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Results
07-May-24
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Analysis
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Lupin
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NP up 52.33%
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For
the quarter ending March 2024, consolidated net sales (including other operating income) of Lupin has increased 11.98% to Rs 4960.79 crore compared to quarter ended March 2023. Operating profit margin has jumped from 13.04% to 20.09%, leading to 72.53% rise in operating profit to Rs 996.85 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.44% to 21.28%. Purchase of finished goods cost fell from 15.48% to 12.86%. Employee cost decreased from 18.19% to 17.51%. Other expenses fell from 31.29% to 28.97%. Other income fell 21.52% to Rs 29.25 crore. PBIDT rose 66.83% to Rs 1026.1 crore. Provision for interest fell 22.97% to Rs 71.29 crore. Loan funds declined from Rs 4,541.52 crore as of 31 March 2023 to Rs 2,921.77 crore as of 31 March 2024. Inventories rose to Rs 4,953.90 crore as of 31 March 2024 from Rs 4,491.76 crore as of 31 March 2023. Sundry debtors were higher at Rs 4,692.05 crore as of 31 March 2024 compared to Rs 4,480.70 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,293.13 crore as of 31 March 2023 to Rs 1,202.54 crore as of 31 March 2024. Investments rose to Rs 1,074.63 crore as of 31 March 2024 from Rs 516.90 crore as of 31 March 2023 . PBDT rose 82.74% to Rs 954.81 crore. Provision for depreciation rose 73.15% to Rs 457.1 crore. Fixed assets declined from Rs 7,374.45 crore as of 31 March 2023 to Rs 7,325.79 crore as of 31 March 2024. Intangible assets increased from Rs 2,218.78 crore to Rs 2,325.04 crore. Profit before tax grew 92.54% to Rs 497.71 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 129.49 crore, compared to Rs 16.11 crore. Effective tax rate was 26.02% compared to 6.23%. Minority interest increased 36.70% to Rs 8.79 crore. Net profit attributable to owners of the company increased 52.33% to Rs 359.43 crore. Equity capital increased from Rs 91.00 crore as of 31 March 2023 to Rs 91.14 crore as of 31 March 2024. Per share face Value remained same at Rs 2.00. Promoters’ stake was 47.01% as of 31 March 2024 ,compared to 47.08% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Lupin has increased 20.25% to Rs 20010.82 crore. Operating profit margin has jumped from 10.80% to 19.04%, leading to 111.92% rise in operating profit to Rs 3,810.52 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.37% to 20.24%. Purchase of finished goods cost fell from 17.82% to 14.46%. Employee cost decreased from 18.72% to 17.07%. Other expenses fell from 30.18% to 29.62%. Other income rose 63.81% to Rs 120.17 crore. PBIDT rose 110.03% to Rs 3930.69 crore. Provision for interest rose 13.60% to Rs 311.61 crore. Loan funds declined from Rs 4,541.52 crore as of 31 March 2023 to Rs 2,921.77 crore as of 31 March 2024. Inventories rose to Rs 4,953.90 crore as of 31 March 2024 from Rs 4,491.76 crore as of 31 March 2023. Sundry debtors were higher at Rs 4,692.05 crore as of 31 March 2024 compared to Rs 4,480.70 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,293.13 crore as of 31 March 2023 to Rs 1,202.54 crore as of 31 March 2024. Investments rose to Rs 1,074.63 crore as of 31 March 2024 from Rs 516.90 crore as of 31 March 2023 . PBDT rose 126.59% to Rs 3619.08 crore. Provision for depreciation rose 35.89% to Rs 1196.81 crore. Fixed assets declined from Rs 7,374.45 crore as of 31 March 2023 to Rs 7,325.79 crore as of 31 March 2024. Intangible assets increased from Rs 2,218.78 crore to Rs 2,325.04 crore. Profit before tax grew 238.07% to Rs 2,422.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 486.7 crore, compared to Rs 268.8 crore. Effective tax rate was 20.09% compared to 37.52%. Minority interest increased 19.76% to Rs 21.09 crore. Net profit attributable to owners of the company increased 345.15% to Rs 1,914.48 crore. Equity capital increased from Rs 91.00 crore as of 31 March 2023 to Rs 91.14 crore as of 31 March 2024. Per share face Value remained same at Rs 2.00. Promoters’ stake was 47.01% as of 31 March 2024 ,compared to 47.08% as of 31 March 2023 . Cash flow from operating activities increased to Rs 3,648.36 crore for year ended March 2024 from Rs 1,897.24 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 928.90 crore, compared to Rs 1,499.62 crore during the year ended March 2023. Other Highlights
The
board recommended dividend of Rs 8 each of face value of Rs 2 each for FY24.
