Pharma major Lupin Ltd. recorded a consolidated net profit of Rs 453.33 crore for the April-June quarter FY24, as against a consolidated net loss of Rs 86.8 crore reported in the same period a year ago.
The drugmaker's net profit for the period topped analyst’s estimate of Rs 276.2 crore, pegged by a consensus of seven brokerages polled by Moneycontrol.
The Mumbai-based drugmaker also reported a 28.6 percent increase in revenue at Rs 4,814.06 crore as against Rs 3,743.8 crore in the year-ago period.
The Street had pegged revenue for the company at Rs 4,530.9 crore for the quarter under review.
The company reported EBITDA of Rs 879.1 crore, compared to Rs 237.9 during the same period a year ago. EBITDA margins were 18.5 percent in the quarter, up 1190 basis points compared with the same period a year ago.
"Our India branded business has bounced back to double-digit growth despite NLEM price reductions. With the clearance of Pithampur Unit-2 we expect to add to the product approvals for the US region," said Nilesh Gupta, Managing Director, Lupin Ltd.
North America sales for the quarter were Rs. 1,590.5 crore, up 57.4 percent compared to Rs 1,010.4 crore in the same quarter previous year and accounted for 34 percent of Lupin’s global sales.
India formulation sales for the quarter were Rs 1,638.4 crore, up 9.8 percent as compared to Rs 1,492 crore in the same quarter previous year. This accounted for 35 percent of Lupin’s global sales.
Global API Sales for the quarter reported were Rs 337.1 crore, up 32.1 percent as compared to Rs 255.1 crore in Q1 FY2023; and accounted for 7 percent of Lupin’s global sales.
Investment in R&D was Rs 367.9 crore (7.8 percent of sales) for the April-June quarter compared with Rs 305 crore (7.0 percent of sales) for Jan- Mar quarter. Lupin received approval for 4 ANDAs from the U.S. FDA in the quarter.
Shares of the company closed at Rs 1,035.35 a piece on August 3, up 4.10 percent, ahead of the announcement of the quarterly earnings on NSE.
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