Lupin quarterly profit jumps 54 pct as US, India sales rise

Written by Reuters | Mumbai | Updated: Oct 28 2014, 19:33pm hrs
Lupin LtdLupin shares were down 0.8 percent at 1,382.70 rupees in Mumbai at 0811 GMT on Tuesday. (Reuters)
Indian generic drugmaker Lupin Ltd reported a 54 percent jump in second-quarter profit beating analysts estimates, helped by robust sales in its domestic business and the United States, its largest market.

Lupin, India's second-largest drugmaker by market value, posted a net profit of 6.3 billion rupees ($102.7 million) for the quarter ended Sept. 30, compared with 4.06 billion a year earlier.

Analysts on average were expecting a profit of 5.85 billion rupees, according to Thomson Reuters I/B/E/S.

Lupin is trying to expand its business in the United States, and it had said that it was actively scouting for acquisitions.

Sources told Reuters earlier this month that Lupin was among a bunch of companies preparing to bid for a range of older drugs being auctioned by British drugmaker GlaxoSmithKline. Lupin has previously declined to comment on specific targets.

Lupin shares were down 0.8 percent at 1,382.70 rupees in Mumbai at 0811 GMT on Tuesday, while the NSE index was up 0.22 percent.

($1 = 61.3250 Indian rupee)