Impressive Q2 results see Lupin net surge 38 per cent to Rs160 crore
27 Oct 2009
Mumbai-based pharma major, Lupin reported impressive results for the second quarter ended September 2009 with significant growth in international business. The company's consolidated net profit surged 38.6 per cent to Rs160.30 crore from Rs115.62 crore in the corresponding period last year.
The consolidated net sales moved up by 22.7 per cent to Rs1, 115 crore from Rs908.37 crore with the earnings per share working out to Rs18.99 as against Rs14.07 in the last period.
At Rs747 crore the company's international sales rose 31.7 per cent from Rs567 crore in the similar second quarter of last year. Sales in India improved 14.1 per cent to Rs418.65 crore from Rs367.05 crore.
Formulations sales for advanced markets in developed countries like US, Europe and Japan grew 27 per cent to Rs481.5 crore during the second quarter from Rs377.9 crore, contributing 43 per cent of overall net sales.
Formulation sales to US and Europe rose by 28 per cent to Rs353 crore from Rs277 crore. The company out-licensed the US rights of its proprietary bioadhesive technology for rifaximin to Salix Pharmaceutials. The company, at present has 22 generic products in the US market. The company's brand business grew 83 per cent with its acquisition of the US rights for Antara from Oscient Pharmaceuticals.
The company's Japanese subsidiary, Kyowa contributed 12 per cent of net sales recording a growth of 27 per cent to Rs128.3 crore from Rs101.3 crore and the sales of its South Africa based subsidiary shot up 49 per cent to Rs33 crore.