Lupin, the third largest Indian pharma major with consolidated net sales of Rs.13,700 crore plus, has posted strong financial performance during the third quarter ended December 2016 on account of higher revenues from US, Japan and other markets. The company's consolidated net profit increased by 20.6 per cent to Rs.633 crore from Rs.525 crore in the corresponding period of last year. EBDITA went up by 44.6 per cent to Rs.1,320 crore from Rs.913 crore as its other income increased by 57.6 per cent to Rs.104 crore from Rs.66 crore. With strong growth in bottom line, EPS increased to Rs.14.04 from Rs.11.67 in the last period.
Its consolidated net sales moved up 31.5 per cent to Rs.4,405 crore from Rs.3,350 crore. The sales of formulations improved by 34.9 per cent to Rs.4,137 crore from Rs.3,067 crore in the same period of last year. However, its API sales declined by 5.3 per cent to Rs.268.4 crore from Rs.283.5 crore.
Lupin scrip opened higher at Rs.1,500 on BSE as against previous day's close of Rs.1,487.70 and touched to intra-day high at Rs.1,520. However after announcement of financial results The scrip moved down from its intra-day high and was moving at Rs.1,503.90 in the afternoon session.
Its US formulation sales increased by 57.6 per cent to Rs.2,176 crore from Rs.1,381 crore and that in Japan moved by 20.3 per cent to Rs.449 crore. US revenues contributed 49 per cent of its global sales. Its domestic formulation sales improved by 11.9 per cent to R 991 crore from Rs.886 crore and contributed 22 per cent to its total global sales. The sales in Asia-Pacific (APAC) increased by 20.9 per cent to Rs.560 core from Rs.463 crore and that in Latin America went up by 32.8 per cent to Rs.118 crore from Rs.87 crore. The sales in Europe, Middle-East and Africa grew by 16.8 per cent to Rs.255 crore from Rs.219 crore.
Nilesh Gupta, managing director, said, “This has been a particularly strong year for our US generic business. We had another strong quarter driven by consistent growth across key markets be it the US, India, Japan, EMEA, APAC and Latin America. I am also happy to share that we have made significant progress on evolving our complex generic pipeline and our stellar compliance record continues.”
For the nine months ended December 2016, Lupin's consolidated net sales increased by 34.3 per cent to Rs.12,958 crore from Rs.9,649 crore in the same period of last year. Its net profit has taken quantum jump of 43.9 per cent to Rs.2,177 crore from Rs.1,513 crore. EBDITA increased by 49.4 per cent to Rs.3,765 crore from Rs.2,520 crore. Its interest burden went up by 271 per cent to Rs.104 crore from Rs.28 crore and tax provision increased by 31.4 per cent to Rs.842 crore from Rs.641 crore.
R&D investment increased by 50 per cent to Rs.1,639 crore during first nine months of 2016-17 from Rs.1,093 crore in the same period during previous year. Lupin filed 6 ANDAs and received 11 approvals from the US FDA during the third quarter. Cumulative ANDA filings with the US FDA stood at 344 and it received 207 approvals up to the end of December 2016. It now has 44 First-to-File filings including 23 exclusive FTF opportunities. Cumulative DMF filings stands at 173. The company also filed 2 MAA with the European authority during the quarter ended December 2016. Cumulative filings with European authorities now stands at 66 with the company having received 54 approvals.