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Lupin shares fall 6% after Q1 net profit falls 60% YoY fall

 Lupin's Q1FY21 net profit from continuing operations stood at Rs 106.9 crore against Rs 264.7 crore in Q1FY20, the company said on August 6.

 

Shares of Lupin fell over 6 percent in morning trade on BSE on August 7 a day after the company reported a nearly 60 percent year-on-year (YoY) decline in Q1 FY21 net profit.

Lupin's Q1 FY21 net profit from continuing operations stood at Rs 106.9 crore against Rs 264.7 crore in Q1 FY20, the company said on August 6.

Total revenue from operations fell 9 percent YoY to Rs 3,527.90 crore in Q1 FY21 against Rs 3,877.70 crore in the corresponding quarter of the previous financial year.


Meanwhile, on August 6, the company announced that its US-based wholly-owned subsidiary Lupin Inc. had entered into an agreement with ForDoz Pharma Corp (ForDoz) for granting Lupin the exclusive rights to market and distribute 2 complex injectable assets in advanced stages of development in the US and its territories.

The company, in a separate BSE filing, announced that it in alliance with Concord Biotech Limited (Concord) has received approval from the United States Food and Drug Administration (US FDA) for Mycophenolate Mofetil Tablets USP, 500 mg, to market a generic version of CellCept® Tablets of Roche Palo Alto LLC (Roche).

Shares of Lupin traded 5.47 percent down at Rs 885.05 on BSE around 10:55 hours.

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