Lupin Q1 net profit up 49 pc to Rs 303.05 cr

Drug firm Lupin on Wednesday reported a 49.46 per cent rise in consolidated net profit to Rs 303.05 crore for the quarter ended June 30, 2019 on account of robust sales in India and overseas.

The company had posted a net profit of Rs 202.76 crore in the year-ago period, Lupin said in a filing to the BSE.

Consolidated sales for the quarter under review also rose to Rs 4,355.83 crore as against Rs 3,774.57 crore during the same period a year ago.

"We are pleased with the robust all-round performance in our key markets, marking a healthy start for the fiscal year," Lupin MD Nilesh Gupta said.

This year is critical as Lupin is committed to delivering on its strategic growth drivers, including commercialisation of complex generics, ramp-up of our specialty business and delivering on operational and cost efficiencies, he added.

"Regulatory compliance remains a top organisational priority and we are making steady progress," Gupta said.

Investment in research and development for the quarter was at Rs 378.5 crore, representing 8.7 per cent of sales, Lupin said.

Lupin's North America sales for the first quarter of the current fiscal were at Rs 1,541.2 crore compared to Rs 1,185.8 crore during the same period a year ago, accounting for 35 per cent of its global sales, the company said.

The company's India formulation sales for the first quarter of 2019-20 were at Rs 1,307.7 crore compared to Rs 1,192.4 crore for the corresponding period of the previous fiscal, accounting for 30 per cent of its global sales, it added.

Shares of Lupin were trading at Rs 767.75 per scrip on the BSE, up 2.24 per cent from its previous close.