Lupin Q3 net up 4.95% at Rs 235.1 cr

Drug firm Lupin on Tuesday said its consolidated net profit rose 4.95 per cent to Rs 235 crore in the quarter ended December 31, on the back of robust sales in the US, India and Japan, the company's key markets.

The company had posted a net profit of Rs 224 crore for the third quarter last financial year.

Net sales of the company grew 21.9 per cent to Rs 1,792 crore in the third quarter from Rs 1,469 crore in the corresponding period of the previous year.

Commenting on the results, Managing Director Kamal K Sharma said in a statement: "We had a good quarter aided by strong operating performance, new launches and strong growth across US, India and Japan."

Shares of Lupin settled at Rs 445.55 apiece on the Bombay Stock Exchange on Tuesday, up 1.85 per cent from their previous close.

During the three-month period under review, the company's advanced markets formulation sales in countries like the US and Japan and Europe increased by 25.6 per cent to Rs 930 crore from Rs 740.4 crore in the same period last fiscal. Advanced markets accounted for 52 per cent of net sales of the company during the quarter, the company said.

The company's formulation sales in US and EU grew by 20.3 per cent to Rs 683.2 crore during the third quarter ended December 31, 2011, from Rs 567.7 crore in the corresponding period of the previous fiscal.

During the quarter, the company's Japan sales grew by 42.9 per cent to Rs 246.8 crore, contributing 13.8 per cent of overall revenues.

The company's Indian business grew by 29.8 per cent to Rs 519.8 crore during the third quarter from Rs 400.5 crore in the corresponding period last fiscal. During the October-December period, Lupin's business in other emerging markets grew by 42.3 per cent to Rs 143.9 crore from Rs 101.1 crore in the same period last fiscal. Net sales of Lupin's South African subsidiary, Pharma Dynamics, grew by 17.2 per cent to Rs 58.3 crore in the third quarter from Rs 49.8 crore in the same period last fiscal. During the quarter, the company filed three abbreviated new drug applications (ANDA). The company also received seven ANDA approvals during the quarter. The company launched three oral contraceptives products in the US during the quarter, including an authorised generic version of Warner Chilcott's Femcon Fe. The company's active pharmaceutical ingredient (API) sales stood at Rs 198.1 crore, compared to Rs 227.3 crore in the same period last fiscal. On a standalone basis, Lupin's net profit stood at Rs 214.61 crore for the third quarter, as against Rs 246.42 crore in the corresponding period of the previous financial year. Shares of Lupin settled at Rs 445.55 apiece on the BSE on Tuesday, up 1.85 per cent from their previous close.