Lupin Q4 net surges nearly three-fold to Rs 408 crore

MUMBAI: Mumbai-based Lupin Pharmaceuticals on Wednesday posted a three-fold increase in its net profit, aided largely by strong performance in the US and domestic markets. The net profit of the drug major jumped to Rs 408 crore for the fourth quarter ended March 2013 against Rs 155 crore in the same period previous year.

The company has appointed Vinita Gupta as CEO and Nilesh Gupta as MD. Kamal Sharma, who was the acting MD, has been appointed the VC.

"We had 10 good product launches last year, which helped us boost sales," said Vinita Gupta, adding the company plans to launch 15 new products next year in the US markets.

The US market of the company grew 49% in the past year, contributing Rs 377 crore to its sales. The domestic market also posted a healthy growth of 24% at Rs 236 crore. Lupin recorded net sales of Rs 9,461.6 crore against Rs 6,959 crore the previous year. For the January-March quarter, the company posted net sales of Rs 2,537 crore against Rs 1,883 crore in the year-ago period. The numbers, which beat Street expectations, took Lupin's shares to a new high of 738 before ending the day at 730, up by 2%.