Q1 Results: Lupin Reports Net Profit Of Rs 452 Cr, Sales Grow By 31.6%

Pharma major Lupin on Thursday reported its financial performance for the quarter ending June 30, 2023. The company has registered a rise of 31.6 per cent year on year in its revenue from operations to be recorded at Rs 4,742 crores in Quarter One of Financial Year 2024 (Q1FY24) up from Rs 3,743 crores in the corresponding quarter last year. 

The pharmaceutical company’s net profit came in at Rs 452 crores in Q1FY24 against a net loss of Rs 89 crore in the same quarter last year. The pharma major's EBITDA saw a 269 per cent rise in year-on-year (YoY) growth, recorded at Rs 879 crore against Rs 237 crore reported in the corresponding quarter last year.

Lupin's EBITDA margins in Q1FY24 grew to 18.5 per cent from 14.2 per cent in the corresponding quarter of the previous year.

The company's manufacturing and other expenses were 31.0 per cent of sales at Rs 1,472 crores compared to Rs 1,303 crores in Q4 FY2023. Investment in R&D for the quarter was Rs 367 crore (7.8 per cent of sales).

Nilesh Gupta, Managing Director, Lupin said, “Our India branded business has bounced back to double-digit growth despite NLEM price reductions. With the clearance of Pithampur Unit-2 we expect to add to the product approvals for the US region.  Getting approvals for important complex generics like Tiotropium DPI, and getting back into the launch tempo with first to market products like Darunavir and additional new product launches will help sustain the growth momentum both in topline and bottom line as we move ahead.”

Lupin's stock was trading 0.58 per cent higher at Rs 1041.90 per scrip on Friday as of 11:14 on BSE.