Lupin tumbled 5.34% to Rs 838 at 14:45 IST on BSE after the company announced its Q1 June 2013 results during trading hours today, 7 August 2013.
Meanwhile, the S&P BSE Sensex was up 60.25 points, or 0.32%, to 18,793.29.
On BSE, 2.90 lakh shares were traded in the counter as against an average daily volume of 98,242 shares in the past one quarter.
The stock hit a high of Rs 895 and a low of Rs 820 so far during the day. The stock had hit a record high of Rs 908 on 19 July 2013. The stock had hit a 52-week low of Rs 540.15 on 11 October 2012.
The counter witnessed a pre-result rally. Lupin shares jumped 5.39% in the preceding five trading sessions to Rs 885.25 on 6 August 2013 from a recent low of Rs 839.95 on 30 July 2013.
The stock had outperformed the market over the past one month till 6 August 2013, rising 6.03% compared with the Sensex's 3.91% fall. The scrip had also outperformed the market in past one quarter, gaining 26.66% as against Sensex's 4.78% fall.
The large-cap company has an equity capital of Rs 89.56 crore. Face value per share is Rs 2.
Lupin's consolidated net profit rose 43% to Rs 401.10 crore on 9.1% increase in net sales to Rs 2420.70 crore in Q1 June 2013 over Q1 June 2012.
Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 43.5% to Rs 690.50 crore in Q1 June 2013 over Q1 June 2012. EBITDA margin expanded to 28.5% of net sales in Q1 June 2013, as against 21.7% in Q1 June 2012.
Commenting on the results, Dr. Kamal K. Sharma, Managing Director, Lupin, said, "We have had a good quarter fuelled by strong business performance in the US as well as improved operational efficiencies that have led to stronger margins. We continue on the road to growth in EBIDTA."
During the period under review, Lupin's material cost decreased by 0.8% to 36.1% of net sales, at Rs 874.80 crore. Manufacturing and other expenses decreased by 2.1% to 28.2% of net sales at Rs 683.70. Personnel cost decreased by 0.1% to 13.6% of net sales, at Rs 328.10. Revenue expenditure on R&D stood at 8.1% of net sales at Rs 195.60. Lupin's debt-equity ratio as on 30 June 2013 was 0.07.
US and Europe formulation sales (including IP) grew by 29% to Rs 1099.40 crore in Q1 June 2013 over Q1 June 2012.
The India formulations business contributed 24% of the company's overall revenues, recording net revenues of Rs 589.40 crore. The quarter saw a growth of 4% over Q4 March 2013.
Lupin filed 1 Abbreviated New Drug Application (ANDA) and received 8 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA as of 30 June 2013 stood at 177 with the company having received 86 approvals to date.
Meanwhile, in a separate announcement today, Lupin announced that it signed a strategic licensing agreement with US pharmaceutical company Romark Laboratories, L.C. (Romark) which grants Lupin exclusive rights to promote, distribute and market Alinia (nitazoxanide) for Oral Suspension in the US. Alinia (nitazoxanide) is the first thiazolide approved by the USFDA for the treatment of diarrhea caused by Cryptosporidium and Giardia and is the only USFDA-approved treatment for Cryptosporidium. Alinia for Oral Suspension is indicated for the treatment of diarrhea caused by Giardia lamblia or Cryptosporidium parvum in patients 1 year of age and older. These are the two most common protozoal causes of diarrhea in the developed and developing world, Lupin said.
Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.
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