Pharmaceutical firm Lupin matched Dalal Street expectations with the second quarter consolidated net profit increasing 39.8 percent on yearly basis to Rs 406 crore, driven by other income, despite higher tax rate.
Consolidated revenue of the company grew 16 percent year-on-year to Rs 2,668 crore in quarter ended September 2013, supported by formulations business and strong growth US, Europe & Africa.
"Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like US and improved operational efficiencies," Nilesh Gupta, MD said.
According to a CNBC-TV18 poll, analysts on an average had expected the company to report net profit of Rs 390 crore on revenues of Rs 2,680 crore for the quarter.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 27.9 percent Y-o-Y to Rs 660 crore and operating profit margin expanded 230 basis points Y-o-Y to 24.7 percent in the quarter gone by. Analysts were expecting EBITDA at Rs 622 crore and margin at 23.2 percent.
Lupin has reported other income of Rs 81 crore for the quarter as against Rs 4 crore in a year ago period while tax expenses surged 79.5 percent Y-o-Y to Rs 258.19 crore.
Employee cost rose 21.4 percent to Rs 368.2 crore and manufacturing expenses jumped 35 percent to Rs 798.8 crore during the same period.
Formulations business of the company grew 17 percent while revenues from US and Europe increased 32 percent and 18 percent, respectively.
South Africa's revenues soared 24 percent during September quarter year-on-year and India grew 9 percent, but revenues from Japan (contributes 12 percent to total revenues) fell 6 percent. Active pharmaceutical ingredient or API (drug raw material) shot up 20 percent Y-o-Y.
Lupin filed 7 ANDAs and received 6 ANDA approvals in the quarter. Cumulative ANDA filings with the USFDA now stand at 183 with the company having received 92 approvals to date. It received approval for 1 MAA from European regulatory authorities in the quarter.
At 14:05 hours IST, the stock was trading at Rs 901, up 1.36 percent on the BSE.
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