 "Lupin surges 5% as Q1 profit beats estimates; stock hits new high")
Lupin has surged 5% to Rs 1,175, also its new high on National Stock Exchange, after reporting a better-than-expected 56% year-on-year (y-o-y) jump in net profit at Rs 625 crore for the quarter ended June 2014 (Q1), on back of strong growth in the US and in India. The pharmaceutical company had profit of Rs 401 crore in the same quarter last fiscal.
Net sales grew 36% to Rs 3,284crore on y-o-y basis, Lupin said in a statement.
Analysts on an average had expected profit of Rs 512 crore on sales of Rs 3,116 crore.
EBITDA or operating profit grew 66% to Rs 1,144 crore and margins improved by over 600 basis points to 34.8% from 28.5%, it added.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin, said “We have had a great start to the year. Business is at an all time high with record revenues and profits driven by strong growth in the US and in India. We are doing well in all our businesses and focus on operational efficiencies and manufacturing excellence is helping us deliver even stronger margins.”
The stock opened at Rs 1,128 and hit a low of Rs 1,113 on NSE, before announcements of Q1 results. A combined 1.38 million shares changed hands on the counter so far on NSE and BSE.
Net sales grew 36% to Rs 3,284crore on y-o-y basis, Lupin said in a statement.
Analysts on an average had expected profit of Rs 512 crore on sales of Rs 3,116 crore.
EBITDA or operating profit grew 66% to Rs 1,144 crore and margins improved by over 600 basis points to 34.8% from 28.5%, it added.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin, said “We have had a great start to the year. Business is at an all time high with record revenues and profits driven by strong growth in the US and in India. We are doing well in all our businesses and focus on operational efficiencies and manufacturing excellence is helping us deliver even stronger margins.”
The stock opened at Rs 1,128 and hit a low of Rs 1,113 on NSE, before announcements of Q1 results. A combined 1.38 million shares changed hands on the counter so far on NSE and BSE.