Lupin net profit up 39%, to Rs 224 crore

Drug major Lupin has posted a net profit of Rs 224 crore for the third quarter ended December, 39 per cent higher as compared to its net profit of Rs 160 crore during the corresponding quarter in the previous financial year. Net sales of the company grew by 17 per cent to Rs 1,467.2 crore for the quarter, up from Rs 1,255.4 crore during the corresponding quarter of the previous year.

“This quarter, like most in the past, saw all geographies clock in double-digit growth, including strong numbers being delivered by Japan, Europe, South Africa and our Active Pharmaceutical Ingredient (API) business,” said Managing Director Kamal K Sharma.

Lupin’s US and Europe formulation sales contributed 39 per cent to consolidated revenues.

Though sales for the US and Europe grew by 15 per cent to Rs 565.5 crore for the quarter, branded formulation sales in the US were not up to the expectations, said Executive Director Nilesh Gupta.

Lupin is also looking at expanding business in its focus areas like the US, Japan and other emerging markets, said Nilesh.

Lupin’s Japanese subsidiary Kyowa Pharmaceuticals grew by 16 per cent for the quarter with sales of Rs 172.7 crore and contributed 12 per cent to Lupin’s consolidated revenues. Its India formulations business also grew by 16 per cent to clock in revenues of Rs 400.5 crore. The domestic business contributed 27 per cent to overall revenues.

Lupin’s South African subsidiary Pharma Dynamics clocked in revenues of Rs 49.8 crore for the quarter, with a growth of 42 per cent. Its API sales also grew to Rs 227.3 crore, growing by 19 per cent and contributed 15 per cent to Lupin’s consolidated revenues.