Moneycontrol Bureau
Lupin’s consolidated net profit fell 1.1 percent to Rs 547 crore in January-March quarter from Rs 553 crore in the corresponding quarter last fiscal. During the period, its revenue was almost flat at Rs 3,054 crore from Rs 3,051.6 crore year-on-year.
This is much lower than street estimates. According to a CNBC-TV18 poll, Lupin was expected to report net profit of Rs 621.4 crore, up 12.4 percent in Q4. During the period, its revenue was seen growing 10.2 percent to Rs 3362.8 crore. Lupin was estimated to report slow growth due to high base.
Margins were impacted by overall slower growth. Research & development (R&D) expenses shot 26.1 percent Y-o-Y to Rs 309.6 crore. The company had to also incur a forex loss of Rs 36.7 crore in Q4.
EBITDA, during the quarter, was down 5.3 percent to Rs 765.3 crore versus Rs 808 crore while operating profit margins (OPM) also slipped 25.1 percent compared to 26.5 percent on a yearly basis.
Segment wise, formulations saw no growth at Rs 2746.5 crore Y-o-Y. Active pharmaceutical ingredient (API) which contributed 9 percent to sales was up 6 percent to Rs 307.5 crore on yearly basis.
Geographically, US contributed around 45 percent of sales, lower than estimates, due to higher price erosion and slowdown in product approvals. In dollar terms, US business fetched USD 211 million versus USD 241 million Y-o-Y.
India business (22 percent of sales) was up 15 percent to Rs 663.7 crore Y-o-Y compared to 14 percent growth in Q3. For the full year, India business grew 20 percent to Rs 2967.9 crore Y-o-Y.
Japan, contributing 10 percent of sales, continued to decline. Business from the region was down 9 percent Y-o-Y to Rs 294.3 crore.
The board has recommended dividend at 375 percent or Rs 7.50 per equity share of the face value of Rs 2 each for the year ended March 31, 2015.
The stock ended at Rs 1,686.50, down Rs 62.75, or 3.59 percent on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
