Shares of Lupin slipped over 7% today despite the pharma firm reporting a five-fold jump in its June quarter consolidated net profit. However, Q1 earnings missed market expectations.
Ace investor Rakesh Jhunjhunwala held 1.6% stake or 72.45 lakh shares in the firm at the end of June quarter.
The stock has lost 8.67% in the last 3 days. Lupin stock touched an intraday low of Rs 1,035.65, falling 7.46% against previous close of Rs 1,119 on BSE.
Lupin share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 7.6% since the beginning of this year and risen 9.71% in one year. Total 2.21 lakhs shares of the firm changed hands amounting to turnover of Rs 23.36 crore.
Market cap of the firm fell to Rs 47,727 crore on BSE.
Lupin reported consolidated net profit of Rs 542.46 crore in Q1 against net profit of Rs 106.9 crore for the corresponding period of the previous fiscal.
Revenue from operations rose to Rs 4,237.39 crore in Q1 against Rs 3,468.63 crore for the same period a year ago.
“While the quarter’s profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth,” Lupin MD Nilesh Gupta said.
Lupin sees meaningful uplift in the second half and remains focused on its journey of expanding margins through driving strong double-digit revenue growth and optimising costs, while ensuring the safety of its people and the highest standards of compliance, he added.