Lupin, a Rs.6,950 crore Mumbai based pharma major, has posted satisfactory performance during the second quarter ended September 2012 and its consolidated net profit increased by 8.8 per cent to Rs.290.46 crore from Rs.266.87 crore in the corresponding period of last year. The growth in net profit is restricted due to higher provision for interest and taxation. Its EBDITA went up by 28 per cent to Rs.520.25 crore from Rs.405.72 crore. The earnings per share worked out to Rs.6.50 as against Rs.5.98 in the last period.

After the announcement of financial performance, Lupin scrip declined sharply by Rs.10.80 to Rs.559 on BSE. However, it recovered to close at Rs.562.70. The scrip touched to its 52-week peak level at Rs.631.70 on September 10, 2012.

Its consolidated net sales moved up significantly by 28.6 per cent to Rs.2,239 crore from Rs.1,742 crore. The formulation sales increased by 29.5 per cent to Rs.2,000.1 crore from Rs.1,544.1 crore and that of APIs went up by 21.1 per cent to Rs.239.2 crore from Rs.197.6 crore. The company's US sales touched to Rs.781.8 crore as compared to Rs.648.6 crore, a growth of 20 per cent. Its Europe sales increased by 36 per cent to Rs.62.6 crore from Rs.46.1 crore. US & Europe formulation sales contributed 38 per cent to the company's overall consolidated revenues for second quarter. The company received approval for 3 products from US FDA.

Its domestic sales increased by 18 per cent to Rs.606.4 crore from Rs.512 crore. Lupin's sales in Japan increased significantly by 85 per cent to Rs.330.1 crore from Rs.178 crore. This worked out to 15 per cent of Lupin's consolidated sales.

Dr Kamal K Sharma, managing director, said, “We have had a record first half, driven by strong operating performance and sustained growth across all our business segments. Our growth momentum continues.”

Its revenue expenditure on R&D stood at 4.2 per cent of net sales at Rs.93.5 crore as compared to Rs.138.0 crore. The lower R&D expenditure is due to lower expenditure towards legal and professional charges incurred during the quarter. Its capital expenditure stood at Rs.127.7 crore during the quarter under review. Its debt equity ratio stood unchanged at 0.26.The company filed 2 ANDAs and its cumulative ANDA filings with the US FDA stood at 178 and it received total 65 approvals.

For the first half ended September 2012, Lupin's sales increased by 35.7 per cent to Rs.4,458 crore from Rs.3,285 crore in the similar period of last year. Its net profit jumped by 19.7 per cent to Rs.570.85 crore from Rs.476.95 crore. The EBDITA moved up sharply by 42.8 per cent to Rs.1,001 crore from Rs.701 crore.