Lupin Ltd, Mumbai based sixth largest pharma company with sales over Rs 2000 crore, achieved impressive performance during the first quarter ended June 2007 and its net profit went up by 54.7 per cent to Rs 78.38 crore from Rs 50.65 crore in the corresponding period of last year. The net sales also moved up by 28.3 per cent to Rs 601.75 crore from Rs 468.86 crore. With strong growth in bottom line, its earning per share jumped to Rs 9.73 from Rs 6.31 in the last period.
The company's export revenues increased by 52 per cent to Rs 301.8 crore. Of these, formulation exports to advanced markets constituted 58 per cent at Rs 175.5 crore. Lisinopril tablets maintained US market leadership with about 30 per cent market share. The company received UK MHRA approval for Lisinopril tablets. It launched full range of Cefdinir in the US. Formulation revenues from domestic market recorded an increase of 22 per cent to Rs 252.8 crore as against Rs 206.6 crore in the previous period. Lupin's R&D expenditure during the quarter under review touched to Rs 37.3 crore, representing 6 per cent of revenue.
At the 25th Annual General Meeting of shareholders, Dr D B Gupta, chairman, said, "This is exciting times for the pharmaceutical segment with several products are going off patent in next couple of years. There are great opportunities, great possibilities and great challenges. Lupin is doing well on all fronts and our long term is well secure. We are looking forward to meet various challenges and building our resources for tomorrow with the help of strong research and development base. The company restructured domestic business, with focus on lifestyle ailments and consolidation of rural reach."
Dr Gupta added that the company has so far filed 51 ANDAs in US and received approval for 20 products with 30 in pipelines. The company has also filled products in Europe and received approval for generic Cefpodooxime Proxetil in France. It is establishing its own field force in UK in next three months. Suprax brand achieved 73 per cent growth in US during last year. The company is going in a big way in markets like CIS, Latin America, Japan and other Asian countries. Lupin is looking out for worthwhile acquisition in the current year and already issued FCCBs worth US$ 100 million.