Lupin's January-March Profit More Than Doubles, Beats Estimates 

Lupin Ltd.'s consolidated net profit more than doubled in the March quarter, driven by new product launches, better margins, and a lower tax bill. The earnings beat analysts’ expectations, with the company reporting after market hours on Wednesday.

Net profit jumped 114% on year to ₹7.73 billion, above the estimated ₹7.43 billion. Revenue rose over 14% to ₹56.67 billion, also ahead of the Street’s forecast of ₹55.61 billion. However, both figures declined sequentially, with profit falling nearly 10% and revenue down 1% from the December quarter.

EBITDA margin for the quarter expanded 381 basis points to 24.8%, lifting absolute EBITDA by 34% on year to ₹13.78 billion. The tax outgo for the quarter dropped to ₹1.13 billion from ₹1.29 billion a year ago.

North America sales rose 19% on year and 6.6% sequentially to ₹22.62 billion, making up 38% of the full-year sales. Lupin received seven abbreviated new drug application approvals from the US FDA and launched two new products in the quarter, taking its generic portfolio in the US to 138.

India sales were ₹17.11 billion, up 7% on year but down 11.4% on quarter. The company launched four new brands across therapy areas during the quarter. Sales in other developed markets jumped 30% on year to ₹6.9 billion, while global API sales fell 10% to ₹2.3 billion.

For 2024-25, North America revenue rose 16% to ₹83.95 billion. India contributed ₹75.77 billion, up 14%, and accounted for 34% of total revenue.

Research and development spend for the March quarter rose 8% on year to ₹5.3 billion. Total expenditure climbed 7% to ₹48.28 billion.