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Buoyed by growth in the US, drugmaker Lupin has got off to a robust start this financial year, clocking a 55 per cent growth in net profit for the first quarter ended June 30.
Business is at an all-time high with record revenues and profits driven by strong growth in the US and India, Nilesh Gupta, Managing Director, said in a statement. Lupin’s US revenues increased 46 per cent to $262 million during the three months under review.
The US market accounts for almost half of Lupin’s net sales.
Sales of its finished medicines business saw a 57 per cent spike to clock ₹1,605 crore in the quarter. Its India business grew 29 per cent recording net revenues of ₹761 crore in the quarter under review. Japan, the third growth market for Lupin grew 17 per cent to register net sales of ₹341 crore in the quarter under review.
The Japan business includes sales from its subsidiaries Kyowa and I’rom.
Lupin’s API (active pharmaceuticals ingredients) business grew 20 per cent to ₹292 crore in the quarter. The company’s research spends for the quarter increased over 7 per cent of net sales to ₹243 crore.
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