Lupin Q2 net up 24% at Rs 267 cr

Drug firm Lupin today said its consolidated net profit rose by 24.13% to Rs 266.9 crore in the second quarter ended September 30, on the back of robust sales growth across all the geographies, including the US and Japan.

The company had posted a net profit of Rs 215 crore for the same period last fiscal, Lupin said in a statement.

Net sales of the company grew by 24% to Rs 1,742 crore during the second quarter from Rs 1,409 crore in the same period last fiscal.

Commenting on the results, Lupin Managing Director Kamal Sharma said: "We had a very good second quarter. Steady product approvals, launches and growth across the US, Europe, Japan and India have helped us deliver 25 quarters of consistent growth."

On a standalone basis, the company posted a net profit of Rs 268 crore, compared to Rs 162.40 crore in the same period last fiscal.

The Mumbai-headquartered firm's formulation sales in the US and EU grew by 16% to Rs 598 crore in the second quarter from Rs 516 crore in the same period last fiscal.

During the second quarter, revenues from the company's India business grew by 22% to Rs 512 crore from Rs 419 crore in the same period last fiscal.

The revenues of Lupin's Japanese subsidiary, Kyowa, grew by 14% to Rs 178 crore in the second quarter and accounted for 10% of the company's overall topline during the quarter.

In a similar fashion, the revenues of the company's South African subsidiary, Pharma Dynamics, rose by 61% to Rs 68 crore in the second quarter from Rs 42 crore in the same period last fiscal.

During the quarter, the company's net sales from active pharmaceutical ingredients (API) rose to Rs 198 crore from Rs 195 crore in the same period last fiscal.

Meanwhile, in a separate filing to the BSE, the company said KV Kamath has resigned from the directorship of the company with effect from today.

Shares of Lupin closed at Rs 475 on the BSE, down 1.22% from their previous close.