Lupin gains after strong Q2 numbers

Lupin rose 1.63% to Rs 903.40 at 14:17 IST on BSE after consolidated net profit surged 40% to Rs 406.20 crore on 18% growth in net sales to Rs 2631.50 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 30 October 2013.

Meanwhile, the S&P BSE Sensex was up 144.38 points or 0.69% at 21,073.39.

On BSE, 1.84 lakh shares were traded in the counter as against average daily volume of 1.24 lakh shares in the past one quarter.

The stock hit a high of Rs 910 and a low of Rs 895 so far during the day. The stock had hit a record high of Rs 946.35 on 11 October 2013. The stock had hit a 52-week low of Rs 557.10 on 19 November 2012.

The stock had underperformed the market over the past one month till 29 October 2013, advancing 4.16% compared with the Sensex's 6.09% rise. The scrip had also underperformed the market in past one quarter, gaining 3.78% as against Sensex's 6.82% rise.

The large-cap company has equity capital of Rs 89.61 crore. Face value per share is Rs 2.

Lupin's consolidated profit before tax (PBT) jumped 53% to Rs 675.50 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) surged 42% to Rs 741 crore in Q2 September 2013 over Q2 September 2012.

Commenting on the results, Nilesh Gupta, Managing Director, Lupin said, "Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like US and improved operational efficiencies. Our growth story continues. This consistent performance has led to a sustained EBIDTA and PAT improvement".

Revenue expenditure on R&D stood at 8.3% of net sales at Rs 217.20 crore in Q2 September 2013 as compared to Rs 93.50 crore in Q2 September 2012.

Operating working capital increased to Rs 2674.30 crore as on 30 September 2013 as against Rs 2516 crore as on 30 June 2013. The working capital number of days stood at 96 days as on 30 September 2013 as against 94 days on 30 June 2013.

The company's capital expenditure was Rs 143.80 crore in Q2 September 2013. Debt equity ratio stood at 0.06 as on 30 September 2013.

Lupin filed 7 ANDAs (abbreviated new drug applications) and received 6 ANDA approvals in the quarter. Cumulative ANDA filings with the USFDA now stand at 183 with the company having received 92 approvals to date.

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients.

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