Lupin shares slide down 5%; Q1 results show 15.96% dip in its net profit

Shares of drug major Lupin declined over 5 per cent in closing trade.

On BSE, Lupin Ltd closed 5.23 per cent down, while on NSE, it traded 5.25 per cent down.

Drug firm Lupin today reported a 15.96 per cent dip in its consolidated net profit at Rs 525.02 crore for the quarter ended June 30, mainly on account of decline in its overseas sales.

The company had posted a net profit after taxes and minority interest of Rs 624.74 crore for the corresponding period of the previous fiscal, Lupin said in a filing to BSE.

At 11:16 am, Lupin Ltd stocks traded 0.90 per cent down at Rs 1807.65. On NSE, Lupin Ltd stocks traded 0.73 per cent down at Rs 1810.70.

Reports suggest that Lupin’s profit may slip 8 percent year-on-year to Rs 572.3 crore and revenue is seen falling 1.3 percent to Rs 3,296 crore in the first quarter of financial year 2015-16.

The company is set to announce its quarterly earnings today.