Drug firm Lupin has reported a 5-fold jump in its consolidated net profit at Rs 542.46 crore for the quarter ended June 30, 2021.
The significant jump in June quarter net profit was on account of robust sales and income received from biopharmaceutical firm Boehringer Ingelheim for achieving key milestones for its novel MEK inhibitor compound collaboration.
The company had posted a net profit of Rs 106.90 crore for the corresponding period of the previous fiscal, Lupin said in a late night regulatory filing on Tuesday.
Consolidated revenue from operations of the company stood at Rs 4,237.39 crore for the quarter under consideration. It was at Rs 3,468.63 crore for the same period a year ago, it added.
"While the quarter's profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth," Lupin MD Nilesh Gupta said.
Lupin sees meaningful uplift in the second half and remains focused on its journey of expanding margins through driving strong double-digit revenue growth and optimising costs, while ensuring the safety of its people and the highest standards of compliance, he added.
"Gross Profit was buoyed by the $50 million (over Rs 370 crore) received from Boehringer Ingelheim for achieving key milestones for its novel MEK inhibitor compound collaboration," the company said.
At 11.25 AM, shares of Lupin Ltd were trading Rs 1,041.95 on BSE, down Rs 77.15 or 6.89 percent from its previous close. On the NSE, the scrip was down Rs 79.90 or 7.13 percent at Rs 1,040.
