Lupin Ltd, India’s largest producer of anti-tuberculosis drugs, reported a net profit of Rs137 crore for the fourth quarter ended March, rising 173% from the year-ago quarter. The bulk of the profit, ie., Rs114.3 crore, came from the sale of intellectual properties on the drug for high blood pressure, perindopril. Sales grew by 22% to Rs530.3 crore.
Lupin shares closed at Rs709.05 on the Bombay Stock Exchange on Wednesday, down 1.79%.
Kamal Sharma, managing director of Lupin, cited higher exports as the reason behind the overall profit growth. Lupin’s formulations’ exports rose 59% to Rs171.9 crore in the quarter. The company spent more on research and development activities, which totalled Rs40.5 crore, or 7.6% of gross sales.
For the full year, Lupin reported 22% rise in revenues to Rs2,028.9 crore. Net profit went up by 65% to Rs302.1 crore while export revenues touched Rs960.3 crore, representing a 24% growth.
The company expects to benefit from new launches this year. “We will see at least nine launches in the US market. We are also making a foray into Europe,” said Sharma. Lupin expects to launch six-seven products in the European market this year.
Lupin said it also got approval to market the antibiotic cefpodoxime in France. “We will launch the product in France this August,” Sharma added, noting it is a €75 million (Rs413 crore) opportunity.
Lupin’s revenues from domestic markets were up at Rs1068.6 for the year, registering an increase of 20%, as against the market’s growth of 14%. “India too has been showing promise and we continue to see this trend,” says Sharma.
Lupin also announced that it received approval from the US Food and Drug Administration to market its antibiotic drug cefdinir in the US. Lupin’s cefdinir capsules and suspensions are copies of Abbott Laboratories Ltd’s Omnicef, which had US sales of approximately $787 million in 2006, according to market research agency, IMS Health. The drug is used to treat mild to moderate infections.