Lupin Q2 results: Net Profit rises 3.77 times to Rs 489.6 crore, North America sales up 40% YoY

Lupin 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.

Pharma major Lupin Ltd. on November 8 reported a 3.77 fold year-on-year rise in consolidated net profit at Rs 489.6 crore for the July-September quarter of the current financial year.

The company had reported a profit of Rs 129.7 crore in the same period last year.

Revenue came in at Rs 5038.56 crore, up 24.9 percent from the year-ago quarter numbers of Rs 4145.5 crore.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 958.2 crore, up from Rs 468 crore in the year-ago period. The EBITDA margin was at percent 19.4 against 11.4 percent in the year-ago period.

“We delivered growth across all our target geographies, while managing costs and achieving operating leverage, thereby driving strong topline and bottomline growth. We are also making progress on our goal of becoming best in class in quality and compliance with both our Nagpur-1 and Mandideep-2 facilities received satisfactory inspection closures," said Nilesh Gupta, Managing Director, Lupin Limited in a press statement.

North America sales for the quarter were Rs 18,66.6 crore, up 40.4 percent compared to the same quarter previous year and accounted for 38 percent of Lupin’s global sales. Brokerages are keenly waiting limited competition approvals in the coming months.

India sales for Q2 FY2024 were Rs 1691.5 crore, up 3.2 percent as compared to Rs 1638.4 crore in Q1 FY2024 and accounted for 34 percent of Lupin’s global sales.

Europe, Middle-East and Africa (EMEA) sales for Q2 FY2024 were Rs 475.9 crore, up 19.4 percent compared to Rs 398.7 crore in Q1 FY2024; up 23.9 percent compared to Rs 384.2 crore in Q2 FY2023; and accounted for 10 percent of Lupin’s global sales.

Global API Sales for Q2 FY2024 were Rs 268.4 crore, up 7.4 percent as compared to Rs 249.9 crore in Q2 FY2023; and accounted for 5 percent of Lupin’s global sales.

Investment in R&D was Rs 376.4 crore (7.6 percent of sales) for Q2 FY2024 as compared to Rs 337.6 crore (8.3 percent of sales) for Q2 FY2023.
Lupin received approval for 11 ANDAs from the U.S. FDA in the quarter.

(This is a developing story. Please come back for more)

Catch more live action in our live blog