Drug major Lupin plans to spend over Rs 230 crore in capital expenditure for

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its Indian manufacturing plants during the present financial year, a top company official said on Wednesday.

“We spent Rs 128.5 crore as capital expenses in the quarter ending September 30. For the first half i.e. two quarters, the capex was Rs 270 crore. For the full year ended March 31, 2012, we intend to spend Rs 500 crore. So, about Rs 230 crore will be spent in the second half. We have a debt of Rs 900 crore while we have Rs 350 crore in cash,” Ramesh Swaminathan, president, finance and planning, Lupin told Financial Chronicle in a telephonic interview from Mumbai.

Net sales of Lupin grew by 24 per cent to Rs 1,741.7 crore during July – September 2011, up from Rs 1,409.4 crore in the same quarter of 2010. Net profits grew by 24 per cent to Rs 266.9 crore as compared to Rs 215 crore in the same period.

“We had a very good second quarter. Steady product approvals, launches and growth across the US, Europe, Japan and India have helped us deliver 25 quarters of consistent growth,” said Kamal K Sharma, managing director, Lupin.

Lupin that is one of the fastest growing pharma companies in the country, is also aggressive in its US business (branded as well as generic). In the second quarter ended September 30, the branded business of Lupin grew 19 per cent, outpacing the 14 per cent growth registered by the generics business in US.

Lupin expanded and consolidated its generic product portfolio in the US during the quarter. Its US prescription market share grew to 5.1 per cent, making Lupin the fifth largest generics player in the US, according to IMS Health.

Sales from advanced markets formulations business for Lupin that includes US, Europe and Japan increased by 15 per cent to Rs 776 crore during the second quarter up from Rs 672.8 crore in the same period last year. Advanced markets account for 45 per cent of Lupin's revenues. Europe grew 25 per cent while Japan business expanded by 14 per cent in the second quarter.

In India, Lupin's domestic business - which accounts for nearly 29 per cent of its global business - continued to grow well. Indian business grew 22 per cent to Rs 512 crore in second quarter over Rs 419.1 crore in the same quarter last financial year.

Lupin has also informed BSE that K V Kamath, resigned from the directorship of the company.