Lupin, a Rs.5,700 crore Mumbai based pharma major, has posted satisfactory performance during the second quarter ended September 2011. Its consolidated net profit reached at Rs.266.87 core from Rs.215.02 crore in the corresponding period of last year, representing a growth of 23.5 per cent. Its EBDITA moved up by 35.3 per cent to Rs.405.66 crore from Rs.300.06 crore. Its consolidated net sales also increased by 23.6 per cent to Rs.1,742 crore from Rs.1,409 crore. With improvement in bottom line, its earnings per share moved up to Rs.5.98 from Rs.4.63 in the last period.


The company stepped up its R&D expenditure to Rs.137.99 crore from Rs.115.65 crore. Its revenues in India increased to Rs.555.03 crore from Rs.484.31 crore, a growth of 14.6 per cent. Its revenues in international market went up by 28.2 per cent to Rs.1,217 crore from Rs.950 crore.


Commenting on the performance, Dr Kamal K Sharma, managing director, said, “We had a very good second quarter. Steady product approvals, launches and growth across the US, Europe, Japan and India have helped us deliver 25 quarters of consistent growth.”


Lupin's advanced markets formulation sales increased by 15 per cent to Rs.776 crore from Rs.673 crore in the similar period of last year. The advanced markets contributed 45 per cent of the net sales for the quarter. Formulation sales in US and EU grew by 16 per cent to Rs.598 crore from Rs.516 crore and contributed 34 per cent of consolidated revenues. The branded business in US grew by 19 per cent while the generics business grew by 14 per cent. The company launched metformin ER tablets after US FDA approval. Its cumulative filings reached at 153 ANDAs and it received 3 ANDA approvals in the quarter, which takes the total approvals to 54.


Its net sales in India improved by 22 per cent to Rs.512 crore from Rs.419 crore. Its subsidiary in Japan, Kyowa grew by 14 per cent to Rs.178 crore and contributed 10 per cent of the overall revenues during the quarter. Its South African subsidiary, Pharma dynamics pushed its sales by 61 per cent to Rs.68 crore as against Rs.42 crore. Other emerging markets grew by 14 per cent to Rs.91 crore.


The company entered into a licensing agreement with Medicis Pharmaceutical Corporation during the quarter and received US$ 20 million upfront payment for the same. Further it entered into a strategic collaboration with Eli Lilly to promote and distribute Lilly's Huminsulin range of products in India and Nepal.


For the first six months ended September 2011, Lupin's consolidated revenues increased by 20.5 per cent to Rs.3,285 crore from Rs.2,736 crore and its net profit surged by 16 per cent to Rs.477 crore from Rs.411 crore.