Higher global sales push up Lupins profit
Mumbai-based pharma major Lupin Ltds net sales grew 31% to Rs 1,255.4 crore for the third quarter from Rs 961.8 crore in the corresponding period of the previous year. Net profits for Q3 FY 2009-10 was up 38% to Rs 160.6 crore as compared to Rs 116.5 crore in the corresponding period of the previous year. Markets reacted positively to Lupins better-than-expected result. On the BSE, the shares went up as much as 4.5% and traded at Rs 1,472 on Friday. According to reports by various broking firms, Lupins top-line was expected to grow at about 21-26% while net profit at 33-40% for the quarter ended December 31, 2209. EBITDA grew by 49% to Rs 262 crore from Rs 176 crore for the quarter ended December 31, 2008. Margins improved to 21% from 18%. Advanced markets formulation sales (including US, Europe & Japan) increased 35 % to Rs 642.6 crore from Rs 475.4 crore. It contributed 51% of the net sales for the quarter. Formulation sales in US and EU grew 44 % to Rs 493.7 crore, from Rs 343.6 crore.
Glenmark topline beats Street; profit disappoints
Mumbai-based pharma major Glenmark Ltd has reported a 10% growth in sales revenue at Rs 641.6 crore for the third quarter ended December 31, 2009, against Rs 581.38 crore for the corresponding period of previous year. Net profit for the third quarter was up 16% to Rs 94 crore as compared to Rs 81 crore. On BSE, the shares went down by 0.55 % to close at Rs 242.15 on Friday. Though the topline was in line with the analysts expectation, PAT is reported at below expectations. As per a Motilal Oswal report, PAT was likely to grow by 44% y-o-y, mainly led by lower tax outgo. Revenue from generics business was at Rs 280 crore, as against Rs. 278.2 crore, a growth of 1 %. Glenmark Generics Inc, USA, registered revenue of Rs 188.6 crore against revenue of Rs 210 crore, a decline of 10% over the corresponding quarter of the previous year. Glenmark Europes operations registered revenue of Rs 35 crore as compared to Rs 19.2 crore for the previous corresponding quarter, an increase of 82%.