Lupin reports Rs 211 crore net profit in Q2FY21, led by recovery in US business

Drug maker Lupin reported net profit of Rs 211 crore in the second quarter ended September 30 led by recovery of sales in North America.

The company reported a loss of Rs 185.3 crore during the corresponding period of previous year. The net profit jumped 97 percent on quarter-on-quarter (QoQ) basis.

Revenues of Lupin dropped 1.2 percent year-on-year (YoY) to Rs 3,835 crore, compared to previous year's Rs 3,882 crore. On QoQ basis the revenues rose 8.7 percent.

The EBITDA declined 21.1 percent YoY to Rs 606 crore. The EBITDA margin stood at 16.8 percent.

Investment in R&D was at Rs 384.3 crore or 10.2 percent of sales.

“We are very pleased with the strong recovery of our business during the quarter, demonstrated by sequential growth across all our geographies, in particular US and India," said Nilesh Gupta, Managing Director, Lupin.

"This quarter marks the start of monetization of our complex generic pipeline with the launch of Etanercept biosimilar in Europe and generic Albuterol in the US. We expect to sustain the momentum on margin improvement led by optimisation efforts underway and robust growth in our key businesses,” he added.

North America that constitutes 37 percent of sales or Rs 1,398.4 crore saw 5.6 percent growth on YoY basis. The growth was much higher at 15 percent on QoQ basis.

The company launched 7 products during the quarter in the US market and now has 181 products in the US generics market.