Lupin Q2 results: North America sales up 40% year over year, while net profit increases 3.77 times at Rs 489.6 crore.

9 Nov 2023 , 11:14 AM

Pharma giant Lupin Ltd. announced on November 8 that its consolidated net profit for the July–September quarter of the current fiscal year increased 3.77 times year over year to Rs 489.6 crore.

For the same time last year, the company reported a profit of Rs 129.7 crore.

Revenue for the quarter was Rs 5038.56 crore, up 24.9% from Rs 4145.5 crore in the same period last year.

Profits before interest, taxes, depreciation, and amortization (EBITDA) for the company increased to Rs 958.2 crore from Rs 468 crore in the same period last year. The EBITDA margin was 19.4% as opposed to 11.4% during the same time last year.

‘We achieved strong topline and bottom line growth by managing costs and achieving operating leverage, while delivering growth across all of our target geographies.’ In a news release, Nilesh Gupta, Managing Director of Lupin Limited, stated, ‘We are also making progress toward our goal of becoming best in class in quality and compliance with both our Nagpur-1 and Mandideep-2 facilities receiving satisfactory inspection closures.’

38% of Lupin’s global sales for the quarter came from sales in North America, which totaled Rs 18,66.6 crore, an increase of 40.4% over the same quarter the previous year. In the upcoming months, brokers are anxiously awaiting approvals for limited competition.

India accounted for 34% of Lupin’s worldwide sales in Q2 FY2024 with sales of Rs 1691.5 crore, up 3.2% from Rs 1638.4 crore in Q1 FY2024.

With sales of Rs 475.9 crore in Q2 FY2024, Europe, Middle East, and Africa (EMEA) accounted for 10% of Lupin’s global sales, up 19.4% from Rs 398.7 crore in Q1 FY2024 and 23.9% from Rs 384.2 crore in Q2 FY2023.

Q2 FY2024 saw a 7.4% increase in global API sales to Rs 268.4 crore from Rs 249.9 crore in Q2 FY2023; these sales made up 5% of Lupin’s total worldwide sales.

In Q2 FY2024, R&D investment was Rs 376.4 crore (7.6% of sales), up from Rs 337.6 crore (8.3% of sales) in Q2 FY2023.

The U.S. FDA approved 11 ANDAs for Lupin during the quarter.

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