Transnational pharmaceutical major Lupin Ltd. reported a surge in its consolidated net profit for the fourth quarter, mainly driven by significant income from both domestic and export segments. On a stand-alone basis, the company reported a lower net profit for the quarter.
Consolidated Results
The Mumbai-based company posted a fourth-quarter consolidated net profit of Rs.408.08 crore or Rs.9.09 per share, surged by 162 percent from the Rs.155.64 crore or Rs.3.47 per share in the fourth-quarter of 2012.
During the quarter, consolidated net income was Rs.2,537.35 crore, up by 35 percent from the Rs.1,883.16 crore in the corresponding quarter a year ago, while other operating income totaled Rs.48.47 crore, compared with Rs.40.69 crore in the year-ago quarter.
For the quarter, income from 'Domestic Market' totaled Rs.635.03 crore, increased by percent from the Rs.455.73 crore in the prior-year quarter, while income from 'Exports' amounted to Rs.1,950.79 crore, compared with Rs.1,468.12 crore in the previous year quarter, reflecting a 33 percent growth.
Research and development expenses during the quarter was Rs.199.90 crore, compared with Rs.136.40 crore in the fourth-quarter of last year, registering a growth of 47 percent.
For the fiscal year, Lupin's consolidated net profit grew by 51 percent to Rs.1,314.16 crore from Rs.867.65 crore in 2012. Total net income, including other operating income, stood at Rs.9,641.30 crore, compared with Rs.7,082.91 crore last year, an increase of 36 percent.
Stand-alone Results
For the quarter, the company's fourth-quarter stand-alone net profit fell by 47 percent to Rs.132.96 crore or Rs.2.96 per share from Rs.248.89 crore or Rs.5.55 per share in the year-ago quarter.
Net income for the quarter rose by nine percent to Rs.1,579.37 crore from Rs.1,442.98 crore in the corresponding quarter a year ago, while other operating income amounted to Rs.31.95 crore, compared with Rs.23.21 crore in the corresponding quarter last year.
For the full year, Lupin's stand-alone net profit grew by 57 percent to Rs.1,260.43 crore from Rs.804.37 crore in FY12. Total net income, including other operating income, rose by 32 percent to Rs.7,122.51 crore from the Rs.5,384.83 crore a year ago.
Its board has recommended a dividend of 200 percent or Rs.4.00 on equity share of Rs.2 for the fiscal year 2013.
The board also approved the elevation of Kamal K. Sharma, as Vice Chairman, Mrs. Vinita Gupta, as CEO and Nilesh Gupta, as Managing Director, effective September 1, 2013.
Managing Director Kamal K. Sharma said, "We have had a great quarter and a remarkable year fueled by strong business performance in the US and India as well as improved operational efficiencies. We continue on our high growth journey."
At the BSE, Lupin closed Wednesday's trading at a new high of Rs.730.65, up Rs.17.30 or 2.43 percent from the previous close.
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