Drug major Lupin today posted a 42 per cent increase in consolidated net profit to Rs 476.1 crore in the quarter ended December 31, on strong sales in the US.
The company also announced the acquisition of Netherlands—based Nanomi BV.
Lupin had reported a profit of Rs 335.2 crore in the same period of the previous financial year.
Net sales rose 21 per cent to Rs 2,983 crore from Rs 2,465.9 crore a year earlier.
“We have had a robust quarter with record profits, driven in particular by strong business growth in the US,” Lupin Ltd Managing Director Nilesh Gupta said in a statement.
Other markets such as India are getting back on track also. In addition, the company’s focus on ramping up operational efficiencies has led to higher margins and better profitability, he added.
During the quarter, Lupin’s US formulation sales grew 31 per cent to Rs 1,356.7 crore as against Rs 1,039 crore in the corresponding period of the previous financial year, equivalent to 45 per cent of overall sales, the company said.
The US brands business stood at 11 per cent of total US sales, whereas the generics business contributed 89 per cent, it added.
The Indian formulations business contributed 22 per cent of the company’s overall revenue for the quarter. Domestic sales stood at Rs 650.4 crore compared with Rs 570.8 crore during the same period of previous fiscal, it said.
Sales in the active pharmaceutical ingredients segment grew 26 per cent to Rs 297.3 crore and contributed 10 per cent to Lupin’s consolidated revenue, the company said.
Lupin shares gained 4.52 per cent to close at Rs 921.90 on the BSE.