Lupin Q2 net up 9% to Rs 291 crore

Drug firm Lupin today said its consolidated net profit rose by 8.84 percent to Rs 290.5 crore for the second quarter ended September 30, 2012, on the back of robust sales across the US, India and Japan markets.

The company had posted a net profit of Rs 266.9 crore during the same period of previous fiscal. Net sales of the company rose to Rs 2,239.3 crore in the second quarter compared to Rs 1,741.7 crore in the same period of 2011-12 fiscal.

Commenting on the results, Lupin Managing Director Kamal K Sharma said: “We have had a record first half, driven by strong operating performance and sustained growth across all our business segments. Our growth momentum continues.”

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For the six months ended September 30, 2012, the company posted a net profit of Rs 570.9 crore against Rs 477 crore in the same period of 2011-12.

During the second quarter, the company’s formulation sales for the US and Europe grew by 40 percent to Rs 835.5 crore against Rs 598.1 crore in the same period of 2011-12.

The Mumbai-based firm said its India formulations business grew by 18 percent to Rs 606.4 crore during the quarter against Rs 512 crore in the year-ago period.

The company said its sales from Japan grew by 85 percent to Rs 301.8 crore during the second quarter compared to Rs 178 crore in the same period of 2011-12.

During the period under review, the company’s active pharmaceutical ingredient net sales rose to Rs 239.2 crore compared to Rs 197.6 crore in the same period of previous financial year. Shares of Lupin were trading at Rs 571.85 on the BSE in late afternoon trade, up 0.36 percent from its previous close.

PTI