The company reported a net profit of Rs 383.6 crore in the period previous year ago. The sales fell 2.8 percent to Rs 4179 crore.
Lupin, India’s second-largest drug maker on Tuesday, posted a massive net loss of Rs 783.5 crore in the fourth quarter ended March due to a one-time write-off on the Gavis acquisition.
The company reported a net profit of Rs 383.6 crore in the year-ago quarter. The sales fell 2.8 percent to Rs 4,179 crore.
A Reuters poll of analysts estimated net profit to Rs 323.8 crore in the fourth quarter, while revenues at Rs 3,952 crore.
The company took a write-off of 1464.3 crore on Gavis.
Lupin acquired US-based Gavis in July 2015 for USD 880 million to expand US portfolio, especially pain management drugs (controlled substances) and get manufacturing base in the US.
Gavis was largest ever overseas acquisition by Indian drugmaker but its contribution from it has been below expectations so far. The pace of approvals has been slow and the US crackdown on use of opioids has worsened matter. Sales of the company have not even been close to the expectation of the much-tampered target of USD 200 million in FY18.
Shares of Lupin dropped 1.04 percent and were trading at Rs 746.50 on BSE at 3.09 pm, while the benchmark Sensex gained 0.09 percent to 35,587.80 points.