India’s Lupin Ltd incurs Q4 loss on one-time charge

NEW DELHI, May 15 (Reuters): Lupin Ltd, India's second-largest drugmaker by revenue, reported a surprise loss in its fiscal fourth quarter on Tuesday, due to a one-time charge.

Net loss for the quarter ended March 31 came in at 7.84 billion rupees ($115.57 million) compared with a profit of 3.80 billion rupees a year earlier, it said in a statement.

Fifteen analysts on average expected a profit of 3.20 billion rupees, according to Thomson Reuters data. The company saw a one-time impairment charge of about 14.64 billion rupees in relation to the Gavis group acquisition during the quarter.