Lupin said that its consolidated net profit rose 24.13 per cent to Rs 266.9 crore in the second quarter ended September 30, 2011 on the back of robust sales growth across all geographies, including the US and Japan.
The drug firm had posted a net profit of Rs 215 crore for the same period last fiscal, Lupin said in a statement.
Net sales grew 23.57 per cent to Rs 1,741.7 crore during the second quarter from Rs 1,409.4 crore in the same period last fiscal.
Commenting on the results, Lupin Managing Director, Mr Kamal K. Sharma, said: “We had a very good second quarter.
Steady product approvals, launches and growth across the US, Europe, Japan and India have helped us deliver 25 quarters of consistent growth.”
On a standalone basis, the company posted a net profit of Rs 268.12 crore compared with Rs 162.39 crore in the same period last fiscal.
The Mumbai-headquartered firm’s formulation sales in the US and EU grew 16 per cent to Rs 598.1 from Rs 516.1 crore.
During the second quarter, revenues from the company’s India business grew 22 per cent to Rs 512 crore from Rs 419.1 crore in the same period last fiscal.
Revenues of Lupin’s Japanese subsidiary, Kyowa, grew 14 per cent to Rs 178 crore and accounted for 10 per cent of the company’s overall topline. In a similar fashion, the revenues of the company’s South African subsidiary, Pharma Dynamics, rose 61 per cent to Rs 67.9 crore from Rs 42.2 crore.
During the quarter, the company’s net sales from active pharmaceutical ingredients (API) rose to Rs 197.6 crore from Rs 195.1 crore in the same period last fiscal.
Meanwhile, in a separate filing to the BSE, the company said Mr K.V. Kamath has resigned from the directorship of the company with effect from today.
Shares of Lupin closed at Rs 475 on the BSE, down 1.22 per cent from their previous close.