Lupin Q3 cons net up 5% YoY at Rs 235 cr

Moneycontrol Bureau

Pharma company Lupin's consolidated net profit for the third quarter rose 5% year-on-year at Rs 235.1 crore as strong sales growth was offset by higher tax expenses.

The company's net sales in the October-December quarter were up 22% from a year ago to Rs 1,791.7 crore.

Analysts on average had expected Lupin to report a net profit of Rs 233 crore on revenue of Rs 1,730 crore.

"We had a good quarter aided by strong operating performance, new launches and strong growth across US, India and Japan," said Dr Kamal Sharma, MD.

During the three-month period, Lupin's tax expenses surged to Rs 70 crore from Rs 23.7 crore in the year ago quarter.

In the third quarter, formulation sales in US and Europe grew 20.3% from a year ago to Rs 683.2 crore. Lupin's Japanese sales were up 43% to Rs 246.8 crore, and sales India rose near 30% from a year ago to Rs 519.8 crore.

Sales in other emerging markets rose 42.3% to Rs 143.9 crore in the quarter. Lupin's South African arm Pharma Dynamics saw sales growth of 17.2% to Rs 58.3 crore in Oct-Dec. API sales were, however, lower by 13% at Rs 198.1 crore.

Lupin launched three oral contraceptive products in the US in the third quarter. It also filed three abbreviated new drug applications (ANDA), bringing the cumulative filings to 156 ANDAs. It received seven ANDA approvals, taking the total approvals to 61.

Lupin shares on Tuesday closed up 2.1% at Rs 446.90 on NSE.