Mumbai: Drug maker Lupin Ltd posted a record profit of Rs.408 crore for the quarter ended March, up 162% from a year ago, benefiting mainly from strong demand in the US.
Revenue increased 34.42% to Rs.2,585.82 crore.
“We have had a great quarter and a remarkable year fuelled by strong business performance in the US and India as well as improved operational efficiencies,” said Kamal Sharma, managing director.
Sales of formulations in the US and Europe contributed 42% of Lupin’s consolidated revenue in the fourth quarter, while the India formulations business contributed 22%. Lupin’s second-largest export market, Japan, contributed 15% of total revenue, the company said on Wednesday.
“The main positive came on the OPM (operating margin) front, where the margins came in 25.5% versus expectations of 21%, which aided the net profit to come in at Rs.408 crore versus expectations of Rs.294 crore,” said Sarabjit Kour Nangra, vice-president, research, at Angel Broking. “We maintain our positive stance on the stock.”
Lupin recommended a dividend of 200%—Rs.4 per equity share of face value of Rs.2 each for the year ended 31 March.
Shares of Lupin rose 2.43% to Rs.730.65 on BSE on Wednesday. The benchmark index Sensex gained 0.51% to close at 19,990.18 points and the BSE Healthcare index rose 0.08% to 8,882.43 points.