Lupin Q1 net profit up 33% at Rs 280 cr

Consolidated net profit rose 33% to Rs 280 crore in the quarter

Drug major Lupin today said its consolidated net profit rose by 33.46% to Rs 280.4 crore in the quarter ended June 30, 2012, on the back of robust sales in the US, India and Japan markets.

The company had posted a net profit of Rs 210.1 crore during the same period of previous fiscal.

Net sales of the company for the first quarter ended June 30, rose to Rs 2,219.2 crore as compared to Rs 1,543.2 crore during the same period of previous financial year.

"We had a robust quarter. Strong operating performance aided by product launches and exceptionally strong growth across the US, India, Japan and South Africa have helped us deliver yet another quarter of sustained growth," Lupin Managing Director Kamal K Sharma said in a statement.

The Mumbai-headquartered firm's formulation sales in the US and Europe grew by 60% to Rs 841.3 crore during the first quarter ended June 30, as against Rs 524.7 crore during the same period of previous fiscal.

During the quarter, the company's India formulations business grew by 25% to Rs 621.2 crore, as compared to Rs 496.9 crore during the same period of previous fiscal.

"The Indian market contributed 28% of the company's overall revenues for the quarter," the drug firm said.

The company's Japan-based subsidiary Kyowa Pharmaceuticals grew by 100% clocking net sales of Rs 332.9 crore during the quarter, as compared to Rs 166.6 crore during the same period of last fiscal.

Lupin's South African business, Pharma Dynamics posted revenues of Rs 66.3 crore during the quarter, up 13% from the previous fiscal.

The company's active pharmaceutical ingredients (API) sales rose to Rs 231.7 crore during the quarter, as compared to Rs 210.2 crore in the same period of FY 2011-12.

Shares of Lupin were trading at Rs 572 on the BSE, up 0.30% from its previous close.