Lupin Q3 results: Net jumps 300% to Rs 613 cr on back of record sales

Nilesh Gupta, MD, Lupin Limited said, "We delivered our highest quarterly sales to date, crossed the Rs 5,000 crore mark for the first time, driven by strong growth across geographies."

Pharma major Lupin posted a nearly 300 per cent jump in profit after tax in the third quarter of the financial year 2023-24 to Rs 613 crore, driven by a record high sales of Rs 5,079 crore led by growth in all the key geographies.

The profit after tax for Q3FY24 came in at Rs 613 crore, up 299.4 per cent year-on-year (Y-o-Y), while the sales growth was 19.7 per cent Y-o-Y. Ebitda margin was up 800 basis points to 21 per cent.

On a sequential basis, the PAT was up 25.2 per cent while sales grew by 2.8 per cent.

The company announced results after market hours. The stock had ended the day’s trade at Rs 1,595 apiece, up marginally.

Nilesh Gupta, Managing Director, Lupin Limited said, “We delivered our highest quarterly sales to date and crossed the Rs 5,000 crore mark for the first time, driven by strong growth across geographies.”

He added that “The US continues to do well, driven by demand for both inline products and new launches, and the India business continues to grow ahead of the market with strong growth across our key therapies. This positive growth momentum coupled with cost optimisation measures and operating leverage has helped us deliver solid performance.”

North America sales for Q3 FY 2024 were Rs 1,888.5 crore, up 23.7 per cent Y-o-Y. North America accounted for 37 per cent of Lupin’s global sales. India sales for Q3 FY2024 were Rs 1,725.1 crore, up 13.4 per cent Y-o-Y and accounted for 34 per cent of Lupin’s global sales. India Region Formulations sales grew by 2 per cent sequentially and 13 per cent Y-o-Y. Lupin is the 7th largest company in the Indian Pharmaceutical Market (IQVIA MAT December 2023). Europe, Middle-East, and Africa (EMEA) sales were up 36 per cent Y-o-Y.