Mumbai, Jul 22 (UNI) Pharma major Lupin has posted a net profit of Rs 112 crore for the first quarter ended June 2008, an increase of 101 per cent, over Rs 55.9 crore during the corresponding period previous year.
Revenues of the company stood at Rs 879.2 crore, a rise of 49 per cent from revenues of Rs 591.3 crore posted in the corresponding period last year. International market revenues also recorded 88 per cent increase at Rs 517.5 crore.
According to Lupin Managing Director Kamal K Sharma, ''The launch of 'Ramipril' in the US, post successful litigation, bears testimony to the quality of our filings. Our investments in the European market and some of the emerging markets have begun to bear the fruit, which will stand us in good stead and are confident of continuing this momentum in the coming quarters.'' Business from US alone contributed Rs 232.4 crore, with a growth of 56 per cent over the corresponding previous year quarter. The company has 30 drugs approved for marketing and another 35 applications are pending for approval with the US Food and Drug Administration (FDA).
Kyowa, the company's subsidiary in Japan, posted robust sales at Rs 92 crore, contributing 14 per cent to Lupin's overall performance.
Formulations revenues increased from emerging markets, including India, grew 22 per cent during the quarter to Rs 328.7 crore and bulk drug sales grew 16 per cent to Rs 179.5 crore, the release added.
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