Pharma major Lupin posted fiscal fourth quarter net profit at Rs 235.96 crore as against a net loss of Rs 517.98 crore in the same quarter last year. It posted revenue from operations at Rs 4,430.08 crore, up 14.1 per cent from Rs 3,883.03 crore in the fourth quarter of FY22. The pharma major announced a dividend at 200 per cent, that is Rs 4 per equity share of the face value of Rs 2 each for the year ended March 31, 2023. The total outflow would be Rs 182.01 crore, the company said in a regulatory filing.
“We were able to drive continued improvement in operating margins on account of improved growth in India, improvement of margins in the US as well as growth in other areas like our API business, EMEA and APAC regions,” said Nilesh Gupta, Managing Director, Lupin Limited.
Lupin’s growth across regions
Lupin recorded sales at Rs 1550.30 crore from its North America business, while its India business recorded sales at Rs 1478.60 crore. Sales from its growth markets was at Rs 438.50 crore, EMEA region recorded sales at Rs 453.50 crore and the rest of the world recorded sales at Rs 86.80 crore. “Our India business recorded 15%+ growth per IQVIA, ex-diabetes. In the US, we improved our margins for the third quarter in a row through maximizing our portfolio, optimizing expenses and more focused R&D investment into complex products,” said Nilesh Gupta.
In terms of FY23, India formulation sales for the entire year was at Rs 6075.90 crore, up 1.2 per cent in comparison to Rs 6004.20 crore in FY22, accounting for 37 per cent of Lupin’s global sales. The company launched 4 brands across therapies during the quarter.
Lupin’s R&D investments
Lupin put in an investment of Rs 1280.00 crore (which was 7.9 per cent of sales) in R&D during the financial year 2023 and Rs 305 crore (which was 7 per cent of sales) during the fourth quarter of FY23. “Lupin received approval for 7 ANDAs from the US FDA in the quarter. Cumulative ANDA filings with the US FDA stand at 463 as of Mar 31, 2023, with the company having received 308 approvals to date. The Company now has 55 First-to-File (FTF) filings including 22 exclusive FTF opportunities,” the company said in the regulatory filing.
Going ahead, Nilesh Gupta said, “We are committed to sustaining this positive momentum into the new year and drive strong growth across our regions, in particular India and the US aided by our recent sales force expansion and material new product launches respectively.”