Lupin shares gain 5.5% after earnings

Written by PTI | Mumbai | Updated: Jul 31 2014, 00:13am hrs
Shares of drug firm Lupin today rose by almost 5.5 per cent after it reported a 55.74 per cent jump in consolidated net profit for the quarter ended June 2014.

Lupin's stock settled 4.90 per cent up at Rs 1,173.50 on the BSE. In intra-day session, it jumped 6.56 per cent to touch its one-year high level of Rs 1,192.10.

At the NSE, the scrip ended with a gain of 5.48 per cent at Rs 1,180.

The stock was the top gainer among among the 50 blue-chips on Nifty.

"Lupin results were marginally better-than-expectations, both on sales and net profit front, but much better than expected on the OPM front," said Sarabjit Kour Nangra, VP Research - Pharma, Angel Broking.

Lupin today reported a 55.74 per cent rise in consolidated net profit at Rs 624.7 crore for the quarter ended June 30, 2014, mainly on account of robust sales in the US and India.

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 the company 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.