Lupin April-June Profit Surges 52% On Year, US Business Drives Strong Growth

Lupin Ltd.’s consolidated net profit rose 52% on year and 58% sequentially to ₹12.19 billion in the June quarter, aided by strong growth in the US business and lower raw material costs. Consolidated revenue rose nearly 12% on year to ₹62.68 billion, while core revenue climbed 12% to ₹61.64 billion. EBITDA rose 38% on year to ₹18.06 billion, with the margin expanding 560 basis points to 29.3%.

Total expenses increased 5.5% on year to ₹49.32 billion, as raw material costs dropped 1.7% to ₹11.27 billion and the company posted a ₹858.7 million forex gain. However, employee expenses rose 11.5% on year to ₹10.83 billion and other expenses were up 11% at ₹17.72 billion.

US sales, which made up 39% of overall sales, jumped 24% on year to ₹24.04 billion. India formulation sales grew 8% on year to ₹20.89 billion. Revenue from other developed markets rose to ₹7.75 billion and from emerging markets to ₹6.52 billion.

However, API sales fell 33% on year to ₹2.43 billion. The company spent ₹4.84 billion on R&D, nearly 8% of its sales, and incurred ₹2.09 billion in capital expenditure.