Lupin rose 4.70% to Rs 923.50 at 15:00 IST on BSE after net profit grew 42% to Rs 476.10 crore on 21% increase in net sales to Rs 2983 crore in Q3 December 2013 over Q3 December 2012.
The company announced the result during trading hours today, 3 February 2014.
Meanwhile, the BSE Sensex was down 281.40 points, or 1.37%, to 20,232.45.
On BSE, so far 3.19 lakh shares were traded in the counter, compared with an average volume of 59,750 shares in the past one quarter.
The stock hit a high of Rs 923 and a low of Rs 885 so far during the day. The stock hit a record high of Rs 951 on 6 January 2014. The stock hit a 52-week low of Rs 569 on 1 March 2013.
The stock had outperformed the market over the past one month till 31 January 2014, sliding 2.92% compared with the Sensex's 3.10% fall. The scrip had outperformed the market in past one quarter, falling 0.57% as against Sensex's 3.07% fall.
The large-cap company has an equity capital of Rs 89.66 crore. Face value per share is Rs 2.
Lupin's EBITDA (earnings before interest, taxes, depreciation and amortization) margin grew by 28% to Rs 805.70 crore in Q3 December 2013 over Q3 December 2012. Profit before tax grew by 33% to Rs 737.90 crore in Q3 December 2013 over Q3 December 2012.
Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited, said We have had a robust quarter with record profits, driven in particular by strong business growth in the US. Other markets like India are getting back on track also. In addition, our consistent focus on ramping up operational efficiencies has led to higher margins and better profitability."
Material cost decreased by 0.3% to 37.6% of net sales at Rs 1121 crore in Q3 December 2013 over Q3 December 2012.
Manufacturing & other expenses decreased by 0.9% to 25.1% of net sales at Rs 749 crore in Q3 December 2013 over Q3 December 2012.
Personnel cost decreased by 0.3% to 12.7% of net sales, at Rs 378.70 crore in Q3 December 2013 over Q3 December 2012.
Revenue expenditure on R&D stood at 9.1% of net sales at Rs 271 crore in Q3 December 2013 over Q3 December 2012.
The overall impact of foreign exchange on net profit was a loss of Rs 68.80 crore, of which Rs 25.50 crore forex gain is reflected in other income, while the corresponding forex loss is captured across various other P&L lines.
Lupin said it is now debt free at the net debt level.
The company said its US formulation sales (including IP) grew by 31% to Rs 1356.70 crore in Q3 December 2013 over Q3 December 2012, contributing 45% of overall sales. US brands business stood at 11% of total US sales, whereas the generics business contributed 89% in Q3 December 2013.
The Indian formulations business contributed 22% of the company's overall revenues for the quarter. The company's India formulation business grew by 14%, recording revenues of Rs 650.40 crore during Q3 December 2013 over Q3 December 2012.
Lupin's Japan Sales (Kyowa + I'rom) clocked in at Rs 372 crore during the quarter. Japan now contributes 12% to Lupin's consolidated revenues.
Lupin's South African Business, Pharma Dynamics clocked in revenues of Rs 98.30 crore during Q3 December 2013, representing a growth of 18%.
API net sales grew by 26% to Rs 297.30 crore in Q3 December 2013 over Q3 December 2012 and contributed 10% to Lupin's consolidated revenues.
Revenue expenditure on research and development (R&D) for Q3 December 2013 stood at Rs 271 crore, 9.1% to net sales as against Rs 238.20 crore, 9.7% to net sales for Q3 December 2012.
Lupin said it filed 5 Abbreviated New Drug Applications (ANDAs) and received 5 ANDA approvals in the quarter. Cumulative ANDA filings with the US FDA now stand at 186 with the company having received 96 approvals to date. The company received 5 approvals from European regulatory authorities in the quarter.
Meanwhile, in a separate announcement today, 3 February 2014, Lupin announced the acquisition of Nanomi B.V. in the Netherlands. With this acquisition, Lupin has made its foray into the technology intensive complex injectables space.
Nanomi has patented technology platforms to develop complex injectable products. Nanomi has a rich talent pool of scientists who would be backed by Lupin's global R&D and manufacturing teams, Lupin said in a statement.
Commenting on the acquisition Ms. Vinita Gupta, Chief Executive Officer, Lupin said "We are very pleased with the acquisition of Nanomi. With the use of Nanomi's proprietary technology platform, Lupin would be able tomake significantin-roadsinto the niche area of complex injectables."
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and cephalosporin segment. Lupin is the 5th largest and fastest growing generics player in the US (5.3% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The company is also the fastest growing top 10 generic pharmaceutical players in Japan and South Africa (IMS).
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