Lupin’s Q1 net surges 55%, but share tanks 5%

MUMBAI: India’s third-largest drugmaker Lupin posted a 55% rise in its consolidated first-quarter profit on Tuesday, driven in part by a lower tax rate. The company

MUMBAI: India’s third-largest drugmaker Lupin posted a 55% rise in its consolidated first-quarter profit on Tuesday, driven in part by a lower tax rate. The company said that under the new Indian Accounting Standards, its net profit rose to ₹882 crore in the three months ended June 30 from ₹569 crore a year ago. Analysts noted that the profit margin was off 2.5% due to higher staff costs, and the scrip tanked 5.03% to ₹1,607.60 on BSE.

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