Mumbai-based pharma major Lupin Ltd has posted a 40 per cent growth in its profit after tax (PAT) for the second quarter, boosted by a jump in ‘other income’ besides lower finance costs. Part of the gains in net margins was, however, chiselled out by higher tax outgo.
The company saw net profit of Rs 406.18 crore in the three months ended September 30, 2013 compared to Rs 290.5 crore last year. This was largely boosted by Rs 80 crore in other income and a decline in finance costs.
The company reported net sales of Rs 2631.5 crore, up 18 per cent over the year-ago period.
International sales, which already generates over three fourth of total revenues, led the growth even as India business saw revenues rise 12.2 per cent.
“Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like the US and improved operational efficiencies,” said Nilesh Gupta, managing director of Lupin Ltd.
In terms of revenue, the company saw the highest growth from its markets in South Africa and the US with sales rising 24 and 32 per cent, respectively. The formulations and API businesses grew 17 and 20 per cent, respectively.
This growth comes against the backdrop of Indian pharma industry going through a difficult phase due to the ongoing crackdown by US FDA and the implementation of the government’ drug price control policy.
(Edited by Joby Puthuparampil Johnson)