Late Wednesday, Lupin Ltd., leading transnational pharmaceutical major, announced financial results for the fourth-quarter, reporting higher net profit, mainly driven by robust revenue from exports segment.
Consolidated Results
The Mumbai-based company posted fourth-quarter consolidated net profit of Rs.157.38 crore, up 64% from Rs.95.87 crore in the fourth-quarter of 2008. On a per share basis, earnings for the quarter grew 61% to Rs.18.83 from Rs.11.67 in the crore in the corresponding quarter last year.
During the quarter, consolidated net revenue was up 39% at Rs.1,043.35 crore, compared with Rs.750.38 crore in the corresponding quarter a year-ago, while other operating income totaled Rs.25.34 crore, compared with Rs.24.45 crore in the year-ago quarter.
Geographical-wise Revenue
For the quarter, revenue from domestic market totaled Rs.287.78 crore, marginally down from Rs.288.64 crore in the prior year quarter, while revenue from exports grew 62% to Rs.780.91 crore from Rs.481.82 crore in the previous year quarter.
Lupin said the advanced markets sales including Japan increased 60% at Rs.519.60 crore over Q4FY08.
Research and development expenses during the quarter rose 21% to Rs.64.41 crore from Rs.53.45 crore in the fourth-quarter of last year.
For the fiscal year 2009, Lupin's consolidated net profit grew 23% to Rs.501.54 crore from Rs.408.25 crore in 2008.
The company said the previous year results included a one-time gain on sale of intellectual property related to a drug, perindropil, which Lupin sold to a French company. Excluding the gain, the net profit for the previous year was Rs.333.80 crore. Consequently, the net profit for the fiscal year rose 50% from last year.
For the first twelve months, net revenue increased 40% to Rs.3,775.88 crore from Rs. 2,706.37crore in the previous year, while other operating income was Rs.90.76 crore, compared with Rs.185.32 crore last year.
The company said the advanced markets sales (including Japan and ANZ) grew 92% over last year and contributed 50% of the net sales for the fiscal year, compared to 30% in the previous year. Advanced markets sales to the US and EU grew 70% at Rs.1,431 crore, including API, the company added.
Standalone Results
For the quarter, the company's fourth-quarter standalone net profit increased 15% to Rs.88.37 crore from Rs.76.64 crore in the year-ago quarter. Quarterly earnings per share for the quarter were Rs.10.67, up 14% from Rs.9.33 per share in the prior year quarter.
Net revenue for the quarter rose 14% to Rs.704.60 crore from Rs.619.57 crore in the corresponding quarter a year-ago, while other operating income amounted to Rs.20.14 crore, compared with Rs.21.95 crore in the corresponding quarter last year.
For the full year, Lupin's standalone net profit fell 6% to Rs.416.97 crore from Rs.443.38 crore in FY08. Total revenue, including other operating income, grew 9% to Rs.2,967.13 crore from Rs.2,725.95 crore a year-ago.
The company said its board has recommended a dividend of 125% or Rs.12.50 on equity share of Rs.10 for the fiscal year 2009.
The Managing Director, Kamal K. Sharma, said, "Lupin's stellar performance reflects the strong business philosophy guiding us. Lupin has had a very strong year driven by growth and consistent performance across all business segments and markets, a strong business performance in the US, solid domestic growth and increased activity in all key markets. Lupin's acquisitions have not only consolidated our existing presence in these markets but also leaves us strategically poised to further strengthening our position in the global generics and branded generics market."
At the BSE, Lupin closed Wednesday's trading at Rs.739.85. down by Rs.43.75 or 5.58% on volume of around 84K lakh shares. The stock hit an intraday high of Rs.792.00 and a low of Rs.720.00.
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