The
company received approval from the United States Food and Drug Administration
(U.S. FDA) for its Abbreviated New Drug Application for Travoprost Ophthalmic
Solution USP, 0.004% (Ionic Buffered Solution), to market a generic equivalent
to the reference listed drug (RLD) Travatan Z® Ophthalmic Solution, 0.004%, of
Sandoz Inc. The product will be manufactured at Lupin’s Pithampur facility in
India.
Investment
in R&D for the March 2024 quarter was Rs 425.5 crore representing 8.7% of
sales. Capital Expenditure for the quarter was Rs 105.9 crore.
Net
Debt as on March 31, 2024 stands at Rs 476.6 crore.
In
Q4 FY24, North America contributed 39% of total sales, India 33%, Growing
markets 10%, EMEA (Europe, Middle East, and Africa) 11%, ROW (Rest of the
world) 2% and APIs 5%.
In
FY24, North America contributed 37% of total sales, India 34%, Growing markets 9%,
EMEA (Europe, Middle East, and Africa) 10%, ROW (Rest of the world) 3% , APIs 6%
and NCE 1%.
In
Q4 FY24, North America revenue increased 22.6% YoY, India up 8.3%, Growing markets
up 16.1%, EMEA (Europe, Middle East, and Africa) up 17.3%, and APIs revenue
decreased 20% on YoY basis.
Management Comments :
Mr. Nilesh Gupta, Managing Director, Lupin said,
“We continue to move forward with sustainable and profitable growth and
delivered another strong set of numbers in Q4. Our U.S. sales remain healthy
driven by inhalation products, and our India formulation business is delivering
ahead of market. While FY24 has been a year of resurgence for the company, we
look forward to an even stronger FY25 driven by growth across our key
geographies and consistent improvement in our margins”.
| Lupin : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,960.79 | 4,430.08 | 11.98 | 20,010.82 | 16,641.66 | 20.25 | | OPM (%) | 20.09 | 13.04 | 705 bps | 19.04 | 10.80 | 824 bps | | OP | 996.85 | 577.77 | 72.53 | 3,810.52 | 1,798.12 | 111.92 | | Other Inc. | 29.25 | 37.27 | -21.52 | 120.17 | 73.36 | 63.81 | | PBIDT | 1,026.10 | 615.04 | 66.83 | 3,930.69 | 1,871.48 | 110.03 | | Interest | 71.29 | 92.55 | -22.97 | 311.61 | 274.30 | 13.60 | | PBDT | 954.81 | 522.49 | 82.74 | 3,619.08 | 1,597.18 | 126.59 | | Depreciation | 457.1 | 263.99 | 73.15 | 1196.81 | 880.69 | 35.89 | | PBT | 497.71 | 258.50 | 92.54 | 2422.27 | 716.49 | 238.07 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 497.71 | 258.5 | 92.54 | 2422.27 | 716.49 | 238.07 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 497.71 | 258.5 | 92.54 | 2422.27 | 716.49 | 238.07 | | Taxation | 129.49 | 16.11 | 703.79 | 486.7 | 268.8 | 81.06 | | PAT | 368.22 | 242.39 | 51.91 | 1935.57 | 447.69 | 332.35 | | Minority Interest (MI) | 8.79 | 6.43 | 36.70 | 21.09 | 17.61 | 19.76 | | Net profit | 359.43 | 235.96 | 52.33 | 1914.48 | 430.08 | 345.15 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 359.43 | 235.96 | 52.33 | 1914.48 | 430.08 | 345.15 | | EPS (Rs)* | 7.89 | 5.18 | 52.33 | 42.01 | 9.44 | 345.15 | | | * EPS is on current equity of Rs 91.15 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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