On consolidated basis
Quarter ended December 2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Lupin has increased 10.97% to Rs 5767.71 crore. Sales of Pharmaceuticals segment has gone up 10.86% to Rs 5,742.04 crore (accounting for 99.54% of total sales). Sales of others segment has gone up 45.81% to Rs 26.29 crore (accounting for 0.46% of total sales). Inter-segment sales rose Rs 0.22 crore to Rs 0.62 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 45.53% to Rs 1,071.27 crore. PBIT of Pharmaceuticals segment rose 44.54% to Rs 1,108.47 crore (accounting for 103.47% of total PBIT). PBIT of others segment fell 20.90% to Rs -37.20 crore (accounting for -3.47% of total PBIT). PBIT margin of Pharmaceuticals segment rose from 14.81% to 19.30%. PBIT margin of others segment rose from negative 170.66% to negative 141.50%. Overall PBIT margin rose from 14.16% to 18.57%. Operating profit margin has jumped from 19.97% to 23.51%, leading to 30.63% rise in operating profit to Rs 1,355.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.06% to 18.38%. Purchase of finished goods cost rose from 12.87% to 13.00%. Employee cost decreased from 16.92% to 16.69%. Other expenses fell from 29.39% to 28.93%. Loss on forex transaction fell from 0.30% to 0.17%. Other income rose 82.87% to Rs 53.71 crore. PBIDT rose 32.07% to Rs 1409.61 crore. Provision for interest fell 9.62% to Rs 66.89 crore. PBDT rose 35.18% to Rs 1342.72 crore. Provision for depreciation rose 5.54% to Rs 271.45 crore. Profit before tax grew 45.53% to Rs 1,071.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 212.41 crore, compared to Rs 117.4 crore. Effective tax rate was 19.83% compared to 15.95%. Minority interest decreased 33.69% to Rs 3.70 crore. Net profit attributable to owners of the company increased 39.48% to Rs 855.16 crore. Promoters’ stake was 46.95% as of 31 December 2024 ,compared to 47.04% as of 31 December 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Lupin has increased 13.23% to Rs 17040.77 crore. Sales of Pharmaceuticals segment has gone up 13.10% to Rs 16,968.20 crore (accounting for 99.57% of total sales). Sales of others segment has gone up 57.64% to Rs 73.90 crore (accounting for 0.43% of total sales). Inter-segment sales rose Rs 0.30 crore to Rs 1.33 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 62.07% to Rs 3,119.16 crore. PBIT of Pharmaceuticals segment rose 60.37% to Rs 3,228.61 crore (accounting for 103.51% of total PBIT). PBIT of others segment fell 23.38% to Rs -109.45 crore (accounting for -3.51% of total PBIT). PBIT margin of Pharmaceuticals segment rose from 13.42% to 19.03%. PBIT margin of others segment rose from negative 189.23% to negative 148.11%. Overall PBIT margin rose from 12.79% to 18.30%. Operating profit margin has jumped from 18.70% to 23.25%, leading to 40.82% rise in operating profit to Rs 3,962.14 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 19.89% to 19.35%. Purchase of finished goods cost fell from 14.99% to 11.95%. Employee cost increased from 16.93% to 17.13%. Other expenses fell from 29.83% to 28.67%. Loss on forex transaction rose from 0.07% to 0.13%. Other income rose 52.74% to Rs 138.87 crore. PBIDT rose 41.19% to Rs 4101.01 crore. Provision for interest fell 14.38% to Rs 205.77 crore. PBDT rose 46.20% to Rs 3895.24 crore. Provision for depreciation rose 4.92% to Rs 776.08 crore. Profit before tax grew 62.07% to Rs 3,119.16 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 595.28 crore, compared to Rs 357.21 crore. Effective tax rate was 19.08% compared to 18.56%.Minority interest increased 20.16% to Rs 14.78 crore. Net profit attributable to owners of the company increased 61.35% to Rs 2,509.10 crore. Promoters’ stake was 46.95% as of 31 December 2024 ,compared to 47.04% as of 31 December 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%. Loss on forex transaction fell from 0.47% to 0.05%. 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 has approved transfer of OTC
Business of the Company to a wholly owned subsidiary of the Company to be
incorporated in the name of “LUPINLIFE Consumer Healthcare”. Separating OTC
Business as an independent entity positions the Company to thrive in the
rapidly growing OTC market while allowing it to sharpen its focus on core
strengths in prescription drugs.
Investment
in R&D for the Dec 2024 quarter was Rs 434.4 crore representing 7.7% of
sales. Capital Expenditure for the quarter was Rs 124.1 crore.
Net
Debt as on Dec 31, 2024 stands at Rs 102.7 crore.
In
Q3 FY25, North America contributed 38% of total sales, India 34%, Growing
markets 8%, EMEA (Europe, Middle East, and Africa) 11%, ROW (Rest of the world)
4% and APIs 5%.
In
Q3 FY25, North America revenue increased 12.3% YoY, India up 11.9%, Growing markets
down 4.7%, EMEA (Europe, Middle East, and Africa) up 20.9%, and APIs revenue
increased 4% on YoY basis.
Management Comments :
Mr.
