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Business News/ Markets / Stock Markets/  Lupin share price rises up to 6.6%; scales 52-week highs post Q3 Results as net profit jumps four folds

Lupin share price rises up to 6.6%; scales 52-week highs post Q3 Results as net profit jumps four folds

Stock Market Today: Lupin share price gained up to 6.6% in morning trades to scale 52-week on Thursday after company posted four fold rise in its net profit for the quarter ending December'2023.

Lupin Share price gains more than 6% to scale 52 week highs in morning trades on ThursdayPremium
Lupin Share price gains more than 6% to scale 52 week highs in morning trades on Thursday

Lupin share price gained up to 6.6% in the morning trades on Wednesday to scale s 52-week highs on Thursday post Q3 results. Lupin had reported a massive 300 per cent rise in its consolidated net profit to 613 crore during October-December quarter (Q3FY24), compared to 153.4 crore in the year-ago period. The financial performance for the quarter ending December was reported by Lupin post market hours on Wednesday.

 Lupin's surge in net profit by four-folds during the December quarter was driven by record-high sales on strong growth in the US and well supported by other geographies. 

Lupin's North American sales at 1888.5 crore growing 23.7% year-on-year set the momentum for strong financial performance during Q3. North America contributed 37% to overall revenue. In constant currency terms Q3 FY2024 sales were $212 Million grew  19.8% year-on year from $177 Million in Q3 FY2023.  This was better than expectations. The analysts at Motilal Oswal Financial Services had expected the company to report US sales at $205million.

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The Company received 14 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The generic launch of respiratory product Spiriva is likely to have driven the gains as other new launches are contributing well and also the pricing pressure on base business has reduced, said analysts. Lupin now has 159 generic products in the U.S. 

Lupin's India sales for Q3 FY24 at 1725.1 crore also grew 13.4% as compared to 1521.3 Crore in Q3 FY23; and accounted for 34% of Lupin’s overall global sales.

Growth Markets (LATAM and APAC) for Lupin contributing 9% to overall reveneus also supported well with 12.9% growth.  However Europe, Middle-East and Africa (EMEA) sales contributing 10% to overall marked a very strong growth of 36% year-on-year.

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With strong US sales growth and softening costs Lupin's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the December quarter rose 95 per cent to 1,038 crore, compared to 533 crore in the year-ago period.

Notably this is the fourth straight quarter when profit more than doubled at the company. The Mumbai-based company's total revenue from operations in the third quarter of current fiscal rose 20.2 per cent to 5,197.4 crore, compared to 4,322 crore in the same period last year.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

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Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 08 Feb 2024, 10:02 AM IST
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