Lupin aims more US launches as Q4 net falls
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Drugmaker Lupin Ltd said it will launch this year more products in its key United States market to boost sales there, after reporting a 31 per cent fall in quarterly profit as tax expenses quadrupled.
Mumbai-based Lupin, India's fourth-largest drugmaker by sales, said consolidated net profit fell to Rs 1.56 billion for its fiscal fourth quarter ended March from Rs 2.27 billion a year earlier.
Lupin will launch at least 20 new products in the U.S. market during the year to March 2013, higher than the 11 it launched in the previous fiscal year, Group President Nilesh Gupta told Reuters after the earnings announcement.
"Our base in the U.S. is high but I believe, we will have to better this growth rate in the current fiscal year," Gupta said in a telephone interview.
Lupin's consolidated sales during the three months to March grew about a quarter to Rs 18.83 billion.
Profit for the quarter was hurt by higher tax expenses as two of Lupin's manufacturing facilities lost tax incentives, Gupta said, adding, the company will move some manufacturing to a new facility that will get tax incentives.
Tax expenditure for the quarter jumped to Rs 1.35 billion from Rs 311.5 million a year earlier.
Shares in Lupin closed 4.3 per cent down at Rs 522.15 on Thursday. The stock is up nearly 17 per cent this year outperforming the Nifty.
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