Drug maker Lupin today said its consolidated net profit rose by 34.13 per cent to Rs 215.02 crore for the second quarter ended September 30,on the back of robust sales across all markets,led by the US and Japan.
The company had a net profit of Rs 160.30 crore in the same period previous fiscal,Lupin said in a statement.
The net sales of the company rose to Rs 1,405.05 crore for the second quarter ended September 30,compared to Rs 1,114.69 crore in the same period last fiscal.
“This quarter’s business performance was fuelled by a strong business performance in the US and Japan,solid domestic growth and increased activity in all key pharmerging (emerging pharma) markets,including South Africa and Australia,” Lupin Limited MD Kamal K Sharma said.
He further added:” Our performance this quarter not only consolidates our existing presence in these markets,but also leaves us strategically poised,to further strengthen position in the global generics and branded formulations space.”
The Mumbai-based firm’s US and Europe formulation sales grew by 46 per cent to Rs 5,16.1 crore for the second quarter,as compared to Rs 3,53.1 crore in the same period last fiscal.
US and Europe formulation sales contributed 37 per cent to the consolidated revenues of the company.
In Japan,the company’s arm,Kyowa Pharmaceuticals witnessed 22 per cent increase in net sales to Rs 156.8 crore in the second quarter,compared to Rs 128.3 crore in the same period previous fiscal.
Lupin’s domestic formulations business grew by 16 per cent to clock in revenues of Rs 419.1 crore during the second quarter,as compared to Rs 362.6 crore in the corresponding period last fiscal.
The company’s domestic revenues contributed 30 per cent to its overall revenues during the second quarter ended September 30.
During the quarter,Lupin had received final approval for Desloratadine tablets in 5 mg strength and for Suprax (Cefixime) Chewable Tablets in strengths of 100 mg,150 mg and 200 mg from the US Food and Drug Administration (USFDA).
According to IMS Health,Lupin has emerged as the fifth largest generic player in the US in terms of prescriptions,it said.
The company filed two abbreviated new drug applications in the second quarter,taking the cumulative filings for the financial year so far to 132,of which 45 have been approved by the USFDA.
The active pharmaceutical ingredients (APIs) sales stood at Rs 195.1 crore and contributed 14 per cent to the Lupin’s consolidated revenues,the company said.
During the second quarter Lupin said it spent Rs 115.7 crore in research and development,as compared to Rs 82.2 crore in the year-ago period.
The company’s cumulative filings with the European regulatory authorities stood at 82,with the company having received 38 approvals to date.
For the six months ended September 30,the company posted net profit of Rs 411.32 crore,compared to Rs 300.41 crore in the same period previous fiscal.
The company’s net sales for the six months ended September 30 rose to Rs 2,717.14 crore,compared to Rs 2,200.28 crore in the same period last fiscal.
In a separate filing to the Bombay Stock Exchange (BSE),the company said its board has re-appointed Desh Bandhu Gupta as executive chairman and M D Gupta as executive director of the company for a period of five years.
The appointments will be with effect from January 1,2011. The same shall be subject to approval of shareholders,the company added.
Shares of Lupin were today trading at Rs 448.95 on BSE in late afternoon trade,up 2.45 per cent from its previous close.