Lupin Ltd reported net profit of Rs. 28.06 crore for the quarter ended 30 June 2003, a 38 per cent increase over Rs. 20.28 crore recorded in the corresponding period last year.
Gross sales (including excise duty) for the quarter stood at Rs. 276.90 crore, up 23% from Rs. 225.30 crore a year ago. Profit before tax (PBT) increased by 47.4% to Rs. 39.26 crore (Rs. 26.63 crore). Provision for taxes (including deferred tax) for the quarter was Rs. 11.20 crore (Rs. 6.35 crore).
Net sales (excluding excise duty) for the quarter increased by 24% to Rs. 263.70 crore (Rs. 212.80 crore).
Total exports rose 41% to Rs. 130.60 crore (Rs. 92.30 crore), of which, API exports to the advanced markets increased by 17% to Rs. 38.90 crore (Rs. 33.30 crore). EBIDTA (earnings before interest, depreciation, tax and amortisation) increased by 25% to Rs. 62.10 crore (Rs. 49.70 crore). Revenues from the domestic market were up 10% at Rs. 146.30 crore (Rs. 133 crore).
Lupin’s revenues from API sales to developing markets rose by 30% to Rs. 124.50 crore (Rs. 95.50 crore). Of this, revenues from exports were Rs. 87.40 crore (Rs. 56.50 crore), a growth of 55%. Despite the SARS epidemic and resultant problems, Lupin’s revenues from South East Asia and China grew from Rs. 48.30 crore to Rs. 57.90 crore, up 20%. Optimal utilization of assets, continued focus on manufacturing and procurement efficiencies gave a competitive edge in these markets.
API sales to the domestic market were at Rs. 37.10 crore (Rs. 39 crore), lower by 5% due increased capacity being earmarked for exports.
Sales of APIs in the advanced markets were Rs. 38.90 crore (Rs. 33.30 crore). This was driven by enhanced capacity and turnover from lisinopril.
Lupin’s sales of finished dosages for the quarter were Rs. 112.40 crore (Rs. 94.80 crore), a growth of 19%. Of this, domestic finished dosages sales increased by 17% to Rs. 108.10 crore (Rs. 92.30 crore); finished dosages exports to the developing markets were Rs. 4.30 crore (Rs. 2.50 crore).
In May, Lupin introduced Ceff-ER, a once-a-day cephalexin tablet, in the domestic market. Lupin’s other significant introductions were Novapime (cefepime) in cephalosporins and Glutide (glicliazide), in the anti-diabetes segment.