Lupin, the fourth largest pharma company in India with consolidated net sales of Rs.9,450 crore plus, has registered strong growth in bottom line of 43.2 per cent during the first quarter ended June 2013 and its net profit touched to Rs.401 crore as against Rs.280 crore in the corresponding period of last year. Its EBDITA also moved up by 43.5 per cent to Rs.690 crore from Rs.481 crore. The earnings per share improved to Rs.8.96 from Rs.6.28 in the last period. The company allotted 2.13 lakh equity share of Rs.2 each during the quarter and its equity capital increased to Rs.89.55 crore from Rs.89.36 crore.

Despite satisfactory growth in bottom line, Lupin scrip declined sharply by over Rs.50 to Rs.833.75 on BSE after the announcement of results today.  

Its consolidated net sales improved by 9.1 per cent to Rs.2,421 crore from Rs.2,219 crore. Its sales in India declined by 0.9 per cent to Rs.675.73 crore from Rs.681.53 crore. However, its sales in international market moved up to Rs.1,800 crore from Rs.1,572 crore, a growth of 14.5 per cent. Its formulations sales increased by 9.6 per cent to Rs.2,178 crore from Rs.1,988 crore.

Its formulation sales in US and Europe increased by 29.9 per cent to Rs.1,099 crore from Rs.850 crore in the similar quarter of last year. This worked out to 46 per cent of its total sales. US brands business contributed 11 per cent of total US sales whereas the generics business contributed 89 per cent in Q1 of 2013-14.The company launched 4 products in the US.

Its sales in Japan declined by 12.3 per cent to Rs.292 crore from Rs.333 crore and that in India drop by 5.2 per cent to Rs.589 crore from Rs.621 crore. South Africa and Rest of World registered sales growth of 13.6 per cent and 4.3 per cent to Rs.75 crore and Rs.122 crore respectively. Its APIs sales improved by 4.7 per cent to Rs.243 crore as against Rs.232 crore.

Its R&D revenue expenditure increased by 10.1 per cent to Rs.196 crore from Rs.178 crore in the similar quarter of last year. It filed one ANDA and received 8 approvals from US FDA during the quarter under review. Cumulative ANDA filings stood at 177 and received 86 approvals as at the end of June 2013. It received approval for 2 MAAs with European regulatory authorities and its cumulative filings now stand at 53 and it received 40 approvals.  

Dr Kamal K Sharma, managing director, said, “We have had a good quarter fueled by strong business performance in the US as well as improved operational efficiencies that have led to stronger margins. We continue on the road to growth in EBIDTA.”