Muted sales in its core markets of India and North America led to poor performance by Lupin in the December quarter. Sales in North America, its biggest market that accounts for 37 per cent of sales was down about 3 per cent. Domestic business, the other key geography, grew 9 per cent year-on-year (YoY).
Analysts at Motilal Oswal Financial Services were expecting 12 per cent YoY growth in India. Lupin indicated that tender sales from India declined and, adjusted for this, growth stood at 10.6 per cent. On sequential basis, India sales were down 3.4 per cent. US sales were expected ...
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First Published: Thu, February 06 2020. 23:44 IST
