Lupin has reported its performance for the third quarter ended December 31, 2012. The company has reported a net sales grew by 37.6 per cent to Rs 24,659 million during Q3 FY 2012-13, up from Rs 17,917 million in Q3 FY 2011-12.Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 67.6 per cent to Rs. 6,314 million during Q3 FY 2012-13, up from Rs 3,768 million in Q3 FY 2011-12. Profit Before Tax grew by 78.6 per cent to Rs 5,550 million during Q3 FY 2012-13, up from Rs 3,107 million. Net profits grew by 42.6 per cent to Rs 3,352 million during Q3 FY 2012-13, up from Rs 2,351 million.
Commenting on the results, Dr Kamal K Sharma, Managing Director, Lupin, said, “We had a record quarter driven by strong operating performance and growth in the US. Importantly, we continue to improve on margins consistently.”
According to an analysis done by Fortune Equity Brokers (India), Lupin’s domestic business grew by 13.9 per cent Y-o-Y. However, the company has continued to outperform the overall domestic market which grew by only 9.1 per cent during the quarter. The focus on chronic drugs and partnerships with global majors like Eli Lilly has helped it to grow above the market.
The US formulations sales grew 67.8 per cent Y-o-Y (56 per cent in USD terms), mainly led by both generics as well as branded business. The growth in the generic business would have been driven by launch of Geodon, Combivir, Fortamet, Tricor and oral contraceptives (OC). Lupin has managed to gain 27 per cent and 39 per cent share in Tricor and Geodon, respectively. This growth is commendable since the company has still not launched Yasmin. Lupin has still not gained significant market share in several OCs and the company’s performance will improve with gain of share and new OC launches. Branded business sales also posted good growth with the growth in prescription for Suprax during the quarter as it was a favourable season for the drug in the US. Growth in the US business is expected to continue as the company has lined up some interesting generic launches in FY14.
Japan growth was excellent at 48.2 per cent Y-o-Y (43 per cent in Yen terms) as Irom consolidated in November 2011 and Kyowa (excluding Irom) also posted growth of 16 per cent in yen terms. Lupin is growing above the market in the region. The company has started receiving API approvals to be sourced from India and it is expected to receive formulation approval soon.
EP News Bureau – Mumbai
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