Drug major Lupin on Wednesday posted 35.5 percent rise in consolidated net profit at Rs 553 crore for the fourth quarter ended March 31, 2013-14, on the back of robust sales in various markets including the US, Europe and South Africa.
The company had posted net profit of Rs 408.08 crore in the January-March quarter of the 2012-13 fiscal.
Net sales of the company rose to Rs 3,051.55 crore in Q4, 2013-14, from Rs 2,537.35 crore in the year-ago period, Lupin Ltd said in a statement.
For the entire 2013-14, it posted consolidated net profit of Rs 1,836.37 crore, up 39.7 percent, as compared to Rs 1,314.16 crore in the 2012-13 fiscal.
Lupin’s consolidated net sales last fiscal rose to Rs 11,086.64 crore, from Rs 9,461.63 crore in 2012-13.
“We have had another remarkable year fuelled by strong growth in key markets like the US, Europe, South Africa and in our API business,” Lupin Ltd Managing Director, Nilesh Gupta said.
Importantly, the company was able to improve operational efficiencies substantially, he added.
“The year also marked our entry into high growth markets like Mexico and acquiring technology research capabilities that would help us address niche segments like complex injectables and inhalation,” Gupta said.
The company’s US and Europe formulation sales (including IP) grew by 28 percent to Rs 1,549.4 crore during the fourth quarter, as against Rs 1,212.3 crore in the same period of previous fiscal, contributing 51 percent to overall sales.
For the year ended March 31, 2014, the company’s US and Europe formulation sales grew by 29 percent to Rs 5,180.5 crore as against Rs 4,005.1 crore in 2012-13, contributing 47 percent to overall sales.
The company said its domestic business grew by 2 percent in Q4, 2013-14, recording net revenues of Rs 576.3 crore, as compared to Rs 565.9 crore in the year-ago period.
For 2013-14, the domestic formulations business grew by 5 percent recording revenues of Rs 2,479.5 crore, as compared to Rs 2,364.4 crore in 2012-13.
The company’s South African subsidiary, Pharma Dynamics clocked in revenues of Rs 380 crore in 2013-14 as compared to Rs 3,21 crore in 2012-13, a growth of 18 percent.
Lupin’s Japanese business clocked net sales of Rs 1,295.5 crore during 2013-14 and contributed 11 percent to the company’s consolidated revenues.
The company said its API sales grew by 17 percent to Rs 1,114 crore during 2013-14 contributing to 10 percent to the Lupin’s consolidated revenues.
The company’s board, which met today, proposed a final dividend of 150 percent, making it a total dividend of 300 percent for FY 2013-14.