Good growth in formulations, lower tax outgo, higher other income and consistent growth in both domestic as well as export markets helped this pharma company end Q2FY15 with a 55% (YoY) jump in consolidated net profit at Rs.630 crore on a 19% rise in net revenue at Rs.3173 crore.  EBITDA for the quarter was up 26% at Rs.833 crore while margins did very well, rising to 26.2%, up 150 bps.  Other income showed a jump of 35% at Rs.110 crore of which Rs.85 crore was via forex gain. Interest outgo fell by a very good 57% at Rs.2 crore and tax outgo was down 25% at Rs.193 crore.

US and Europe formulation sales (Including IP) grew by 23%  during Q2, contributing 44% to overall sales.  US sales increased by 21%  and three products were launched in the US market during the quarter taking it to a total of 7 products during FY15. Lupin now has 75 products in the market and a market leader in 31 products marketed in the US generics market. Its India formulations business grew by 20%  and Japan grew by 12%. RoW sales rose 16% while South Africa rose 5%. Company’s API business recorded sales of Rs.318 crore during Q2, growing by 11%. Revenue expenditure on R&D for Q2FY15  amounted to Rs.285 crore, which was 9.1% of net sales v/s 8.3% of net sales.  The Company received 2 approvals from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 200 (as of September 30th, 2014) with the company having received 105 approvals to date. It filed 1 MAA and received 2 approvals during the quarter. Cumulative filings with European authorities now stand at 58 with the company having received 51 approvals to date.