Mumbai: Lupin Ltd has reported 55% rise in net profits to Rs78.4 crore for the first quarter ended June, led by a 52% growth in export revenues. Revenues for the quarter were up 27% to Rs617.3 crore. The company’s operating profit grew 43% to Rs119.2 crore.
Lupin earned Rs301.8 crore from exports. Formulation exports to advanced markets such as North America and Europe grew by 233% to Rs175.5 crore. These markets now contribute up to 58% of its export revenues. During the quarter, Lupin launched four new products in the US market, including the antibiotic Cefdinir.
Formulation revenues from the domestic market recorded an increase of 22% to Rs252.8 crore. Revenues from sale of active pharmaceutical ingredients (bulk drugs) in developing markets, including India, dipped marginally to Rs155.2 crore from Rs164.9 in the corresponding quarter a year ago. Finished dosage revenues from developing markets (including India) grew by 9% to Rs269 crore.
Research and development expenditure during the quarter was at Rs37.3 crore, representing 6% of revenues.
Lupin’s shares closed at Rs705.4 on the Bombay Stock Exchange, down 1.99% from the previous close.