
Lupin Q1 net profit jumps 52 pc to Rs 1,221 cr
PTI
Last Updated:
New Delhi, Aug 5 (PTI) Drug maker Lupin on Tuesday posted a 52 per cent year-on-year increase in consolidated profit after tax at Rs 1,221 crore in the June quarter, driven by strong sales in the US and India.
The drug maker reported a profit after tax (PAT) of Rs 805 crore in the April-June quarter of last fiscal.
Sales rose to Rs 6,164 crore in the first quarter as against Rs 5,514 crore in the year-ago period, Lupin Ltd said in a statement.
'We continue to build strong business momentum, anchored by a robust product portfolio, improved efficiencies, and effective use of assets and investments," Lupin MD Nilesh Gupta said.
'As we begin the year, our sharpened focus on compliance, innovation, and technology positions us to further unlock sustainable growth," he added.
India sales for Q1 FY26 stood at Rs 2,089 crore, up 8 per cent from Rs 1,938 crore. PTI MSS HVA
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August 05, 2025, 21:45 IST
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Indian Express
5 minutes ago
- Indian Express
Knitwear to apparel, Tamil Nadu's textile belt starts feeling US's 50% tariff heat
IN TIRUPPUR, India's knitwear capital, exporters are already feeling the heat of the 50 per cent tariff US President Donald Trump announced Wednesday. They say orders are being paused, redirected, or lost entirely to competitors like Bangladesh, Pakistan, Vietnam, and Cambodia, all of whom lower US tariffs ranging between 19% and 36%. One Tiruppur exporter told The Indian Express that his regular US shipment had already been diverted to Pakistan. Another said his American buyer asked him to 'hold on' before confirming their summer order. A third revealed that buyers were previously demanding that exporters absorb the 25% tariff hike — a burden that has now doubled overnight. The revised duties, including baseline and remedy-linked tariffs, now push effective rates for some knitted garments to as high as 64%, rendering products up to 35% more expensive than those from regional competitors. What was initially seen as a major setback is now viewed by exporters as 'a de facto trade embargo'. The blow comes at a particularly cruel time when Tamil Nadu's textile belt was preparing for a rebound in US orders. Tiruppur, Coimbatore, and Karur collectively employ over 1.25 million workers and export Rs 45,000 crore worth of garments annually. Just weeks ago, optimism surged on the back of the India–UK Free Trade Agreement (FTA) and growing US interest in Indian goods due to elevated tariffs on China (125%-145%) and Myanmar (40%). Many exporters in Tamil Nadu had invested in new machinery to meet the expected surge. That hope is now turning into despair under the weight of retaliatory tariffs, especially with respect to China, which is now at 30% and could see a further downward revision once Beijing inks a deal with Washington DC. 'This is a setback,' said K M Subramanian, president of the Tiruppur Exporters' Association (TEA). 'Standalone exporting companies will be hit first. 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'This isn't just about one tariff hike – its compounding an already weak environment,' Selvaraju said, pointing to India's 11% import duty on cotton and a GST duty inversion that further hurts competitiveness. 'Polyester raw material is taxed at 18%, yarn at 12%, but finished garments are taxed at 5%. This adds 6-7% to export costs, while competitors don't have such inverted duties.' Meanwhile, the quality of cotton imports from Brazil, which make up 45% of this year's inbound shipments, is under scrutiny for not always meeting US-mandated standards. Selvaraju has urged the Centre to negotiate a cotton-forward deal, offering duty-free access to US cotton in exchange for apparel exports made from it. The global textiles market is highly competitive; India's key rivals face no such punitive hikes. Bangladesh continues with an effective rate of 35–36%, Pakistan has successfully negotiated a 19% tariff, Vietnam is at 20–21%, and Cambodia, though previously at 49%, now enjoys a 19% rate after an August 1 revision. By comparison, India's 50% penalty rate is not only isolated but unprecedented. One Tiruppur manufacturer admitted his shipment was lost to Pakistan. 'They seem to have offered a better price,' he said. 'The order slipped.' Subramanian reiterated that Bangladesh remains India's fiercest rival in the US market. 'Their 20% rate means they're much cheaper, significant when your margin is about 5%.' This margin has now all but vanished. With total duties touching 64%, non-branded US buyers are already shifting to cheaper options. 'They shift overnight,' Subramanian warned. Industry leaders are urging for immediate policy relief. 'The government had then provided an extended credit guarantee-linked scheme,' Selvaraju recalled, referring to pandemic-era support. 'It's time to bring that back.' He also pressed for eliminating the 11% cotton import duty and restructuring the GST regime on manmade fibres. 'For our exports to remain viable, tax on all raw materials must be below 5%.' If ignored, the consequences will be stark. Indian suppliers could lose permanent ground to Bangladesh, Cambodia as well as Vietnam and Pakistan – all of whom now enjoy cheaper landed prices in the US. The ripple effect – order shrinkage, idle capacity, and job losses – is already underway. 'The US market still wants to buy from us,' Selvaraju said. 'They like Indian cotton, the Indian make. But political and policy hurdles are pushing them away.' Ramdas, a mid-sized factory owner in Tiruppur, said the next two to three weeks will be decisive. 'We haven't seen cancellations yet, but the tone is changing. Everyone's cautious.' Yet, there is cautious hope. Subramanian believes this downturn could still be survived if India moves quickly. 'We got through Covid. 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an hour ago
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