Lupin Q2 net surges 29 pc to Rs 58.3 cr

Mumbai, Oct 19 (UNI) Pharma major Lupin has posted net profit of Rs 58.3 crore for the quarter ended September 30, 2006, as compared to Rs 45.19 crore for the quarter ended September 30, 2005, an increase of 29.01 per cent.

Announcing the results, the company said its total income (net of excise) has increased by 23.61 per cent to Rs 512.09 crore for the quarter ended September 30, 2005, from Rs 414.01 crore for the quarter ended September 30, 2006.

The Group has posted a net profit after minority interest of Rs 51.85 crore for the quarter ended September 30, 2006. Total Income (net of excise) is Rs 505.69 crore on a consolidated basis, for the quarter ended September 30, 2006.

Lupin in May 2006 signed a MOU to acquire 51 per cent equity in Artifex Finance, Belgium along with its subsidiaries including Dafra Pharma. However, both the parties have now mutually agreed not to pursue the said MOU and to independently pursue their respective business plans and continue discussions for possible areas of cooperation in the future.

Lupin Chemicals (Thailand), in which the company held 60 per cent stake ceased to be a subsidiary effective from May 31, 2006, on sale of the shares held in the said subsidiary to another party at face value.

UNI SN MJ SKB1808