PAT was much below analysts' estimates on a subdued US business.
Shares of Lupin plunged more than 4 percent intraday Wednesday as company has reported dismal performance for the quarter ended June 2018.
The company has reported a 43 percent year-on-year decline in net profit to Rs 202.8 crore in the June quarter. PAT was much below analysts' estimates on a subdued US business.
The company had posted a net profit of Rs 358.1 crore during the same period last year. A Reuters poll of analysts estimated net profit at Rs 347.6 crore in the first quarter on a revenue of Rs 4,084.8 crore.
Total income rose 3.6 percent to Rs 4,040 crore in Q1 FY19.
While the street was estimating earnings before interest, tax, depreciation and amortisation (EBITDA) margin of around 20 percent, the company disappointed at 13.7 percent.
At 14:25 hrs Lupin was quoting at Rs 830.65, down Rs 34.40, or 3.98 percent on the BSE.
Posted by Rakesh Patil