Drug firm Lupin today posted a 42.57 per cent rise in consolidated net profit at Rs 335.2 crore for the third quarter ended December 31, 2012, on the back of strong sales in the US market.
The Mumbai-headquartered firm had posted a net profit of Rs 235.1 crore during the same period of previous fiscal.
Consolidated net sales of the company rose by 37.62 per cent to Rs 2,465.9 crore during the third quarter, as against Rs 1,791.7 crore during the same period of 2011- 12 fiscal, Lupin said in a statement.
During the quarter under review, the company's formulation sales in the US and Europe grew by 60 per cent to Rs 1,082.9 crore as against Rs 6,76.3 crore during the corresponding period of previous fiscal.
"We had a record quarter driven by strong operating performance and growth in the US. Importantly, we continue to improve on margins consistently," Lupin Ltd Managing Director Kamal K Sharma said.
The company, which said it is the market leader in 22 products out of the 43 products marketed in the US generics market, launched five new products in the US during the third quarter.
During the quarter, the company's India formulations business grew by 14 per cent posting net revenues of Rs 570.8 crore compared to Rs 501.1 crore during the same period of previous fiscal.
The company said sales in Japan grew by 48 per cent to Rs 365.8 crore during the quarter compared to Rs 246.8 crore in the corresponding period of 2011-12 fiscal. "Japan now contributes 15 per cent to Lupin's consolidated revenues," it added.
During the period under review, the com pany's South African business, Pharma Dynamics clocked revenues of Rs 83.1 crore, representing a growth of 43 per cent, over the same period of previous fiscal.
The drug major said its active pharmaceutical ingredient (API) sales rose to Rs 235.3 crore in the third quarter compared to Rs 198.1 crore during corresponding period of 2011-12 fiscal.
"API sales now contribute 10 per to Lupin's consolidated revenues," it added.
Shares of Lupin were trading at Rs 604.65 apiece on BSE in late afternoon trade, up 0.90 per cent from their previous close.