Lupin Q3 Results | Net profit zooms four-fold to ₹613 crore, beats estimates

Pharma major Lupin Ltd on Wednesday (February 7) reported a 299.6% year-on-year (YoY) jump in net profit at ₹613.1 crore for the third quarter that ended December 31, 2023.

In the corresponding quarter last year, Lupin posted a net profit of ₹153.4 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹408 crore for the quarter under review.

The company’s revenue from operations increased 20.2% to ₹5,197.4 crore against ₹4,322.2 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹4,914.3 crore for the quarter under review.

At the operating level, EBITDA jumped 95% to ₹1,037.9 crore in the third quarter of this fiscal over ₹532.2 crore year on year. CNBC-TV18 poll had predicted an EBITDA of ₹835.9 crore for the quarter under review.

The EBITDA margin stood at 20% in the reporting quarter against 12.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 17% for the quarter under review.

The gross profit of the company was ₹3,353.8 crore compared to ₹3,236.5 crore in Q2 of FY24, with a gross margin of 66.0%. The personnel cost was 17.5% of sales at ₹889.2 crore compared to ₹860.7 crore in Q2 of FY24.

Manufacturing and other expenses were 30.7% of sales at ₹1,560.2 crore compared to ₹1,551.9 crore in Q2 of FY24. Investment in R&D for the quarter was ₹356.7 crore (7.0% of sales).

The operating working capital was ₹5,418.6 crore as of December 31, 2023, and capital expenditure for the quarter was ₹184.8 crore. The net debt as of December 31, 2023, stands at ₹1042.5 crore, and the net debt-equity as of December 31, 2023, stands at 0.07.

Nilesh Gupta, managing director of Lupin, said, “We delivered our highest quarterly sales to date and crossed the ₹5,000 crore mark for the first time, driven by strong growth across geographies.

The US continues to do well driven by demand for both in-inline products and new launches, and the India business continues to grow ahead of the market with strong growth across our key therapies.”

The results came after the close of the market hours. Shares of Lupin Ltd ended at ₹1,595.65, up by ₹15.90, or 1.01%, on the BSE.