Decline in Q3 net profit drags Lupin; stock slumps 6%

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February 10, 2023
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The drugmaker’s bottomline for the Oct-Dec period fell 72 percent on year primarily due to a high base in the corresponding quarter last year.

Shares of Lupin slumped in early trade on February 10, a day after the company posted a sharp on year decline in its consolidated net profit for the quarter ended December.

At 10.10 am, Lupin was trading 3.84 percent lower at Rs 744.60 on the National Stock Exchange.

The drugmaker’s bottomline for the Oct-Dec period fell 72 percent on year to Rs 153.5 crore, primarily due to a high base in the corresponding quarter last year. The base was higher in the year ago period as the company had received a tax rebate of Rs 382 crore in Q3 FY22.

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