The company’s Sales dipped by 14.9% on a y-o-y basis at Rs3,604 crore in Q1FY23 as compared to Rs4,237.40 crore in the previous corresponding quarter. Sequentially, Sales declined by 6.7% against Rs3,864.50 crore in the previous quarter.
Company’s EBITDA during the quarter declined by 76% yoy at Rs237.90 crore as compared to Rs992.60 crore in the Q1FY22. On a sequential basis, EBITDA declined by 15.7% against Rs282.30 crore in the previous quarter.
Lupin’s net loss during Q1FY23 was reported at Rs86.80 crore, plunging heavily on a solid base of PAT of Rs548 crore in the previous corresponding quarter. In the previous quarter, the company reported a loss of Rs511.90 crore.
Nilesh Gupta, Managing Director, Lupin Limited, stated, “Our numbers are muted this quarter, but we expect a strong rebound from Q2 onwards. Our sales in the United States fell significantly as we made several strategic decisions to pave the way for building a profitable and sustainable business.
During the quarter, we reduced inventory and made shelf inventory level adjustments on a few products. While our US business continues to experience price erosion and input material inflation, our India business continues to outperform the market.”
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