Buoyed by a strong performance in its U.S. and Indian operations, pharmaceutical major Lupin reported a record performance in the quarter ended June 2014 with the net profit rising 56 per cent to Rs.624.7 crore.
The company reported a net sales of Rs.3,284 crore, a growth of 35.7 per cent. The operating profit rose 65.6 per cent to Rs.1,143.7 crore. Operating margin was significantly higher at 33.9 per cent (24.4 per cent).
A company statement said its R&D expenditure grew 7.4 per cent to Rs.243.9 crore during the quarter.
Formulation sales in U.S. grew 57 per cent to Rs.1,605.5 crore while U.S. revenues grew 46 per cent to $262 million. Lupin said it launched four products in the U.S. during the quarter and now has 73 products there.
Lupin’s India formulations business grew 29 per cent to Rs.761.5 crore. Barring Europe, where there was a de-growth of 7 per cent, Lupin grew in all geographies, including Japan (17 per cent), South Africa (16 per cent) and Rest of the world (4 per cent).
“We have had a great start to the year,” Nilesh Gupta, Managing Director, said in a statement. “Business is at an all time high with record revenues and profits driven by strong growth in the U.S. and in India.”
Analysts felt the company had outperformed expectations. Sarabjit Kour Nangra (Vice President, Research, Angel Broking, said the company had posted results “marginally better than expectations both on sales and net profit front, but much better than expected on the operating profit margin front.”
On the Bombay Stock Exchange, Lupin gained 4.9 per cent to close trading at Rs.1,173.5 on Wednesday.