The country’s second-largest drug manufacturer, Lupin, on Wednesday reported a net profit of Rs 547 crore for the quarter ended March 2015, down 1% from the Rs 553 crore in the same period previous year. This was mainly due to a foreign exchange loss of Rs 36.7 crore, higher expenditure on research and development (R&D), coupled with slowdown in product approvals and higher price erosion in the US market during the quarter.
The company posted a decline of 1.4% in total revenue to Rs 3078.1 crore. It earned 45% of its revenue from sales in the US and 22% from India. Earnings before interest, tax, depreciation and ammortisation (ebitda) stood at Rs 806.6 crore, a drop of 8.6% year on year.
Lupin’s US and Europe formulation sales declined from Rs 1,549.4 crore in Q4 FY14 to Rs 1,467 crore in Q4 FY15. In the US market, Lupin launched three products during the quarter and 12 products during FY15.
Expenses on research and development stood at 10.1% of net sales at Rs 309.6 crore during Q4 FY15 versus Rs 245.6 crore during Q4 FY14. The debt-free company incurred a total capital expenditure of Rs 297.7 crore during Q4 FY15.
Lupin filed seven abbreviated new drug approvals (ANDAs) and got three from USFDA during Q4 FY15. During the year, the company filed 18 ANDAs and received 12 approvals. At the end of FY15, its cumulative ANDA filings with the US FDA stood at 210. The company has got 111 approvals so far, including 15 exclusive first to file opportunities.
Lupin proposed a dividend of 375%, or Rs. 7.50 per equity share, of the face value of Rs. 2 per share for the year ended March 31, 2015.
The stock fell 3.35% on the BSE, closing at Rs 1690.60/share, while the Sensex rose 1.39% to 27251.10 on Wednesday.