Lupin Q2 Results: Profit Jumps Over Three Times On Cost Optimisation Measures
Lupin's Q2 revenue rose 21.54% to Rs 5,038.6 crore as against Rs 4,145.5 crore over the same period last year.
Lupin Ltd.'s net profit in the quarter ended September rose over three times, beating analysts' estimates due to cost optimisation initiatives.
The company reported a net profit of Rs 489.7 crore in the second quarter of fiscal 2024, as compared with a net profit of Rs 129.7 crore over the same period last year, according to the drugmaker's exchange filing. That compares with the Rs 393.2 crore consensus estimate of profit by analysts.
The Pharma major's North America sales for the second quarter were up 40.4% year-on-year, while domestic sales were up 6.8% year-on-year.
Global API sales for the company in the second quarter was up 7.4%, and accounted for 5% of Lupin’s global sales, the statement said.
Lupin Q2 FY24 Highlights (YoY)
Revenue up 21.54% at Rs 5,038.6 crore vs Rs 4,145.5 crore (Bloomberg estimate: Rs 4,796.8 crore).
Ebitda up 102.51% at Rs 917.8 crore vs Rs 453.2 crore (Bloomberg eEstimate: Rs 788.41 crore).
Margin at 18.21% vs 10.93% (Bloomberg estimate: 16.40%).
Net profit up 277.56% at Rs 489.7 crore vs Rs 129.7 crore (Bloomberg estimate: Rs 393.2 crore).
The company's India region formulations sales grew by 6.9% year-on-year, and it launched four brands across therapies during the quarter in India.
The U.S. launch of Tiotropium DPI was the highlight of the quarter, making inhalation a substantial portion of our U.S. sales, according to Nilesh Gupta, Managing Director of Lupin.
"Our India business continues to do well, with growth in our target therapies ahead of the market. We are also making progress on our goal of becoming best in class in quality and compliance with both our Nagpur-1 and Mandideep-2 facilities received satisfactory inspection closures."
The pharma major also announced the launch of Rocuronium Bromide Injection in the U.S.
The injection is indicated for inpatients and outpatients as an adjunct to general anaesthesia to facilitate both rapid sequence and routine tracheal intubation and to provide skeletal muscle relaxation during surgery or mechanical ventilation, according to its filings.
Shares of Lupin closed 1.89% higher at Rs 1,211.7 apiece before the results were announced, as compared with a 0.05% advance in the benchmark Sensex.