Nilesh Gupta, Managing Director, Lupin said, “Our third-quarter results
highlight our continued strength, with both revenue and EBITDA showing
sustained growth. US revenues led by building scale in new products have been
pivotal for our growth, supported by a strong nine-month performance from our
India and EMEA regions. We look forward to maintaining this momentum in the
ensuing quarters backed by growth in sales, commercial and operating
efficiencies, and strong compliance.”
| Lupin : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 5,767.71 | 5,197.41 | 10.97 | 17,040.77 | 15,050.03 | 13.23 | 20,010.82 | 16,641.66 | 20.25 | | OPM (%) | 23.51 | 19.97 | 354 bps | 23.25 | 18.70 | 456 bps | 19.04 | 10.80 | 824 bps | | OP | 1,355.90 | 1,037.94 | 30.63 | 3,962.14 | 2,813.67 | 40.82 | 3,810.52 | 1,798.12 | 111.92 | | Other Inc. | 53.71 | 29.37 | 82.87 | 138.87 | 90.92 | 52.74 | 120.17 | 73.36 | 63.81 | | PBIDT | 1,409.61 | 1,067.31 | 32.07 | 4,101.01 | 2,904.59 | 41.19 | 3,930.69 | 1,871.48 | 110.03 | | Interest | 66.89 | 74.01 | -9.62 | 205.77 | 240.32 | -14.38 | 311.61 | 274.30 | 13.60 | | PBDT | 1,342.72 | 993.30 | 35.18 | 3,895.24 | 2,664.27 | 46.20 | 3,619.08 | 1,597.18 | 126.59 | | Depreciation | 271.45 | 257.2 | 5.54 | 776.08 | 739.71 | 4.92 | 1196.81 | 880.69 | 35.89 | | PBT | 1,071.27 | 736.10 | 45.53 | 3119.16 | 1924.56 | 62.07 | 2422.27 | 716.49 | 238.07 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 1071.27 | 736.1 | 45.53 | 3119.16 | 1924.56 | 62.07 | 2422.27 | 716.49 | 238.07 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1071.27 | 736.1 | 45.53 | 3119.16 | 1924.56 | 62.07 | 2422.27 | 716.49 | 238.07 | | Taxation | 212.41 | 117.4 | 80.93 | 595.28 | 357.21 | 66.65 | 486.7 | 268.8 | 81.06 | | PAT | 858.86 | 618.7 | 38.82 | 2523.88 | 1567.35 | 61.03 | 1935.57 | 447.69 | 332.35 | | Minority Interest (MI) | 3.7 | 5.58 | -33.69 | 14.78 | 12.3 | 20.16 | 21.09 | 17.61 | 19.76 | | Net profit | 855.16 | 613.12 | 39.48 | 2509.1 | 1555.05 | 61.35 | 1914.48 | 430.08 | 345.15 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 855.16 | 613.12 | 39.48 | 2509.1 | 1555.05 | 61.35 | 1914.48 | 430.08 | 345.15 | | EPS (Rs)* | 18.73 | 13.43 | 39.48 | 54.97 | 34.07 | 61.35 | 41.94 | 9.42 | 345.15 | | | * EPS is on current equity of Rs 91.30 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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| Lupin : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Pharmaceuticals | 99.54 | 5,742.04 | 5,179.60 | 10.86 | 99.57 | 16,968.20 | 15,003.45 | 13.10 | 99.66 | 19,945.20 | 16,616.80 | 20.03 | | others | 0.46 | 26.29 | 18.03 | 45.81 | 0.43 | 73.90 | 46.88 | 57.64 | 0.34 | 67.14 | 25.47 | 163.60 | | Total Reported Sales | 100.00 | 5,768.33 | 5,197.63 | 10.98 | 100.00 | 17,042.10 | 15,050.33 | 13.23 | 100.00 | 20,012.34 | 16,642.27 | 20.25 | | Less: Inter segment revenues | | 0.62 | 0.22 | 181.82 | | 1.33 | 0.30 | 343.33 | | 1.52 | 0.61 | 149.18 | | Net Sales | 100.00 | 5,767.71 | 5,197.41 | 10.97 | 100.00 | 17,040.77 | 15,050.03 | 13.23 | 100.00 | 20,010.82 | 16,641.66 | 20.25 | | PBIT | | Pharmaceuticals | 103.47 | 1,108.47 | 766.87 | 44.54 | 103.51 | 3,228.61 | 2,013.27 | 60.37 | 105.17 | 2,547.61 | 815.66 | 212.34 | | others | -3.47 | -37.20 | -30.77 | -20.90 | -3.51 | -109.45 | -88.71 | -23.38 | -5.17 | -125.34 | -99.17 | -26.39 | | Total PBIT | 100.00 | 1,071.27 | 736.10 | 45.53 | 100.00 | 3,119.16 | 1,924.56 | 62.07 | 100.00 | 2,422.27 | 716.49 | 238.07 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Pharmaceuticals | | 19.30 | 14.81 | 449.89 | | 19.03 | 13.42 | 560.87 | | 12.77 | 4.91 | 786.44 | | others | | -141.50 | -170.66 | 2,916.13 | | -148.11 | -189.23 | 4,112.23 | | -186.68 | -389.36 | 20,267.55 | | PBT | 100.00 | 1,071.27 | 736.10 | 45.53 | 100.00 | 3,119.16 | 1,924.56 | 62.07 | 100.00 | 2,422.27 | 716.49 | 238.07 |
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