Buoyed by a strong growth in different markets across the globe,especially in the US,pharma major Lupin Ltd today posted a net profit of Rs 196.3 crore for the quarter ended June 30,up 40.11 per cent from the year-ago period. The company had recorded a net profit of Rs 140.1 crore in the same quarter last fiscal. Net sales during the first quarter this fiscal stood at Rs 1312.1 crore against Rs 1085.6 crore in the same period last fiscal,up 21 per cent. "We have had a secular growth across all geographies. In the US we grew at an average of 48 per cent,in Japan also we delivered strong performance," Lupin Ltd President Finance and Planning S Ramesh told PTI over phone from Mumbai. US and Europe formulation sales contributed 38 per cent to consolidated revenues. Sales from the business for US and Europe grew by 40 per cent to Rs 496.6 crore during the quarter,against Rs 355.1 crore in the year-ago period. The company said brands business grew by 51 per cent and generics business by 45 per cent in the quarter in the US. In India,which contributed 32 per cent to the company's overall revenues during the quarter,the formulations business grew by 23 per cent to clock revenues of Rs 424.2 crore. Lupin's South African revenue also recorded 33 per cent increase at Rs 39.9 crore during the period under review. Commenting on the outlook,Ramesh said the company is confident of maintaining its growth momentum considering the new approvals from the US health regulator that the company expects to receive in the rest of the fiscal. During the quarter,the company filed three abbreviated new drug applications (ANDAs) with the US Food and Drug Administration (USFDA),bringing the cumulative filings as of June 2010 to 130 ANDA filings,of which 45 have been approved by the USFDA. "We expect another half a dozen approvals in the rest of the fiscal,which should help us maintain our growth momentum," he said,adding that out of the total 130 ANDAs,30 per cent of them are first-to-file under Para IV. ANDAs approved under first-to-file give generic companies 180 days of marketing exclusivity in the US market. He also said the company is looking to enter new therapeutic areas of female health and ophthalmology in India. "Moreover,we are also looking to enter new markets in parts of Europe and Latin America," he added,without elaborating further. On the strategy to grow through acquisitions,Ramesh said: "We are open to the option and always on the look out for opportunities but as of now we have not identified any target nor have we earmarked any budget for the purpose."
