Lupin’s Q2 net profit at Rs 211 crore

Lupin’s Q2 net profit at Rs 211 crore

Shares of Lupin dipped 2% at Rs 928 on the BSE on Thursday in an otherwise strong market even after the drug maker reported strong earnings performance in the September quarter (Q2FY21).
Mumbai based drug maker Lupin reported a consolidated net profit of Rs 211 crore for the second quarter of the ongoing fiscal primarily led by a recovery in US sales. The drug maker had reported a net loss of Rs 185.3 crore in the corresponding period last year.
Sequentially, Lupin’s net profit jumped 97.4% over the previous quarter. The revenues, however, dropped by 1.2% on a year on year (YoY) basis to Rs 3,835 crore, but sequentially the revenues rose 8.7%. The earnings before income tax, depreciation and amortisation (Ebitda) fell 21.1% YoY to Rs 606 crore with a resulting Ebitda margin of 16.8% for the quarter.
For the first half of the year the net profit jumped 80% year on year (YoY) to Rs 317 crore for the quarter while revenue from operations dropped by 5.1% to Rs 7,362 crore.
US is a major market for Lupin, contributing 37% of sales and saw a 5.6% YoY growth. It launched seven products in the US during the quarter.
The quarter marks the start of monetisation of its complex generic pipeline with the launch of Etanercept biosimilar in Europe and generic Albuterol in the US.
Lupin expects to sustain the momentum on margin improvement led by optimisation efforts underway and robust growth in key businesses.

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