Lupin Ltd has reported impressive financial performance during the second quarter and first half of 2008-09 on account of higher sales in domestic and US markets, mergers & acquisitions and higher approvals for products in the regulated markets. The company's consolidated net profit has taken quantum jump of 53 per cent and touched to Rs 115.62 crore during the quarter ended September 2008 from Rs 75.64 crore in the corresponding second quarter of last year. With strong growth in profitability, its EPS worked out to Rs 14.07 as against Rs 9.37.
Lupin's consolidated net sales went up by 37.8 per cent to Rs 908.37 crore from Rs 658.97 crore. Its international business moved up by 65 per cent to Rs 544.90 crore. Of these, formulation business in advanced markets constituted 70 per cent at Rs 382 crore. The formulation revenues in domestic market increased by 24 per cent to Rs 303.3 crore. Business in Japan contributed 11 per cent to overall revenues. Its formulation business in USA ad Europe clocked sales of Rs 272 crore as against Rs 157 crore in the corresponding period of last year. R&D expenditure for the quarter increased to Rs 60.44 crore from Rs 31.50 crore.
Dr Kamal Sharma, managing director, said, "In keeping with the momentum generated by an excellent Q1, Lupin continues to outpace the markets. Engineered by design and as expected, Lupin has had a very strong first half year driven by growth and consistent performance across all business segments and markets; a very strong business performance in the US, solid domestic growth and increased activity in all key international market."
He added, "Lupin's strategic acquisitions and equity partnerships are built around achieving strategic fit & market efficiencies. These acquisitions have not only consolidated our existing presence in these markets but has also given us market leadership positions in the same - and leaves us strategically poised to further strengthen our position in the global generics and branded generics market."
"The recent product approvals and growth in filings across markets this quarter are a testament to our increased strengths in R&D and the quality of our Intellectual property - a testimony to Lupin's larger goal of developing and delivering quality, cost-effective drugs for everybody."
The company has successfully achieved and closed strategic acquisitions and equity partnerships in Germany, Australia and South Africa. The company launched Divalproex Sodium Delayed Release tablets in the US.
During the quarter, Lupin made six ANDA filings taking the cumulative ANDA filings to sixty nine. The company also filed five MAAs with the European and Australian regulaory authorities. The cumulative ANDAs approvals of the company stand at 31 with 38 pending approvals from the USFDA.
For the first half of 2008-09, the company's consolidated net sales increased by 43.4 per cent to RS 1770.69 crore from Rs 1234.70 crore and its net profit went up by 73.1 per cent to Rs 227.66 crore from Rs 131.52 crore in the corresponding half of last year. Its R&D expenditure increased to Rs 107.54 from Rs 68.82 crore.