Lupin's net profits up 57.8% to Rs 662.2 crore

Lupin's India formulation sales grew by 12.1% to Rs 995.8 cr during Q2 FY2017 as compared to Rs 888.1 cr during Q2 FY2016

Pharma major Lupin's net profit grew compared to the previous year but its quarter-on-quarter on profit decreased. The company showed an increase of 57.8% to Rs 662.2 crore against Rs 419.8 crore in the corresponding quarter in the previous financial year. However, as compared to previous quarter in this fiscal, the company's net profit decreased by 24.9%. 

The same trend is reflected in the US sales of the company. Comparing its performance with the corresponding quarter of the previous fiscal, the company's profit went up by 69.8%. However, the performance in the US market as compared to the first quarter of FY17 declined by 9.3%. Earlier, the company mentioned that acquiring Gavis would enhance its presence in US but the March 2016 acquisition hasn't made big difference.  

 

In its annual report Lupin said, "The acquisition enhances Lupin's scale in the US generics marketplace and also broadens the company's pipeline in dermatology, controlled substance products, and other niches, high-value complex generics and specialty segments. Gavis brings to Lupin a highly skilled US based manufacturing and research organization which would complement Lupin's brand new R&D center for Inhalation in Coral Springs in Florida." 

Lupin's India formulation sales grew by 12.1% to Rs 995.8 crore during Q2 FY2017 as compared to Rs 888.1 crore during Q2 FY2016; contributing 24% of Lupin's global sales. The India Formulation business grew by 4.8% sequentially as compared to Rs 949.9 crore during Q1FY2017.