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

“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)

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