Lupin buys Netherlands' Nanomi BV, Q3 net up 42%

Pharmaceutical major Lupin on Monday reported 42 per cent growth in profit for the third quarter of the current fiscal and announced its acquisition of a Netherlands-based company 'Nanomi BV' which provides technology to develop injectable products.

"With the use of Nanomi’s proprietary technology platform, Lupin would be able to make significant in-roads into the niche area of complex injectables," Vinita Gupta, chief executive officer said.

Further, Lupin’s  October-December quarter net profit rose 42 per cent to Rs 476 crore as against Rs 335 crore in the same quarter last year, driven by strong business growth in the US.

During the quarter under review, the company's revenues grew 20.8 per cent year-on-year to Rs 3,022 crore in the quarter gone by.  "Other markets like India are getting back on track also. Our consistent focus on ramping up operational efficiencies has led to higher margins and better profitability," Lupin's managing director Nilesh Gupt said.

It may be noted that US formulation sales including IP (which contributed 45 per cent to total sales) grew 31 per cent to Rs 1,356.7 crore during the third quarter of 2013-14. 

The company launched 5 products in the US during the quarter and now has 62 products in the market. Revenues from Indian formulations business, which contributed 22 per cent of overall revenues, rose 14 per cent to Rs 650.4 crore as compared to Rs 570.8 crore in same quarter last year.

Its Japan sales (Kyowa + I’rom) climbed 2 per cent at Rs 372 crore while South African business and Pharma Dynamics clocked in revenues of Rs 98.3 crore, a growth of 18 per cent compared to year ago period. The board of directors of Lupin at its meeting held on Monday declared an interim dividend of Rs 3 per share.