Pharma major Lupin Ltd posted a profit of Rs 453.33 crore during the first quarter of FY24 as against a loss of Rs 86.82 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 4814.06 core, up 28.6 per cent in comparison to Rs 3743.84 crore during Q1FY23. The company EBITDA stood at Rs 879.10 crore. While the company posted a total income of Rs 4836.89 crore during the quarter in review, the total expenses during the period was at Rs 4278.10 crore. The company board also declared a dividend of Rs 4 per equity share of the face value of Rs 2 each for the year ended March 31, 2023.
The pharma company said that its personnel cost was 17.8 per cent of sales at Rs 844.40 crore compared to Rs 773.00 crore in Q1FY23. Manufacturing and other expenses were 31.0 per cent of sales at Rs 1472.40 crore. Further, investment in R&D for the quarter was at Rs 367.90 crore (7.8 per cent of sales).
In terms of balance sheet, Lupin’s operating working capital was at Rs 5194.60 crore as on June 30, 2023. Capital expenditure for the quarter was Rs 117.10 crore and net debt as onJune 30, 2023 stood at Rs 1309.90 crore
Lupin’s Q1 performance across markets
Lupin’s India formulation sales for Q1FY24 stood at Rs 1638.40 crore, up 9.8 per cent as compared to Rs 1492 crore in Q1FY23. It accounted for 35 per cent of Lupin’s global sales. The company launched 4 brands across therapies during the quarter.
The company’s North America sales for Q1FY24 were at Rs 1590.50 crore, up 57.4 per cent as compared to Rs 1010.40 crore in Q1FY23. It accounted for 34 per cent of Lupin’s global sales. The company received 4 ANDA approvals from the US FDA, and launched 3 products in the quarter in the US. Lupin now has 158 generic products in the US.
In terms of growth markets, Lupin registered sales of Rs 406.60 crore for Q1FY24, down 7.3 per cent on-year and accounted for 9 per cent of the company’s global sales. Brazil sales were BRL 75 million for Q1FY24. Mexico sales were MXN 86 million for the quarter, Philippines sales were PHP 463 million for Q1FY24, and Australia sales were AUD 26 million during the quarter ended June 2023.
In Europe, Middle-East and Africa (EMEA) EMEA markets, Lupin posted sales of Rs 398.70 crore, up 19.6 per cent compared to Rs 333.50 crore in Q1FY23; and it accounted for 8 per cent of its global sales. South Africa sales were ZAR 295 million for Q1FY24. Germany sales were EUR 10 million for Q1FY24.
“Building on the momentum of the last few quarters, we had a strong quarter with good growth across all key markets as we continue to improve our operating margins driven by higher sales, better mix and cost optimization initiatives. 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,” said Nilesh Gupta, Managing Director, Lupin Limited.
“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,” he added.
Lupin’s R&D investments
Lupin’s investment in R&D was Rs 367.90 crore (7.8 per cent of sales) for Q1FY24 as compared to Rs 305 crore for Q4FY23. Lupin received approval for 4 ANDAs from the US FDA in the quarter. Cumulative ANDA filings with the US FDA stand at 443 as of June 30, 2023, with the company having received 294 approvals to date. “The Company now has 54 First-to-File (FTF) filings including 21 exclusive FTF opportunities. Cumulative US DMF filings stand at 169 as of June 30, 2023,” the company said.