Lupin has posted satisfactory financial performance during the first quarter ended June 2011 with better growth in India and Japan. The company's consolidated net profit increased by 7 per cent to Rs.210 crore from Rs.196 crore in the corresponding period of last year. Its consolidated net sales jumped by 17.2 per cent to Rs.1543 crore from Rs.1317 crore. The earnings per share improved marginally to Rs.4.71 from Rs.4.41 in the last period.
The company's revenues within India increased by 19.6 per cent to Rs.565 crore from Rs.472 crore and that in international market improved by 16.3 per cent to Rs.1,003 crore from Rs.862 crore in the similar period of last year. Its EBDITA reached at Rs.296 crore as against Rs.285 crore, a relatively small growth of 3.6 per cent.
Its R&D expenditure amounted to Rs.107 crore during the quarter under review and its employees cost increased by 23.1 per cent to Rs.219 crore from Rs.178 crore. It filed one ANDA and received four approvals during the June quarter. The cumulative ANDAs filings reached at 152 ANDAs, of which 51 stand approved by the US FDA.
Dr Kamal K Sharma, managing director, said, “Backed by 24 quarters of consistent performance, we continue to witness sustained growth across all our markets. This quarter's business performance was primarily fueled by strong growth from India and Japan.”
Advanced markets formulation sales increased by 11 per cent to Rs .701 crore during the first quarter ended June 2011 from Rs.631 crore in the similar period of last year. It contributed 45 per cent of the net sales for the quarter. Emerging markets formulation sales grew by 27 per cent to Rs.632 crore and contributed 41 per cent of net sales. Its Japanese subsidiary, Kyowa grew by 28 per cent to Rs.167 crore and contributed 11 per cent of the overall revenues. API net sales grew by 12 per cent to Rs.210 crore.
US & Europe formulation sales contributed 35 per cent to consolidated revenue. The branded business in US contributed 30 per cent to the total US sales and generics business contributed 70 per cent. The brand business growth was driven by strong growth in both Suprax suspension as well as Suprax tablets.