Lupin announces Q2 FY2023 results

India formulation sales for Q2 FY2023 were Rs 15,841 mn, up 6.2 per cent as compared to Rs 14,920 mn in Q1 FY2023

Lupin has reported its financial performance for the quarter ending Sept 30, 2022. These unaudited results were taken on record by the Board of Directors at a meeting held recently.

Income statement highlights-Q2 FY2023

• Gross Profit was Rs 23,784 mn compared to Rs 19,942 mn in Q1 FY2023, with margin of 58.1 per cent
• Personnel cost was 18.9 per cent of sales at Rs 7,716 mn compared to Rs 7,785 mn in Q1 FY2023
• Manufacturing and other expenses were 30 per cent of sales at Rs 12,268 mn compared to Rs 11,916 mn in Q1 FY2023
• Investment in R&D for the quarter was Rs 3,376 mn (8.3 per cent of sales)

Balance sheet highlights

• Operating working capital was Rs 63,540 mn as on Sept 30, 2022
• Capital expenditure for the quarter was Rs 1,540 mn
• Net debt as on Sept 30, 2022 stands at Rs 29,316 mn
• Net debt-equity for the company as on Sept 30, 2022 stands at 0.25

Commenting on the results, Nilesh Gupta, Managing Director, Lupin said, “We have performed in line with our expectations during the quarter, and are on the path of steady growth in sales and profitability. Our sales growth sequentially was robust as our U.S. business bounced back. Our India business delivered continued growth in line with the market, excluding the impact of loss of exclusivity and certain sales in the diabetes and cardiovascular therapy area. All other geographies performed well, and we continue to see the benefit of our optimisation measures implemented. We are focused on sustaining this positive momentum, driving improvement in sales and margins, and committed to maintain the highest standards of compliance.”

India formulation sales for Q2 FY2023 were Rs 15,841 mn, up 6.2 per cent as compared to Rs 14,920 mn in Q1 FY2023; up 2.6 per cent as compared to Rs 15,435 mn in Q2 FY2022; accounting for 39 per cent of Lupin’s global sales. India region formulations sales grew by 5.8 per cent in the quarter as compared to Q1 FY2023; up 5 per cent as compared to Q2 FY2022. The company launched 6 brands across therapies during the quarter.