Pharma major Lupin Ltd on Wednesday posted a profit of Rs 858.86 crore for the fiscal third quarter, reporting a growth of 38.82 per cent in comparison to Rs 618.70 crore recorded during the corresponding quarter of FY24. It recorded revenue from operations at Rs 5767.71 crore, up 10.97 per cent on-year. Revenue during the third quarter of FY24 was at Rs 5197.41 crore. The company EBITDA stood at Rs 1409.60 crore.
The company maintained that the employee benefits cost was 17.5 per cent of sales at Rs 984.40 crore as compared to Rs 889.20 crore in Q3FY24. Manufacturing and other expenses were at 30.2 per cent of sales at Rs 1695.90 crore.
Nilesh Gupta, Managing Director, Lupin Limited, said, “Our third-quarter results highlight our continued strength, with both revenue and EBITDA showing sustained growth. US revenues led by building scale in new products have been pivotal for our growth, supported by a strong nine-month performance from our India and EMEA regions. We look forward to maintaining this momentum in the ensuing quarters backed by growth in sales, commercial and operating efficiencies, and strong compliance.”
Shares of Lupin went down by 0.31 per cent at 11:30 am to a trading price of Rs 2,059.95.
Lupin’s balance sheet
Lupin recorded Operating working capital as on December 31, 2024 at Rs 7070.00 crore. Capital expenditure for the quarter stood at Rs 124.10 crore and net debt came in at Rs 102.70 crore.
R&D investment
The pharma major posted investment in R&D at Rs 434.40 crore during the quarter in review, which is 7.7 per cent of sales. Lupin received approval for 6 ANDA from the US FDA in the quarter. Cumulative ANDA filings with the US FDA stand at 430 as of December 31, 2024, with the Company having received 334 approvals to date. The company now has 49 First-to-File (FTF) filings including 17 exclusive FTF opportunities. Cumulative US DMF filings stand at 156 as of December 31, 2024.
Lupin’s Q3 performance across regions and segments
North America Q3FY25 sales were at Rs 2121.30 crore, up 12.3 per cent compared to Rs 1888.50 crore in Q3FY24; accounting for 38 per cent of Lupin’s global sales. US Q3FY25 sales stood at $235 million compared to $212 million in Q3FY24. The company received 6 ANDA approvals from the US FDA and launched 2 products in the quarter in the US. The pharma major now has 163 generics products in the US.
India formulation sales for the fiscal third quarter were at Rs 1930.50 crore, up 12 per cent compared to Rs 1725.10 crore in Q3FY24, accounting for 34 per cent of Lupin’s global sales. India Region Formulation sales grew by 5.8 per cent in the quarter, as compared to Q3FY24. The company launched 11 brands across Diabetes, Cardiac, GI, Derma, CNS, Gynae and Opthal therapies during the 9M period.
Europe, Middle East, and Africa (EMEA) sales for Q3 were at Rs 624.90 crore, up 21 per cent compared to Rs 517.00 crore in Q3FY24, accounting for 11 per cent of Lupin’s global sales.
Emerging Markets (APAC and LATAM) sales for Q3 were at Rs 450.80 crore, down 4.7 per cent YoY, accounting for 8 per cent of Lupin’s global sales.
Global API sales for Q3FY25 came in at Rs 289.10 crore, up 4 per cent compared to Rs 277.90 crore in Q3FY24, accounting for 5 per cent of Lupin’s global sales.
