During the June quarter, Lupin witnessed robust sales in US, its largest overseas market and India resulting in 56% jump in its net profit
Pharmaceutical company Lupin Ltd on Wednesday reported a 55.74% jump in its first quarter net profit mainly on robust sales in domestic markets as well as in the US.
For the quarter to end-June, the pharmaceutical company said its net profit rose to Rs624.7 crore from Rs401.1 crore, while its total revenues, including sales, increased to Rs3,284 crore from Rs2,420.7 crore, same period last year.
In a statement, Nilesh Gupta, managing director of Lupin, said, "Business is at an all time high with record revenues and profits driven by strong growth in the US and in India."
The company is doing well in all its businesses and focus on operational efficiencies and manufacturing excellence is helping it deliver even stronger margins, he added.
In the company's largest market US, formulation sales (including IP) grew by 57% to Rs1,605.5 crore during the Q1 of the current fiscal as against Rs1,025.6 crore for the same quarter of the previous fiscal contributing 49% to overall sales, Lupin said.
Revenues from the US increased by 46% during the quarter under consideration, it added.
India formulations business grew by 29% to Rs761.5 crore for the first quarter of FY 2014-15, as against Rs589.4 crore for the corresponding period of the previous fiscal, Lupin said.
The company also was able to achieve reduction in material cost, manufacturing and other expenses and personnel cost, it added.
During the quarter the company launched four products in the US. It is now the market leader in 31 products marketed in the US generics market, Lupin said.
The company continues to enjoy 'Debt Free' status, it added.
Lupin closed Wednesday 4.9% higher at Rs1,173 on the BSE, while the 30-share Sensex ended the day marginally higher at 26,087.