Lupin Ltd on Wednesday reported four-fold surge in consolidated net profit at Rs 613 crore for the quarter ended December 31, 2023 helped by strong demand in its North American and domestic markets.
The pharma firm reported consolidated net profit of Rs 153 crore in the year-ago period.
This is the fourth straight quarter profit more than doubled at the company.
Nilesh Gupta, Managing Director, Lupin said: “We delivered our highest quarterly sales to date and crossed the Rs 5,000 crore mark for the first time, driven by strong growth across geographies. The US continues to do well driven by demand for both in inline products and new launches, and the India business continues to grow ahead of market with strong growth across our key therapies. This positive growth momentum coupled with cost optimization measures and operating leverage has helped us deliver solid performance.”
Sales in North America grew nearly 24% during the quarter, boosted by strong demand for Lupin’s generic version of Boehringer Ingelheim’s Spiriva Handihaler, an inhaler used for bronchial asthma.
The company’s sales in India also climbed 13.4%, driven by robust demand for its branded prescription and consumer health products, including popular items such as Life Be One capsule.
The combined revenue from India and the US contributed around 70% to Lupin’s total revenue.
This resulted in a 20% rise in the company’s overall revenue to Rs 5,197 crore.
Shares of Lupin closed nearly unchanged ahead of results. They climbed 13% in the December quarter, outperforming the Nifty Pharma index’s 9% gain.
