Drug major Lupin today posted 39.82% rise in consolidated net profit at Rs 406.20 crore for the second quarter ended September 30, 2013-14 on account of robust sales in the US market.
It had posted net profit of Rs 290.5 crore in July- September quarter of the previous fiscal, 2012-13.
Net sales of Lupin in Q2, 2013-14 rose to Rs 2,631.5 crore, up 17.51%, from Rs 2,239.3 crore in the year- ago period.
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Lupin Vice Chairman Kamal K Sharma told PTI that growth in the US business and improvement in the domestic market helped the company achieve growth during the quarter.
"The quality of our business in the US has steadily improved. We have been able to hold ground in the market. Secondly, there is improvement in India situation and finally our API business has also done well in the US," Sharma said.
The company's formulation sales in US and Europe grew by 31% to Rs 1,108.9 crore during the quarter, as compared to Rs 844.4 crore, contributing 42% to the company's overall sales.
US formulations revenues increased by 16% to $16.7 crore during the second quarter, the company said, adding that it launched 5 products in the US during the quarter and now has 57 products in the market.
"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," Lupin Ltd Managing Director Nilesh Gupta said.
The company's domestic formulations business contributed 25% of the company's overall revenues for the quarter.
Lupin's India formulation business grew by 9% to Rs 663.5 crore during the second quarter as compared to Rs 606.4 crore in the same period of previous fiscal.
The Mumbai-headquartered firm's Japan sales stood at Rs 309.3 crore during the quarter. Japan now contributes 12% to Lupin's consolidated revenues, the company said.
The company's active pharmaceutical ingredient sales grew by 20% to Rs 286.2 crore during the second quarter as compared to Rs 239.2 crore in the same period of previous fiscal.
Lupin scrip was trading at Rs 904.05 on the BSE in the late afternoon trade, up 1.70% from its previous close.