Lupin Q2 results: Net profit jumps 277% to ₹490 crore

Pharmaceutical major Lupin on November 8 reported a net profit of ₹490 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 277 percent higher as compared to ₹130 crore clocked in the year-ago period.

Sequentially, the net profit grew by 8 percent from ₹452 crore posted in the quarter ended June 2023.

The company's total revenue from operations came in at ₹5,039 crore in the second quarter, higher by 21 percent as against ₹4,146 crore recorded in the same period of the preceding fiscal.

Also Read: Lupin mulls internal restructuring options, looks to separate its API business: Report

The operational revenue grew by 4 percent as compared to ₹4,814 crore reported in the first quarter of the current fiscal.

Lupin's earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at ₹958.2 crore in Q2FY24, double as compared to ₹468 crore in the year-ago period. Sequentially, the EBITDA was higher by 8 percent as against ₹879.1 crore in Q1FY24.

The company, in a release, noted that the gross profit came in at ₹3,236.5 crore in the second quarter, as compared to ₹3,101.3 crore in the April-June period. The gross margin stood at 65.5 percent.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!

Lupin's personnel cost was 17.4 percent of sales at ₹860.7 crore in Q2FY24, as against ₹844.4 crore in the preceding quarter.

Manufacturing and other expenses were 31.4 percent of sales at ₹1,552 crore in the September 2023 quarter versus ₹1,472.4 crore in the June 2023 quarter, the company added.

Also Read: Indian pharma industry to hit $57 billion by FY25

“We delivered growth across all our target geographies, while managing costs and achieving operating leverage, thereby driving strong topline and bottomline growth," Lupin managing director Nilesh Gupta said. “Our India business continues to do well, with growth in our target therapies ahead of market,” he added.

In the trading session on November 8, Lupin's shares edged higher on the stock markets. The scrip settled at ₹1,202.90 apiece on the BSE, up 1.15 percent as against the previous day's close.