Lupin Ltd, a Mumbai-based pharmaceutical business, announced a 52% year-on-year increase in total net profit to ₹359.43 Crore for the January-March quarter of FY24.
Last year, the company declared a profit of ₹235.96 Crore.
Revenue was ₹4,895.11 Crore, up 13% from ₹4,330.3 Crore in the same quarter last year.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 66% to ₹1026.1 Crore from ₹615 Crore. The EBITDA margin increased to 14.2% from 11.5% the previous year.
“We continue to make progress towards sustainable and profitable development, delivering another good set of figures in Q4. Our U.S. sales are strong, driven by inhalation medicines, and our India formulation business is outperforming the market,” stated Nilesh Gupta, Managing Director of Lupin Limited, in a press statement.
He expressed that although FY24 marked a revival for the company, they anticipate an even more robust FY25 propelled by expansion in their primary regions and continual enhancement in their profit margins.
Profit before tax was lower in Q4 FY2024 due to an impairment charge of ₹201.3 Crore. The quarter’s R&D investment totaled ₹425.5 Crore (8.7% of revenue).
US sales in Q4 FY2024 were ₹1,900.6 Crore, up 0.6% from ₹1,888.5 Crore in Q3 FY2024 and up 22.6% from ₹1,550.3 Crore in Q4 FY2023, accounting for 39% of Lupin’s global sales.
Revenues in Q4 FY2024 in the United States were $209 million, compared to $212 million in Q3 FY2024 and $175 million in Q4 FY2023. During the quarter, the company filed one ANDA, got 12 ANDA approvals from the FDA, and launched six medications in the United States. The company now offe₹161 generic medications in the United States.
Sales in India in Q4 FY2024 were ₹1601.5 Crore, a 7.2% decrease from ₹1,725.1 Crore in Q3 FY2024 and an 8.3% increase from ₹1,478.6 Crore in Q4 FY2023, accounting for 33% of Lupin’s global sales.
At around 10.30 AM, Lupin was trading 2.20% lower at ₹1,642.75 per piece, against the previous close of ₹1,679.65 on NSE.
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