Granules India Q2 net profit surges 71% to Rs 164 crore
Granules India Q2 net profit surges 71% to Rs 164 crore

Drug firm Lupin has reported a consolidated net profit of Rs 211.02 crore for the quarter ended September 30, 2020 mainly on account of robust sales in the US market.

The company had posted a net loss of Rs 127.07 crore for the corresponding period of the previous fiscal, Lupin said in a late night regulatory filing on Wednesday.

Consolidated total revenue from operations of the company stood at Rs 3,835 crore for the quarter under consideration. It was Rs 3,822.21 crore for the same period a year ago, it added.

"We are very pleased with the strong recovery of our business during the quarter, demonstrated by sequential growth across all our geographies, in particular US and India," Lupin Ltd MD Nilesh Gupta said.

This quarter marks the start of monetisation of Lupin's complex generic pipeline with the launch of Etanercept biosimilar in Europe and generic Albuterol in the US, he added.

"We expect to sustain the momentum on margin improvement led by optimisation efforts underway and robust growth in our key businesses," Gupta said.

Lupin's North America sales for Q2 FY2021 were at Rs 1,398.4 crore compared to sales of Rs 1,324.4 crore during Q2 FY2020, accounting for 37 per cent of the company's global sales, the filing said.

The company's India formulation sales for Q2 FY2021 were at Rs 1,332.3 crore, compared to sales of Rs 1,341.9 crore during Q2 FY2020; accounting for 35 per cent of Lupin's global sales, it added.

Shares of Lupin Ltd were trading at Rs 926.70 per scrip on BSE, down 1.86 per cent from its previous close.

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