The Hindu Business Line : Lupin net up 27% at Rs 56 cr

Lupin Ltd has reported a 27 per cent rise in net profit at Rs 56.03 crore for the quarter ended December 31, 2006, compared with Rs 44.19 crore posted in the same quarter of the previous year.

Sales rose 14.67 per cent to Rs 506.86 crore (Rs 442 crore). The total income of the company (net of excise) increased 17.11 per cent to Rs 511.20 crore.

The company's formulations segment grew by 31 per cent taking the proportion of formulations sales to 61 per cent (54 per cent) of total sales.

Earnings Before Interest, Taxation, Depreciation and Amortisation rose Rs 39.58 per cent to Rs 93.8 crore (Rs 67.2 crore).

During the quarter, the company received abbreviated new drug application approvals for Trandolapril and Sertraline HCI tablets. The company has also announced that it has got approval from Drugs Controller General (India) (DCGI) to conduct Phase-III Clinical Trials for its Anti-Migraine compound LLL-2011 (Amigra).

SUBSIDIARY

In a notification to the BSE on Wednesday, the company said that it will form a 100 per cent subsidiary in the Netherlands at an initial investment of up to 20,000. The subsidiary will act as a special purpose vehicle for routing overseas investments made by the company. Shares of the company fell 0.56 per cent on Wednesday to close at Rs 576.10 on the BSE.

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