Turnover for the period rose by 10 per cent to Rs 516.78 crore as against Rs 469.46 crore in the previous year.

For the third quarter ended March 31, 1999, the company registered a marginal drop in turnover to Rs 148.07 crore from Rs 151.13 crore during the corresponding period of the previous year. Net profit during this period fell to Rs 3.14 crore as against Rs 6.09 crore in the previous year.

According to a company press release, the overall sales during the third quarter were impacted as the company streamlined its trading policies in the domestic as well as in the global market.

"This will go a long way in infusing trading discipline and create a positive impact on the company's topline growth," the release said.

Lupin chairman and managing director, Desh Bandhu Guptasaid, "We expect to achieve a higher growth rate during the current quarter with the launch of new products both in formulations and bulk actives and also expansion in the field force which will yield improved results".

During the year, the company launched four new formulations: a unique combination drug therapy for peptic ulcers L-Cot; an injectibel antibiotic Amikef; a new therapy for high blood pressure Losagard; a long acting antibiotic Ceff-LA and four active pharmaceutical ingredients Lisinopril, Cefradine, Arginine, Clarithromycin and Cefixime.

The company has made substantial investments in research and development and these investments are expected to start yielding returns by June this year, the release added. These investments will facilitate the entry of Lupin's products into the US and European markets, which account for over 60 per cent of global pharmaceutical sales.