Lupin Q4 results: Firm reports consolidated PAT of ₹247 cr, declared dividend
Pharma major, Lupin earned a consolidated net profit of ₹246.7 crore in the fourth quarter of FY23, which is attributable to the owners of the company. The latest PAT is against a net loss of ₹344.27 crore in Q4 of FY22. The company sees double-digit growth in revenue on a year-on-year basis.
However, Lupin’s Q4 PAT fell by 25.3% as against a net profit of ₹330.43 in December 2022 quarter.
The pharma player witnessed strong growth in EBITDA at ₹615 crore, up by a whopping 117.8% YoY and 13% QoQ.
Revenue from operations stood at ₹4,330.30 crore in Q4FY23, rising by 12% from ₹3,864.50 crore in the same quarter a year ago. However, revenue was up by 2.02% from ₹4,244.56 crore in Q3FY23.
On the financial performance, Nilesh Gupta, Managing Director, Lupin Limited said, “We were able to drive continued improvement in operating margins on account of improved growth in India, improvement of margins in the U.S. as well as growth in other areas like our API business, EMEA and APAC regions. Our India business recorded 15%+ growth per IQVIA, ex-diabetes. In the U.S. we improved our margins for the third quarter in a row through maximizing our portfolio, optimizing expenses, and more focused R&D investment into complex products.”
Key highlights of the earnings are:
– Gross Profit was ₹2,580.2 crore compared to ₹2,537.5 crore in Q3 FY2023, with gross margin at 59.6%
– Personnel cost was 17.9% of sales at ₹773 crore compared to ₹7,64 crore in Q3 FY2023
– Manufacturing and other expenses were 30.1% of sales at ₹1,303 crore compared to ₹1,335.1 crore in Q3 FY2023
– Investment in R&D for the quarter was ₹305 crore (7.0% of sales)
– Operating working capital was ₹5,732.1 crore as on Mar 31, 2023
– Capital Expenditure for the quarter was ₹150.2 crore
– Net Debt as on Mar 31, 2023, stands at ₹2,526.5 crore
– Net Debt-Equity for the company as on Mar 31, 2023 stands at 0.20
Going ahead, Gupta added, “We are committed to sustaining this positive momentum into the new year and drive strong growth across our regions, in particular India and the U.S aided by our recent sales force expansion and material new product launches respectively.”
In a meeting held on Tuesday, Lupin’s board of directors recommended a dividend of ₹4 per equity share (200%) having a face value of ₹2 each for the fiscal year FY23. The total dividend outflow would be around ₹182 crore. The dividend is subject to the approval of shareholders s at the ensuing Annual General Meeting.
On BSE, Lupin’s share price closed at ₹745.80 apiece up by 1.85%.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.