Lupin, the fifth largest pharmaceutical company India with consolidated net sales of Rs 3,776 crore, has posted satisfactory performance during the first quarter ended June 2009 and its net profit moved up by 25.1 per cent to Rs 140.11 crore from Rs 112.04 crore in the corresponding period of last year. The consolidated net sales also increased by 25.9 per cent to Rs 1086 crore from Rs 862 crore. With better profit level, its earnings per share worked out to Rs 16.91 as against Rs 13.65.
The company's profit before interest, depreciation and tax increased by 24.6 per cent to Rs 215.24 crore from Rs 172.80 crore in the similar period of last year.
Dr Kamal Sharma, managing director, said, "On the back of our strong performance over the last 13 quarters, built on innovative market strategies and also our consistent focus on targeting niche therapy segments and developing difficult-to-make products, Lupin today, has the unique distinction of being the fastest growing company amongst the top 10 players in the generics markets of US, Japan, India and South Africa and it also continues to outpace and outperform the industry therein. We now aim to consolidate on the gains made over the past three years to create the foundation to maintain momentum and scale higher orbits of growth."
Lupin's R&D expenditure amounted to Rs 68.5 crore as against Rs 47.7 crore. This worked out to 6.3 per cent to net sales as against 5.5 per cent in the previous period. The company received two ANDAs approval from US FDA during the quarter under review and it has a total of 91 ANDA filings, of which 35 have been approved.
Its formulations sales in India increased by 22 per cent to Rs 344.4 crore as compared to Rs 283.4 crore. Branded formulation sales grew by 24 per cent from Rs 233.6 crore to Rs 289.6 crore. Its API sales, however, declined by 10.9 per cent to Rs 175.2 crore from Rs 196.6 crore.
Lupin's advanced market formulations sales increased by 41 per cent to Rs 485.8 crore from Rs 345 crore. It contributed 45 per cent of the net sales for the quarter. Its Japanese subsidiary, Kyowa contributed 12 per cent of the overall revenues and is sales touched to Rs 131 crore as against Rs 92 core, a growth of 42 per cent.