Business Standard

Pharma major Lupin slides 5% as Q4 earnings miss street expectations

Mumbai-based Lupin posted a 52 percent year-on-year increase in consolidated net profit, reaching Rs 359.43 crore for the January-March quarter of FY24

Lupin

Lupin

SI Reporter New Delhi

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Shares of pharmaceutical company Lupin slipped 5.2 per cent at Rs 1,591 on the BSE in Tuesday’s intraday deals. This came after the pharma major reported its quarterly earnings on Monday that missed street expectations. 

Mumbai-based Lupin posted a 52 percent year-on-year increase in consolidated net profit, reaching Rs 359.43 crore for the January-March quarter of FY24. This compares to a profit of Rs 235.96 crore in the same period last year.

Revenue for the quarter stood at Rs 4,895.11 crore, marking a 13 percent increase from the year-ago quarter's revenue of Rs 4,330.3 crore.

However, according to analysts tracked by Business Standard, profits of Lupin were expected in the range of Rs 494 crore to Rs 570 crore, while its revenues were expected between Rs 5,068 crore and Rs 5,146 crore. 

The company’s US sales also missed estimates slightly, as it reported Q4FY2024 sales at $ 209 million compared to Kotak Institutional Equities' estimate of $213 million. 

The company filed 1 abbreviated new drug application (ANDA) in the quarter, received 12 ANDA approvals from the USFDA, and launched 6 products in the quarter in the US, the firm said in a press statement. 
The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to Rs 1,026.1 crore, showing a notable increase of 66 percent from Rs 615 crore. The EBITDA margin also expanded to 21 per cent from 14.2 percent in the year-ago period.

At 11:38 AM, the shares of the company were trading 5.28 per cent lower at Rs 1,591 per share. In comparison, the S&P BSE index fell 0.69 per cent at 73,384 levels. A combined 1,00,716 shares of the company changed hands on the BSE. Lupin is presently trading at a price to earnings multiple of 35.19 times.

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First Published: May 07 2024 | 11:48 AM IST

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