Lupin Q2 net profit jumps 54 per cent as US, India sales rise
Generic drugmaker Lupin has reported a 54 per cent 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 Rs 6.3 billion ($102.7 million) for the quarter ended September 30, compared with Rs 4.06 billion a year earlier.
Analysts on average were expecting a profit of Rs 5.85 billion, 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.
Shares of the drugmaker were down 1 per cent in afternoon trade on Tuesday while the Nifty was up 0.22 per cent.