For FY14, Lupin reported higher net profit at Rs1,836 crore due to growth of its API and formulation business in US and Europe
Lupin Ltd (Lupin), a generic pharmaceutical company reported a higher full year net profit on strong sales growth of its formulation and API business in key markets, the US, Europe and South Africa.
For the 12 month to end-March, Lupin said its net profit rose 40% to Rs1,836 crore from Rs1,314 crore while its total revenues, including sales, grew 17% to Rs11,286 crore from Rs9,641 crore, a year ago period.
"We have had another remarkable year fuelled by strong growth in key markets like US, Europe, South Africa and in our API business. Importantly, we were able to improve operational efficiencies substantially. The year also marked our entry into high growth markets like Mexico and acquiring technology research capabilities that would help us address niche segments like Complex Injectables and Inhalation," says Nilesh Gupta, managing director, Lupin, in a statement.
During FY14, US and Europe formulation sales (including IP)of Lupin grew by 29% to Rs5,180 crore from Rs4,005 crore in FY13, contributing 47% to overall sales. US brands business contributed 10% of total US sales, whereas the generics business was the balance 90% during FY14. API business grew 17% to Rs1,114 crore during FY14.
The Indian market contributed 22% of the company's overall revenues for FY 2013-14. during FY14, the India formulations business grew by 5% recording revenues of Rs2,480 crore compared to Rs2,364 crore for FY13.
In its quarter to end-March Lupin said its net profit grew 35.5% to Rs553 crore from Rs408 crore, its total revenues including sales increased 20.7% to Rs3,120 crore from Rs2,586 crore a year ago period.
Lupin's revenue expenditure on Research and Development (R&D) for FY14 amounted to Rs929 crore, 8.4% of net sales compared with Rs709 crore 7.5% of net sales for FY13.
During the year, Lupin filed 19 abbreviated new drug application (ANDA) and received 22 approvals. Cumulative ANDA filings with the US FDA as of 31st March 2014 stood at 192 with the company having received 99 approvals. The Lupin has 31 First-to-Files include 15 exclusive ones.
On Wednesday, Lupin hit its 52-week high at Rs1,022.
At 11.55am Thursday, Lupin was trading marginally up at Rs984.9 on the BSE, while the 30-share benchmark was also marginally up at 22,376.
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