Date:20/10/2005 URL: http://www.thehindubusinessline.com/2005/10/20/stories/2005102001580200.htm

Back Lupin net up on higher sales

Our Bureau

MUMBAI: Lupin Ltd has posted a 158 per cent growth in net profit for the three-month period ended September 30, 2005. The company clocked a net profit of Rs 45.2 crore for the quarter compared to Rs 17.5 crore for the same quarter in the previous fiscal.

The profitability was driven by higher sales in both the finished dosage and bulk drug businesses across different markets, the company said in a statement issued after its board meeting on Wednesday.

Total income (net of excise) has increased to Rs 414 crore in the current quarter. It was Rs 303.19 crore in the same period last fiscal.

The company's board also approved a proposal to raise funds up to $100 million through Foreign Currency Convertible Bonds, the company told the BSE.

The company has also announced that economist Dr Vijay Kelkar and Mr R. A. Shah have joined the board as independent directors.