Lupin Q2FY23 results out: Net profit rises more than 100%

Shares of Lupin gained as much as 8 percent in early trading on Thursday after the company returned to profitability during the September quarter, led by a rebound in US sales. The pharma major’s EBITDA margin also returned to double-digits after three quarters.

On a year-on-year basis, Lupin’s revenue grew 1.3% to INR 4,146 Crores while the net profit grew by more than a 100% as compared to earnings the same year ago. The company had reported a loss of INR 2,100 crore in the base quarter due to an exceptional outflow on account of the Glumetza settlement and the impairment of Solosec.

Lupin’s US sales came in at $159 million for the quarter, although still lower when compared to the same period last year, they were better on a quarter-on-quarter basis. US sales during the June quarter stood at $121 million.

Lupin’s India business, which contributed to 40 percent of overall sales was slow but in-line with the overall market. Revenue from the domestic business grew 2.6 percent from last year to INR 1,584.1 crore. Compared to the June quarter, the domestic business grew 6.2 percent. The company’s other markets like Europe, Middle East, Africa (EMEA), Rest of World (RoW) and Growth Markets reported double-digit growth compared to last year. Revenue from the API business declined 6.7 percent from the year-ago period to INR 250 crore.