The company had posted a net profit of Rs 401.1 crore for the corresponding period of the previous fiscal, Lupin Ltd said in a statement.
Consolidated net sales of Lupin also rose to Rs 3,284 crore for the quarter under consideration as against Rs 2,420.7 crore for the same period year ago.
Commenting on the results, Lupin Managing Director Nilesh Gupta said: "Business is at an all time high with record revenues and profits driven by strong growth in the US and in India."
The company is doing well in all its businesses and focus on operational efficiencies and manufacturing excellence is helping it deliver even stronger margins, he added.
In the company's largest market US, formulation sales (including IP) grew by 57 per cent to Rs 1,605.5 crore during the Q1 of the current fiscal as against Rs 1,025.6 crore for the same quarter of the previous fiscal contributing 49 per cent to overall sales, Lupin said.
Revenues from the US increased by 46 per cent during the quarter under consideration, it added.
India formulations business grew by 29 per cent to Rs 761.5 crore for the first quarter of FY 2014-15, as against Rs 589.4 crore for the corresponding period of the previous fiscal, Lupin said.
The company also was able to achieve reduction in material cost, manufacturing and other expenses and personnel cost, it added.
During the quarter the company launched 4 products in the US. It is now the market leader in 31 products marketed in the US generics market, Lupin said.
The company continues to enjoy 'Debt Free' status, it added.
Shares of Lupin Ltd were today trading at Rs 1,169.95 per share in the afternoon trade on BSE, up 4.58 per cent from its previous close.