Lupin stock down ~4% after December quarter results

10 Feb 2023 , 09:41 AM

Lupin reported a consolidated profit of Rs153.5 crore for the December 2022 quarter, down 72% from the same quarter of the previous fiscal.

Despite a drop in US sales, consolidated revenue increased by 3.9% year on year to Rs4,322 crore in Q3FY23.

During the quarter, the company filed 7 ANDAs (abbreviated new drug applications), received 2 ANDA approvals from the USFDA, and launched 4 products in the US. In the United States, the company now has 166 generic products.

‘India formulation sales, which accounted for 36% of global sales, were Rs1,521.30 crore for Q3FY23, up 3.3% year on year, while growth markets, which contributed 10% of global sales, grew by 23.5% yoy to Rs418.7 crore during the quarter,’ the company said.

EBITDA increased by 44% y-o-y to Rs532.70 crore for the quarter, with margin expansion of 343 basis points year on year to 12.30%, exceeding analysts’ expectations.

Europe, the Middle East, and Africa (EMEA) sales accounted for 9% of total sales, growing 11.1% yoy to Rs380.20 crore in the fiscal year ended December FY23.

At around 9.33 PM, Lupin was trading 4.66% lower at Rs738.25, against the previous close of Rs 774.35 on NSE. The counter opened at Rs744 and touched an intraday low of Rs726.05, so far in the day.

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