Mumbai: Drugmaker Lupin today reported close to three-fold growth in net profit to Rs137.08 crore for the three months ended 31 March 2007, compared to Rs50.19 crore in the year-ago period.
Total income (net of excise) of the pharmaceutical firm rose nearly 40% to Rs646.40 crore for the fourth quarter, against Rs463.02 crore in the same period a year ago, Lupin informed the Bombay Stock Exchange.
The city-headquartered company’s Board of Directors has recommended 50% dividend at Rs5 per equity share at a face value of Rs10 each, for the year ended 31 March 2007.
For financial year ‘07, Lupin recorded 65.3% growth in terms of net profit which stood at Rs302.06 crore compared to Rs182.72 crore in the previous fiscal.
Total income (net of excise) of Lupin has also grown by 28.53% to Rs2,157.58 crore in the 12 months ended 31 March 2007 against Rs1,678.61 crore last year.
Meanwhile, in a move that would enhance its presence in the active pharmaceutical ingredients (API) market, the Board of Directors of Lupin has given its nod to set up a local subsidiary with an investment of Rs5 lakh.
The proposed subsidiary would manufacture API at a unit, which would be located in a Special Economic Zone, Lupin said.
The board has also approved the formation of a wholly-owned subsidiary in Switzerland at an initial investment of up to Swiss Francs 100,000 ($83,000).
The said subsidiary would act as a vehicle to route overseas investments that the company would make, Lupin added.
On consolidated basis, the group, which exports products to U.S., Europe, Southeast Asia, Japan and China, recorded a net profit after minority interest of Rs141.14 crore and its total income (net of excise) stood at Rs665.63 crore for the fourth quarter.
For fiscal 2006-07, the group’s net profit after minority interest touched Rs 308.56 crore and total income (net of excise) Rs2,212.76 crore, Lupin said.
Shares of the company were last trading at Rs708, down Rs14 or 2% on the BSE.