Lupin Q1 net up 43 per cent at Rs 401 crore

NEW DELHI: Drug major Lupin today posted a 43.04 per cent increase in consolidated net profit to Rs 401.1 crore for the first quarter ended June 30 after robust sales growth in the US and improved operational efficiencies.


The company had posted a profit of Rs 280.4 crore during the same period in the previous fiscal.

Net sales rose 9.07 per cent to Rs 2,420.7 crore from Rs 2,219.2 crore in the quarter a year earlier.

"We have had a good quarter fuelled by strong business performance in the US as well as improved operational efficiencies that have led to stronger margins," Lupin Managing Director Kamal K Sharma said in a statement.

The company said its US and Europe formulation sales (including IP) grew 29 per cent to Rs 1,099.4 crore in the first quarter from Rs 849.7 crore a year earlier, contributing 46 per cent to sales.

Lupin's brands business in the US contributed 11 per cent of US sales, while generics accounted for 89 per cent, it said.

"The India formulations business contributed 24 per cent of the company's overall revenues, recording net revenues of Rs 589.4 crore," Lupin said.

During the quarter, the company said its Japan sales increased to JPY 5,151 million, up from JPY 4,921 million in the same period of the previous fiscal.

The Mumbai-based firm said it filed one abbreviated new drug application (ANDA) and received eight approvals from the US Food and Drug Administration (USFDA) during the quarter.

"Cumulative ANDA filings with the US FDA as of June 30, 2013, stood at 177 with the company having received 86 approvals to date," it added.

Shares of Lupin fell 5.89 per cent to Rs 833.10 on the BSE in late afternoon trade.