Lupin beats Street as Q1 net jumps 56% on US sales

Written by fe Bureau | Mumbai | Updated: Jul 31 2014, 07:16am hrs
Lupin's first quarter profit trumped Street expectations for the eighth quarter on a sequential basis as sales from the US jumped 46% over the corresponding period last fiscal.

The company reported profit of R624.7 crore on sales of R3,284 crore for the quarter ended June 30. Analysts expected a profit of R504 crore on sales of R3,097 crore, according to a poll conducted by Bloomberg. Sales for the quarter grew 36% year-on-year (y-o-y) while profit registered an increase of 56%. We have had a great start to the year. Business is at an all time high with record revenues and profits driven by strong growth in the US and in India, Nilesh Gupta, managing director, Lupin, said in a statement.

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Lupin Q1 numbers were ahead of our estimates. Key growth drivers for FY15/FY16 would be strong product pipeline for the US, and higher contribution from oral contraceptives. Margins were ahead of estimates, Rahul Shah, vice president - equity, Motilal Oswal Securities, said.

Lupin shares closed up 4.9% at R1173.50 on Wednesday on the BSE.