Lupin Q2 net up 39% at Rs 160.3 crore

Pharmaceutical firm Lupin Ltd reported 39 per cent increase in its net profit for the second quarter ended September at Rs 160.3 crore on the back of robust sales across all markets.

Net sales during the quarter rose 23 per cent to Rs 1,114.7 crore against Rs 908.4 crore in the same quarter last fiscal.

"We had secular sales growth across all geographies, which resulted in the good numbers," Lupin Ltd President (Finance and Planning) Ramesh Swaminathan told PTI.

He said the company also received an upfront payment of USD 5 million for out-licensing a bioadhesive drug delivery system to Salix Pharmaceuticals, that boosted the net profit.

Formulation sales in developed and advanced markets such as Europe, US and Japan increased by 27 per cent to Rs 481.5 crore during the quarter compared to Rs 377.9 crore in the corresponding period last year.

The same in the US and EU grew by 28 per cent to Rs 353.1 crore in the quarter under consideration as against
Rs 276.6 crore in the corresponding quarter an year ago.

Sales from advanced markets contributes around 43 per cent to the overall revenues.

The formulation net sales in the Indian region grew by 18.5 per cent to Rs 346.7 crore as against Rs 292.6 crore in the same quarter a year ago, the company said.