Shares of Lupin Ltd. rose to their highest in eight years on Wednesday after first-quarter profit nearly doubled, beating analysts' estimates.
The company's net profit surged 78% year-on-year to Rs 805.54 crore for the three months ended June 2024, according to an exchange filing. Analysts tracked by Bloomberg estimated a profit of Rs 564 crore.
The pharma major posted revenue of Rs 5,600 crore, up 16.3% from the same period last year. Analysts tracked by Bloomberg estimated revenue at Rs 5,226 crore.
Operating income—or earnings before interest, taxes, depreciation, and amortisation—rose 50.1% year-on-year to Rs 1,286 crore. The Ebitda margin expanded to 23% from 17% over the same period last year.
Shares of Lupin rose as much as 6.24% to Rs 2,029.95 apiece, highest over eight years. It pared gains to trade 3.05% higher at Rs 1,968.95 apiece as of 9:47 a.m. This compares to a 1.04% advance in the NSE Nifty 50.
The stock has risen 32.12% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average, rising by 49,94% year-to-date. The relative strength index was 72.65, indicating that the stock is overbought.
Out of 35 analysts tracking the company, 13 maintain a 'buy' and 10 suggest a 'hold,' and 12 recommend a 'sell' according to Bloomberg data. The average 12-month consensus price target implies a downside of 16.7%.
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