Lupin Ltd. Posts Strong Q1 Results, Revenues and Profits Soar

4 Aug 2023 , 01:26 PM

Pharma major Lupin Ltd. recorded a consolidated net profit of Rs 453.33 crore for the April-June quarter FY24, compared to a net loss of Rs 86.8 crore in the same period last year.

Mumbai-based Lupin also reported a 28.6 % increase in revenue at Rs 4,814.06 crore as against Rs 3,743.8 crore in the year-ago period.

The company’s EBITDA stood at Rs 879.1 crore, with EBITDA margins reaching 18.5 % in the quarter, a significant improvement compared to the same period last year.

Despite NLEM price reductions, Lupin’s India branded business rebounded to double-digit growth. With the clearance of Pithampur Unit-2, the company anticipates adding more product approvals for the US region, said Nilesh Gupta, Managing Director of Lupin Ltd.

North America sales for the quarter were Rs. 1,590.5 crore, accounting for 34 % of Lupin’s global sales, with a notable increase of 57.4 % compared to the same quarter of the previous year.

India formulation sales for the quarter were Rs 1,638.4 crore, accounting for 35 % of Lupin’s global sales, showing a growth of 9.8 % compared to the same quarter last year.

Global API sales for the quarter reported were Rs 337.1 crore, representing 7 % of Lupin’s global sales, with a growth of 32.1 % compared to Q1 FY2023. The company invested Rs 367.9 crore (7.8 % of sales) in R&D during the April-June quarter, receiving approval for 4 ANDAs from the U.S. FDA during the same period.

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