Lupin Soars: Q3 Revenue Up 20%, Net Profit Quadruples to ₹613 Crore

8 Feb 2024 , 12:08 PM

Lupin Ltd. said on February 7 that its consolidated net profit for the October–December quarter of the current fiscal year increased by ₹300 Crore year over year to ₹613 Crore.

For the same time last year, the company reported a profit of ₹157.6 Crore.

Revenue increased to ₹5,197.4 Crore from ₹4,322.2 Crore in the same quarter last year.

Driven by robust growth across geographies, the company posted its biggest quarterly revenues to date and crossed the ₹5,000 Crore mark for the first time, according to a statement.

Profits before interest, taxes, depreciation, and amortization (EBITDA) for the company were ₹1,037.9 Crore, a 95% increase from ₹532.7 Crore during the same period last year. Compared to the same period last year, the EBITDA margin was ₹20 Crore.

‘The U.S. continues to do well driven by demand for both in-line products and new launches,’ said Nilesh Gupta, Managing Director of Lupin Limited, in response to the results. ‘The India business continues to grow ahead of market with strong growth across our key therapies.’ Our good performance has been aided by this favourable growth momentum, cost-cutting strategies, and operational leverage.

With sales of ₹1888.5 Crore in Q3 FY2024, North America accounted for 37% of Lupin’s global sales, up from ₹ 1866.6 Crore in Q2 FY2024 and from ₹ 1527.1 Crore in Q3 FY2023.

India accounted for 34% of Lupin’s worldwide sales in Q3 FY2024 with sales of ₹1725.1 Crore, up 2% from ₹1691.5 Crore in Q2 FY2024 and 13.4% from ₹1521.3 Crore in Q3 FY2023.

In Q3 FY2024, Lupin invested ₹356.7 Crore (7% of sales) in R&D, up from ₹ 289.6 Crore (6.8% of sales) in Q3 FY2023.

The U.S. FDA approved 14 ANDAs for Lupin during the quarter.

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