Lupin posts Q3 PAT of Rs 438 cr

On a consolidated basis, the mdrug major reported net profit of Rs 438.25 crore in Q3 FY21 as against a net loss of Rs 835 crore reported in Q3 FY20.

Net sales increased by 5.4% to Rs 3917.30 crore in Q3 FY21 from Rs 3716.09 crore in Q3 FY20. Profit before tax stood at Rs 524.84 crore in Q3 FY21 compared with pre-tax loss of Rs 106.82 crore in the same period last year. Total tax expense tumbled 89% to Rs 83.49 crore in Q3 FY21 over Q3 FY20. EBITDA jumped 53% to Rs 799.9 crore in Q3 FY21 from Rs 522.7 crore in Q3 FY20.

On the segmental front, revenue from the formulations business was at Rs 3573.5 crore (up 5.1% YoY) and revenue from the API business was at Rs 343.8 crore (up 8.4% YoY) in Q2 FY21.

Commenting on the results, Nilesh Gupta, MD of Lupin said, "We continue our trajectory of improved profitability and sustainable business growth. All our major businesses delivered robust growth amidst pandemic related challenges and a weak flu season, reflecting the resilience of our business. The ramp up of our complex generics and inline business helped expand our gross margins, while cost controls delivered the desired operating leverage. Delivering on quality and compliance remains an important organizational priority."

Investment in research & development was at Rs 347.90 crore, 8.9% of sales, compared to Rs 384.30 crore (10.2%) in Q2 FY21.

Lupin received approval for 5 ANDAs from the US FDA during the quarter. Cumulative ANDA filings with US FDA stand at 437 as of 31 December 2020, with the company having received 285 approvals.

Lupin is an innovation-led transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets.

Shares of Lupin were down 2.86% at Rs 1020.25.

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