Drugmaker Lupin posted a net profit of ₹489 crore for the second quarter ending September 30, 2023, up 277 percent, from the net profit of ₹129 crore, registered in the same quarter last year.
Nilesh Gupta, Lupin’s Managing Director, said, the company delivered growth across all target geographies, “while managing costs and achieving operating leverage, thereby driving strong topline and bottomline growth.”
The company’s total revenue from operations stood at ₹5,038 crore for the quarter under review, up 21.5 percent, against ₹4,145 crore, in the same period last year.
“The US launch of Tiotropium DPI was the highlight of the quarter, making inhalation a substantial portion of our US sales. Our India business continues to do well, with growth in our target therapies ahead of the market,” Gupta said. Giving a regulatory update on their plants, he said that their Nagpur-1 and Mandideep-2 facilities received “satisfactory (USFDA) inspection closures”
Lupin said, its personnel cost stood at 17.4 per cent of sales at ₹860 crore; manufacturing and other expenses were 31.4 per cent of sales at ₹1,552 crore, and research spending stood at 7.6 per cent of sales at ₹376 crore. Net debt as of September 30, 2023, was ₹1,805 crore.
Lupin’s North America sales for Q2 FY2024 stood at ₹1,866 crore, up 40.4 percent as compared to ₹1,329 crore in Q2 FY2023; and accounted for 38 per cent of its global sales. Lupin received 11 ANDAs (abbreviated new drug approvals) from the USFDA and launched one product in the quarter. The company now has 157 generic products in the US.
India clocked sales of ₹1,691 crore in the period under review, up 6.8 per cent as compared to ₹1,584 crore in Q2 FY2023; and accounted for 34 per cent of its global sales. The company launched four brands across therapies during the quarter.
In the Europe, Middle-East and Africa (EMEA) markets, the company’s sales stood at ₹475 crore in the period under review, up 23.9 per cent, compared to ₹384 crore in Q2 FY2023; and accounted for ten per cent of its global sales.