarter.
Commenting on the results, Nilesh Gupta, managing director, Lupin said, "The reported performance for the quarter was bolstered by the NCE licensing income but impacted by one-off items, adjusted for which, the operational performance was as expected."
"The US business has now stabilised and will grow based on the ramp-up of our in-line products and levothyroxine and the launch of our injectables portfolio. Markets like India continue to deliver solid growth. Regulatory compliance remains a top organisational priority and we are making steady progress," Gupta added.
Shares of the company were up 3.05 percent at Rs 778.10 apiece on the BSE.
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