BackLupin Q1 profit rises 56% to Rs624.7 crore
Sales rose 35% to `3,340 crore on the back of better sales in the domestic and US markets
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Mumbai: Drug maker Lupin Ltd said on Wednesday it posted a 56% increase in net profit at ₹ 624.7 crore in the June quarter from ₹ 401 crore a year ago. Sales rose 35% to ₹ 3,340 crore on the back of better sales in the domestic and US markets.
Lupin results beat market expectations that the company would post a net profit at ₹ 525 crore on a sales of ₹ 3,139 crore.
“Lupin results are marginally better than expectations, both on sales and net profit front, but much better than expected on the margin front," said Sarabjit Nangra, a sector analyst with Angel Broking Pvt. Ltd.
The sales growth was aided by both exports as well as local sales, she added.
Lupin managing director Nilesh Gupta said that the company has had a great start to the year.
“Business is at an all-time high with record revenues and profits driven by 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," he added.
The company’s formulations business during the quarter posted 37% growth while the active ingredients business expanded 21%.
Lupin shares ended at all-time high of 1,173.50 on BSE, up 4.9% from previous close. Intra-day, the scrip rose to an all-time high of ₹ 1192.10. The benchmark Sensex rose 0.37% to close at 26,087.42 points.
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