Lupin Q4 Results: Profit More Than Doubles, Beats Estimates

Lupin Ltd.'s consolidated net profit more than doubled in the fourth quarter of the financial year, beating analysts' estimates.

Net profit rose 115% year-on-year to Rs 772 crore in the quarter ended March 31, in comparison to Rs 359 crore in the year-ago period, according to an exchange filing on Wednesday. Analysts tracked by Bloomberg had estimated a profit of Rs 735 crore.

• Revenue up 14.2% to Rs 5,667 crore versus Rs 4,961 crore (Bloomberg estimate: Rs 5,564 crore).

• Ebitda up 32.5% to Rs 1,321 crore versus Rs 997 crore (Bloomberg estimates: Rs 1,244 crore).

• Margin at 23.3% versus 20% (Estimate: 22.4%).

• Net profit up 115% to Rs 772 crore versus Rs 359 crore. (Estimate: Rs 735 crore).

The rise in revenue was led by surge in sales in North America and other developed markets.

North America sales grew 19% year-on-year, accounting for 41% of global sales in the fourth quarter. The company received seven Abbreviated New Drug Applications or ANDA approvals from the USFDA and launched two products in the quarter in the US. Lupin now has 138 generic products in its largest market.

India sales grew 7% year-on-year and accounted for 31% of the company's global sales. The company launched four brands in India across therapies during the quarter.

Sales jumped 30% in other developed markets during the quarter.

The cumulative ANDA filings with the USFDA stood at 441 as of March. The company received 340 approvals to date.

After posting the fourth quarter results, the board of the company recommends a dividend of Rs 12. It aggregates to a payout of nearly Rs 550 crore.

Ahead of posting results, the scrip had closed marginally higher on Wednesday. Shares of Lupin closed 0.34% lower at Rs 2,071.4 apiece on the NSE, compared to a 0.36% advance in the benchmark Nifty 50.