Lupin, the fourth largest pharma company in India with consolidated net sales of Rs.6,960 crore, has registered impressive growth during the first quarter ended June 2012. its consolidated net profit increased by 33.4 per cent to Rs.280 crore from Rs.210 crore in the corresponding period of last year. Its consolidated net sales moved up by 43.8 per cent to Rs.2,219 crore from Rs.1,543 crore. EBDITA also increased by 63 per cent to Rs.481 crore from Rs.296 crore in the last period.
With strong financial performance Lupin scrip touch to its new 52-week high level at Rs.587.70 on BSE today registering over 2.1 per cent growth and closed at Rs.584.35.
Commenting on the results Dr Kamal K Sharma, managing director, said, “We had a robust quarter. Strong operating performance aided by product launches and exceptionally strong growth across US, India, Japan and South Africa has helped us deliver yet another quarter of sustained growth.”
The material cost increased by 32.7 per cent to Rs.819 crore and personnel cost by 37.5 per cent to Rs.301 crore. Revenue expenditure on R&D stood at eight per cent of net sales at Rs.178.2 crore as compared to Rs.107.4 crore in the last period. Capital expenditure stood at Rs.132.1 crore. Its debt equity ratio worked out to 0.27 as compared to 0.32 in the corresponding period of last year.
The company's formulation sales increased by 49.1 per cent to Rs.1,988 crore from Rs.1,333 crore. Its US sales has taken a jump of 62.7 per cent to Rs.802.4 crore from Rs.493.1 crore in the same quarter of last year. Its sales in Europe moved up by 13.8 per cent to Rs.47.3 crore from Rs.41.5 crore. US & Europe formulation sales contributed 38 per cent to the company's overall consolidated revenues for Q1 FY'12.
The company received final approval from the US FDA and launched its lamivudine and zidovudine hydrochloride tablets 500 mg and 100 mg after the US Court of Appeals for the Federal Circuit has granted the company's request to stay the preliminary injunction that had earlier barred sales of its generic of Shionogi's Fortamet tablets. Lupin filed three ANDAs in the US and five MAAs for the European market during the quarter.
Lupin's sales in Japan through its subsidiary Kyowa Pharmaceutical, went up by almost 100 per cent to Rs.333 crore from Rs.167 crore. Japan now contributes 15 per cent to its consolidated revenues. Kyowa revenues grew by 37 per cent clocking net sales of Rs.228 crore as against Rs.167 crore in the last period. Its sales in South Africa increased by 12.9 per cent to Rs.66 crore from Rs.59 crore.
Lupin's API net sales were Rs.232 crore during the first quarter ended June 2012 as compared to Rs.210 crore in the similar period of last year.