New Delhi, May 14 (IANS) Drug maker Lupin saw its consolidated profits for the quarter ended March 31 rise 64.16 percent to Rs.157.3 crore, as against Rs.95.87 crore for the corresponding period last year, the company said Wednesday.
It attributed the increase to a robust growth in the US and domestic markets.
'Lupin has had a very strong year driven by growth and consistent performance across all business segments and markets: a strong business performance in the US, solid domestic growth and increased activity in all key markets,' company managing director Kamal K. Sharma said.
The company's net sales increased 39 percent to Rs.1,043 crore to the quarter under review as compared to Rs.750 crore in the year-ago period, while operating profit went up to Rs.188.98 crore from Rs.119 crore, and operating profit margin improved to 18 percent from 16 percent.
The company said at an analysts meet that it had received a US Food and Drug Administration notice seeking clarification on some procedural issues at its Mandideep facility. However, manufacturing at the facility remains uninterrupted, the company said.
Lupin said its generic and branded businesses in the US soared 74 percent to Rs.1,256 crore in 2008-09, while domestic formulations rose by a quarter to Rs.1,058 crore.
Its Japanese subsidiary Kyowa contributed 12 percent of the overall revenues, the company said in a regulatory statement.
The company is now planning more acquisitions in Latin America and West Asia, Sharma said, adding: 'Lupin's acquisitions have not only consolidated our existing presence in these markets but also leaves us strategically poised to further strengthening our position in the global generic and branded generic market.'
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