Lupin, a Rs.9,450 crore plus fourth largest pharmaceutical company, has posted impressive performance during the second quarter ended September 2013 on account significant higher sales in US.  The company's consolidated net profit went up 39.8 per cent to Rs.406.18 crore from Rs.290.46 crore in the corresponding period of last year and its EBDITA surged by 42.4 per cent to Rs.740.96 crore from Rs.520.25 crore. EPS touched to Rs.9.07 as against Rs.6.50 in the last period.  

With strong performance, Lupin scrip moved up by Rs.13.30 in the afternoon session to Rs.902.20 on BSE. The scrip touched to its peak level at Rs.946.35 on October 11, 2013.

Its consolidated net sales also moved up 17.5 per cent to Rs.2,631 crore from Rs.2,239 crore. Its international revenues increased by 17.5 per cent and domestic revenues up by 12.3 per cent to Rs.750.77 crore. Formulations sales increased by 17 per cent to Rs.2,345 crore from Rs.2,000 crore and APIs sales moved up by 20 per cent to Rs.286 crore from Rs.239 crore.

Its formulation sales in US increased by 32 per cent to Rs.1,035 crore from Rs.782 crore and that in Europe went up by 18 per cent to Rs.74 crore from Rs.63 crore. US and Europe sales contributed 42 per cent to its total net sales. It strengthened its US brands business by inking strategic licensing agreements to promote Locoid lotion as well Alinia for oral suspension to US pediatricians. Both product are now on the market. It launched 5 products in US and now has 57 products in the market.

Its domestic sales amounted to Rs.664 crore as against Rs.606 crore, a growth of 9 per cent. However, its sales in Japan declined by 6 per cent to Rs.309 crore from Rs.330 crore, contributing 12 per cent to its consolidated revenues. Sales in South Africa registered a strong growth of 24 per cent to Rs.100 crore during the quarter under review. The sales in rest of world amounted to Rs.163 crore as compared to Rs.138 crore in the similar period of last year.  

Its R&D expenditure increased sharply to Rs.217 crore from Rs.93.5 crore and it worked out to 8.3 per cent of net sales. It filed 7 ANDAs and received approval for 6 ANDAs during the quarter under review. Cumulative ADA filings with the US FDA now stand at 183 with the company having received 92 approvals to date. It also received one MAA approval from European regulatory authorities in the quarter.

Nilesh Gupta, managing director, said, “Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like US and improved operational efficiencies. Our growth story continues. This consistent performance has led to a sustained EBDITA and PAT improvement.”

For the first half ended September 2013, Lupin's consolidated net sales increased by 13.3 per cent to Rs.5,052 crore from Rs.4,458 crore in the same period of last year. The net profit has taken a quantum jump of 41.4 per cent and reached at Rs.807 crore from Rs.571 crore. EBDITA also increased by 42.9 per cent to Rs.1,431 crore from Rs.1,001 crore. Its domestic sales increased by 5.6 per cent to Rs.1,427 crore and international sales increased by 16 per cent to Rs.3,718 crore from Rs.3,204 crore.