Lupin Shares Surge 6% on Strong Q1 Earnings
Aug 07, 2024 12:14
Lupin shares hit a 52-week high after reporting a 77% increase in net profit for the June quarter, driven by robust sales and new product launches.
Photograph: PTI Photo from the Rediff Archives
New Delhi, Aug 7 (PTI) Shares of drug maker Lupin on Wednesday jumped over 6 per cent after the firm reported 77 per cent increase in consolidated net profit for the first quarter ended June 30, 2024.
The stock rallied 6.18 per cent to hit its 52-week high of Rs 2,025 on the BSE.
At the NSE, it soared 6.23 per cent to Rs 2,029.95 -- the 52-week high.
Lupin has reported 77 per cent increase in consolidated net profit at Rs 801 crore for June quarter FY25, aided by robust sales across markets.
The Mumbai-based drug maker had logged a net profit of Rs 452 crore in April-June FY24.
Total revenue from operations rose to Rs 5,600 crore in the first quarter from Rs 4,814 crore a year ago, Lupin said in a regulatory filing on Tuesday evening.
"We have had a strong quarter on the back of the momentum we built through FY24, with performance driven by new products, key geographies, and improvement in our operating margin and profitability," Lupin Managing Director Nilesh Gupta said.
He further said: "We are on track for strong, sustainable growth and margin improvement backed by growth in sales, commercial and operating efficiencies, and a strong compliance story."
The company said its sales in North America stood at Rs 2,041 crore, up 28 per cent from Rs 1,590 crore in the first quarter of last fiscal.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.