Lupin Q4 profit surges nearly three-fold to Rs 408 cr

Drug major Lupin Ltd has posted nearly three-fold increase in its consolidated net profit at Rs 408.1 crore for the fourth quarter ended March 31, 2013.

The Mumbai-based firm had posted a net profit of Rs 155.6 crore in the same period of previous financial year.

Net sales of the company rose to Rs 2,537.4 crore for the January-March quarter, compared to Rs 1,883.2 crore in the same period of previous fiscal, Lupin Ltd said in a statement.

The company's board approved the appointment of Kamal K Sharma as Vice Chairman, Vinita Gupta as Chief Executive Officer, and Nilesh Gupta as the Managing Director with effect from September 1, 2013.

The company's board also recommended dividend of 200 per cent - Rs 4 per equity shares of the face value of Rs 2 each for the year ended March 31.

For the entire 2012-13 financial year, the company posted a net profit of Rs 1,314.2 crore, compared to Rs 867.6 crore in 2011-12. Its net sales rose to Rs 9,461.6 crore for the financial year, compared to Rs 6,959.7 crore in 2011-12.

Lupin shares were trading at 1.84 per cent higher at Rs 726.45 on the Bombay Stock Exchange in late afternoon trade.