Mumbai, Oct 30 (IANS): Drug maker Lupin saw its consolidated net profit rising 39.8 percent in the second quarter to Rs.406.20 crore, driven by other income, despite higher tax rate.

Consolidated revenue of the company grew 16 percent year-on-year (Y-o-Y) to Rs.2,668 crore in quarter ended September 2013, supported by formulations business and strong growth US, Europe and Africa, the company said in a release.

"Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like US and improved operational efficiencies... This consistent performance has led to a sustained EBIDTA and PAT improvement," Nilesh Gupta, managing director, said.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 27.9 percent Y-o-Y to Rs.660 crore and operating profit margin expanded 230 basis points Y-o-Y to 24.7 percent in the quarter gone by.

Formulations business of the company grew 17 percent while Active pharmaceutical ingredient or API (drug raw material) shot up 20 percent Y-o-Y.