Lupin net profit crashes by 25%, turnover down in first half

MUMBAI, February 27: The net profit of Lupin Laboratories has declined by a whopping 25 per cent to Rs 15.21 crore in the first half of the ...

MUMBAI, February 27: The net profit of Lupin Laboratories has declined by a whopping 25 per cent to Rs 15.21 crore in the first half of the year ended December 31, 1997, as compared to Rs 20.49 crore registered in the same period of the previous fiscal.

The turnover was down to Rs 318.33 crore from Rs 321.43 crore. In a statement, Lupin said its profits have crashed as compared to the corresponding six months of the previous fiscal due to pressure on prices and margins of bulk drugs besides the high interest burden.

The gross profit fell to Rs 20.56 crore compared to Rs 25.65 crore recorded in the same period of last year. Depreciation has claimed Rs 5.34 crore (Rs 5.16 crore). The company’s interest burden went up to Rs 23.33 crore from Rs 20.79 crore recorded in the six month period ended December 1996. The company has not made any provision for taxation in the six-month period.

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Meanwhile, Lupin said there was no default in repayment of fixed deposits. It said a single depositor, Air Force GroupInsurance Society, had placed Rs 3 crore in a one year fixed deposit beginning April 7, 1997. The company claimed that it had rolled over the payment in concurrence of the party by making a payment of Rs 1.5 crore on April 27, 1997 and of Rs 1.5 crore on June 2, 1997 along with accrued interests till the respective dates of payments.

Lupin said the CLB had never taken any notice or issued show cause in this matter as the above issue was settled amicably.

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