Lupin Ltd has reported a 38.36 per cent rise in net profit at Rs 28.06 crore (Rs 280.6 million) for the first quarter ended June 30, 2003 as against Rs 20.28 crore (Rs 202.8 million) for the corresponding quarter last fiscal.

Total income (net of excise) for the first quarter has increased to Rs 268.06 crore (Rs 2,680.6 million) from Rs 214.91 crore (Rs 2,149.1 million) for the same quarter last year, the company said in a release in Mumbai on Friday.

The exports rose by 41 per cent at Rs 130.6 crore (Rs 1,306 million) compared to Rs 92.3 crore (Rs 923 million), it said.

Referring to the expansion plans, Lupin said it was setting up a new plant at Verna, Goa, for manufacturing non-cepholosporin oral finished dosage.

The total investment envisaged would be about Rs 25 crore (Rs 250 million) and the plant was expected to be operational by March 2004, it added.