Lupin reports Rs 438.3 crore net profit in Q3 FY21

Drugmaker Lupin reported a net profit (profit after tax) of Rs 438.3 crore in the quarter ended December 31 led by growth of sales in the US, India and Rest of the World markets.

The company reported a loss of Rs 835 crore during the corresponding period of the previous year. The net profit doubled on a quarter-on-quarter (QoQ) basis.

Revenues of Lupin rose 5.4 percent year-on-year (YoY) to Rs 3,917.3 crore, compared to previous year's Rs 3716 crore. On a QoQ basis, the revenue rose 3.6 percent.

The EBITDA grew 53 percent YoY to Rs 800 crore in Q3FY21. The EBITDA margin stood at 20.4 percent. Investment in R&D was at Rs 348 crore or 8.9 percent of sales for Q3FY21.

"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," said Nilesh Gupta, Managing Director, Lupin.

"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." Gupta added.

North America that constitutes 37 percent of sales or Rs 1,442.4 crore saw 4.8 percent growth on YoY basis. The growth was at 3.1 percent on a QoQ basis. The company launched 3 products during the quarter in the US market and now has 169 products in the US generics market. Lupin's India formulation sales that contribute 35 percent of revenues, grew 5.4 percent YoY basis to Rs 1366.9 crore.