Lupin, the fourth largest pharmaceutical company in India, has registered strong top line as well as bottom line growth during the third quarter ended December 2013. Its consolidated net profit has taken a quantum jump of 41.6 per cent to Rs.476.13 crore from Rs.335.23 crore in the corresponding period of last year. Its consolidated net sales went up by 21 per cent to Rs.2,983 crore from Rs.2,466 crore. EPS improved to Rs.10.63 from Rs.7.49 in the last period.

The board of directors has declared an interim dividend of 150 per cent i.e. Rs.3 per fully paid-up equity share of Rs.2 each absorbing a sum of Rs.134.5 crore for the year ending March 31, 2014. It has fixed February 14, 2014 as the Record Date for the purpose of payment of interim dividend. Its EBDITA improved by 27.6 per cent to Rs.806 crore from Rs.631 crore.

Revenue expenditure on R&D stood at 9.1 per cent of net sales at Rs.271 crore during the quarter under review, as compared to Rs.238 crore in the last period. It filed 5 ANDAs and received 5 ANDA approvals during the quarter. Cumulative ANDA filings with the US FDA now stand at 186 with the company having received 96 approvals. It also received 5 approvals from European regulatory authorities in third quarter of 2013-14.

With strong financial performance, interim dividend and acquisition of Dutch drug delivery company, Nanomi B.V., Lupin scrip moved up by over Rs.39 in the afternoon session to Rs.921.55. It touched to its yearly highest level at Rs.951 on January 6, 2014.

Nilesh Gupta, managing director, said, “We have had a robust quarter with record profits, driven in particular by strong business growth in the US. Other markets like India are getting back on track also. In addition, our consistent focus on ramping up operational efficiencies has led to higher margins and better profitability.”

Lupin's international revenue increased by 20.3 per cent to Rs.2,264 crore from Rs.1,882 crore in the similar period of last year, contributing 76 per cent to its total net sales. Its domestic revenue also went up by 22.5 per cent to Rs.758.44 crore from Rs.610.01 crore. The formulation sales increased by 20 per cent to Rs.2,686 crore from Rs.2,231 crore and that of APIs increased smartly by 26 per cent to Rs.297 crore from Rs.235 crore.

Its US formulation sales increased by 31 per cent to Rs.1,357 crore from Rs.1,039 crore and that in Europe moved up by 11 per cent to Rs.66 crore. US brands business stood at 11 per cent of total US sales, whereas the generics business contributed 89 per cent in third quarter. In dollar terms, US formulations revenues increased by 12 per cent to US$ 215 million. The company launched 5 products in the US and now has 62 products in the market. It is the market leader in 26 products in the US generic market.

Its sales of formulation in India increased by 14 per cent to Rs.650 crore from Rs.571 crore. Japanese sales increased marginally by 2 per cent to Rs.372 crore from Rs.366 crore and that in South Africa increased by 18 per cent to Rs.98 crore from Rs.83 crore.

For the nine months ended December 2013, Lupin's consolidated net sales increased by 16.1 per cent to Rs.8,035 crore from Rs.6,924 crore in the similar period of last year. Its net profit moved up strongly by 41.6 per cent to Rs.1,283 crore from Rs.906 crore and EBDITA by 37 per cent to Rs.2,237 crore from Rs.1,633 crore.