Lupin Q3 profit slumps 72% to Rs 153 cr

New Delhi: Drug maker Lupin has reported 72 per cent decline in consolidated net profit at Rs 153 crore for the third quarter ended December 31, 2022.

The company had reported a net profit of Rs 545 crore for October-December period last fiscal.

Total revenue from operations however increased to Rs 4,322 crore as compared with Rs 4,161 crore in the year-ago period, the company said in a statement.

"Sales in the US have improved on the back of new product launches and the brand acquisition we made during the quarter. Excluding the impact of genericization on our diabetes portfolio, the India business has performed in line with the market," Lupin's Managing Director Nilesh Gupta stated.

With the recent sales force expansion and new product launches, the company expects to be back to above-market growth, he added.

Shares of the company were trading 3.74 per cent down at Rs 745.10 apiece on the BSE.