Pharmaceutical firm Lupin Ltd reported 20.68 per cent increase in consolidated net profit at Rs 633.1 crore for the third quarter ended December 31, 2016, driven by robust sales in North American market.
The company had posted a consolidated net profit of Rs 524.6 crore in the same period last fiscal, Lupin Ltd said in a statement.
Its sales during the quarter stood at Rs 4,404.9 crore as against Rs 3,350.3 crore in the corresponding period of the preceding fiscal, up 31.5 per cent, it added.
Lupin said its North America sales grew by 57.6 per cent to Rs 2,175.5 crore during Q3 FY2017 as compared to Rs 1,380.5 crore in the year-ago period, contributing 49 per cent of the company’s global sales.
The US sales grew by 53.4 per cent to USD 316 million during the third quarter as compared to USD 206 million in the year-ago period, it said.
India formulation sales grew by 11.9 per cent to Rs 991.2 crore during the quarter as against Rs 886 crore in the year-ago period. It accounted for 22 per cent of Lupin’s global sales.
Commenting on the performance, Lupin Ltd Managing Director Nilesh Gupta said: “This has been a particularly strong year for our US Generic business. We had another strong quarter driven by consistent growth across key markets be it the US, India, Japan, EMEA, APAC and Latin America.”
He also said the company has made significant progress on evolving its complex generic pipeline and the compliance record continues.
Sales in Asia Pacific during the quarter increased by 20.9 per cent to Rs 560.1 crore as compared to Rs 463.4 crore in the third quarter last fiscal.
The company, however, said its Global API sales declined by 5.3 per cent to Rs 268.4 crore during Q3 FY2017 as compared to Rs 283.5 crore in the same quarter last fiscal.
Shares of Lupin Ltd were trading at Rs 1,500 apiece, in the afternoon trade, up 0.83 per cent from the previous close on the BSE.