Mumbai: Lupin Ltd reported a 20.7% year-on-year rise in consolidated net profit for the quarter ended December, beating market expectations, as sales in its biggest market, the US, increased significantly.
The pharmaceutical major’s consolidated net profit was Rs633.11 crore during the quarter up from Rs524.56 crore a year ago. The company’s sales rose 31.5% to Rs4,404.94 crore from Rs3,350.33 crore in the same period last year.
According to a Bloomberg poll of 25 analysts, Lupin’s net profit for the quarter was estimated to be Rs619.7 crore.
Sales in North America soared 57.6% to Rs2,175.5 crore. The region accounted for 49% of the company’s total sales. US sales grew 53.4% to $316 million. The company received marketing approval for 11 generic drugs and launched four products in the US during the quarter.
India sales were up 11.9% at Rs991.2 crore. Lupin’s sales in Japan, Latin America and Germany also grew on a year-on-year basis.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda), an indicator of its operating performance, was up 44.6% at Rs1,319.4 crore.
Even as operating performance was strong, growth in net profit was capped by a sharp jump in tax expense and interest costs. The company’s tax expense increased 60.1% to Rs409.5 crore, while interest cost jumped to Rs45.93 crore from Rs9.89 crore.
At 3.04pm, Lupin Ltd was trading at Rs1,499.40 on the BSE, up 0.79% from its previous close, while India’s benchmark Sensex index fell 0.09% to 28,312.53 points.