Shares of Lupin Ltd went down more than 2% after the company reported poor results for the quarter ending March 2024. The results were disappointing compared to the previous quarter, though profit increased from last year.
Lupin Ltd reported a net profit of ₹359.4 crore for the fourth quarter. This was a 41.4% decrease compared to the ₹613 crore profit in the December 2023 quarter. However, compared to the same period last year, the net profit was 52.3% higher than the ₹236 crore reported then.
There were high expectations for Lupin Ltd. People hoped that new product launches in the US market would increase the company’s earnings. North American sales contributed two-thirds of the total revenue at ₹1900.6 crore.
This showed a 22.3% increase from the previous year. But the increase from the previous quarter was only 0.6%.
At 10:20 am, Lupin Ltd shares were trading 2.19% lower at ₹1,642.90 on the National Stock Exchange (NSE).
