Lupin boosts portfolio
Lupin on Thursday said it has completed the acquisition of a portfolio of brands from Anglo-French Drugs and Industries Ltd (AFDIL) and its associates.
Early this year, the pharmaceutical major had announced the acquisition for Rs 325 crore. Lupin had then disclosed that the acquisition was expected to be completed by March.
The acquisition will strengthen Lupin’s formulation business in the country by adding to its fast-growing portfolio of vitamins, minerals, supplements and neurological products.
“This acquisition strengthens our position in the Indian market, where we have already established ourselves as a leading provider of quality pharmaceuticals and a trusted partner,” Nilesh Gupta, managing director, Lupin, said.
The brands recorded a turnover of Rs 95 crore for the year ended March 31, 2021. AFDIL, which has a presence in India and overseas, had posted revenues of Rs 153 crore in 2020-21.
The stock markets reacted positively to the announcement with shares of Lupin rising 1.51 per cent, or Rs 11.65, to settle at Rs 784.60 on the BSE on Thursday.
“The portfolio sold to Lupin was born of Anglo-French, and now, through this divestiture, we are confident that these brands will scale to a significant size and have a large impact on the health and well-being of the Indian population,” Abhay Kanoria, chairman and managing director of AFDIL, said.
Lupin posted consolidated revenues of Rs 4,161 crore for the quarter ended December 31, 2021 against Rs 4,017 crore in the same period of the previous year.
During the period, its net profit rose to Rs 546 crore from Rs 438 crore in the year ago quarter. Its India formulation sales during the quarter stood at Rs 1,473 crore, a fall of 4.5 per cent on a sequential basis.