Mumbai/Hyderabad, July 30: Robust sales in the domestic market enabled Lupin to report a 56 per cent growth in net profit for the first quarter ended June.
The pharmaceutical entity, which is understood to be eyeing the mature drug portfolio of GlaxoSmithKline, posted a net profit of Rs 624.7 crore compared with Rs 401.1 crore in April-June quarter of 2013-14.
Consolidated net sales rose nearly 36 per cent to Rs 3,284 crore from Rs 2,121 crore a year ago.
Sales in India rose around 29 per cent to Rs 769 crore. Formulation sales in the US increased 57 per cent.
At present, the US contributes close to 49 per cent to the sales.
During the quarter, the company launched four products in the US. Lupin markets 73 products in the world’s largest pharmaceutical market and enjoys the dominant position in 31 products.
“We have had a great start to the year. Business is at an all-time high with record revenues and profits driven by a strong growth in the US and in India. We are doing well in all our businesses and focus on operational efficiencies and manufacturing excellence is helping us deliver even stronger margins,’’ managing director Nilesh Gupta said.
The Lupin scrip today rose nearly 5 per cent, or Rs 54.80, to end at Rs 1173.50 on the BSE. It hit a new 52-week high of Rs 1,192.10 in intra-day trade.
Dr Reddy’s net
Dr Reddy’s Laboratories today reported a 52.49 per cent jump in net profit at Rs 550.39 crore for the quarter ended June 2014 against Rs 360.93 crore in the year-ago period.
Net sales rose to Rs 3,517.54 crore, up 23.64 per cent from Rs 2,844.92 crore a year ago.
The company said selling, general and administrative expenses rose to Rs 1,067.89 crore from Rs 879.36 crore. The R&D expenses rose to Rs 387.53 crore from Rs 242.97 crore.