Hot Pursuit     07-May-24
Lupin slides as Q4 PAT drops 41% QoQ to Rs 359 cr
Lupin dropped 5.18% to Rs 1,592.75 after the company’s consolidated net profit tumbled 41.38% to Rs 359.43 crore on 3.64% decline in revenue from operations to Rs 4895.11 crore in Q4 FY24 over Q4 FY23.

On year on year (YoY) basis, the pharma major’s net profit surged 52.33% and revenue grew 13.4% in Q4 FY24.

Profit before tax stood at Rs 497.71 crore during the quarter, up 92.54% YoY while down 32.39% QoQ. Sequentially, the PBT was lower on account of impairment charge of Rs 201.3 crore.

EBITDA in Q4 FY24 was at Rs 1,026.1 crore, up 66.8% YoY and down 3.9% QoQ. EBITDA margin was constant at 21% in Q4 FY24 as compared to Q3 FY24, however, it improved from 14.2% registered in Q4 FY23.

The company said that the North America sales for Q4 FY24 were Rs 1,900.6 crore, up 0.6% compared to Rs 1888.5 crore in Q3 FY24; up 22.6% compared to Rs 1,5503 crore in Q4 FY2023; accounting for 39% of Lupin’s global sales.

In US, Q4 FY2024 sales were $209 million compared to $212 million in Q3 FY2024 and $ 175 million in Q4 FY2023. The company filed 1 ANDA in the quarter, received 12 ANDA approvals from the USFDA, and launched 6 products in the quarter in the U.S. The firm now has 161 generic products in the U.S.

India formulation sales for Q4 FY2024 were 1,601.5 crore, down 7.2% compared to Rs 1,725.1 crore in Q3 FY2024; up 8.3% compared to Rs 1,478.6 crore in Q4 FY2023; accounting for 33% of Lupin’s global sales.

India region formulation sales declined by 10.1% in the quarter as compared to Q3 FY2024; up 4.9% as compared to Q4 FY23.

Growth Markets registered sales of Rs 509.3 crore for Q4 FY2024, up 7.7% as compared to Rs 472.9 crore in Q3 FY24; up 16.1% from Rs 438.5 crore in Q4 FY2023; accounting for 10% of Lupin’s global sales.

EMEA sales for Q4 FY2024 were Rs 531.8 crore, up 2.9% compared to Rs 517 crore in Q3 FY2024; up 17.3% compared to Rs 453.5 crore in Q4 FY2023; accounting for 11% of Lupin’s global sales.

Global API sales for the March quarter were Rs 258.1 crore, down 7.1% as against Rs 2,779 crore in Q3 FY24; down 20% compared to Rs 322.6 crore in Q4 FY23; accounting for 5% of Lupin’s global sales.

In FY24, the company reported a consolidated net profit of Rs 1914.48 crore, steeply higher than Rs 430.08 crore posted in FY23. Revenue grew by 20.81% YoY to Rs 19,656.34 during FY24.

Investment in research and development was Rs 1,526.5 crore (7.8% of sales) for FY24 and Rs 425.5 crore (8.7% of sales) for Q4 FY24, compared to Rs 305 crore (7.0% of sales) for Q4 FY23.

Lupin received approval for 12 ANDAs from the US FDA in the quarter. Cumulative ANDA filings with the USFDA stood at 431 as of 31 March 2024, with the company having received 314 approvals to date.

As on 31 March 2024, net debt stood at Rs 476.6 crore and net debt-equity was at 0.03. Operating working capital was Rs 5,691.3 crore as on 31 March 2024.

Nilesh Gupta, managing director at 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.”

Meanwhile, the company’s board has recommended a dividend of Rs 8 per equity share for FY24

Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

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