On a consolidated basis, the drug major's net profit soared 404.30% to Rs 548.16 crore on 22.2% jump in net sales to Rs 4,237.39 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Consolidated profit before tax surged 174.90% to Rs 750.49 crore in Q1 FY22 as against Rs 273.02 crore in Q1 FY21. EBITDA climbed 86.8% to Rs 992.60 crore in Q1 June 2021 compared with Rs 531.40 crore in Q1 June 2020. EBITDA margin improved to 23.4% during the quarter compared with 15.3% during Q1 June 2020. The Q1 result was declared after market hours yesterday, 10 August 2021.
Gross profit was Rs 2,709.40 crore compared with Rs 2,441.70 crore in Q4 FY2021, with a gross profit margin of 63.9%. The gross profit was buoyed by the $50 million received from Boehringer Ingelheim for achieving key milestones for its novel MEK inhibitor compound collaboration.
Personnel cost was 18.5% of sales at Rs 783.70 crore as against Rs 640.20 crore in Q4 FY2021. Manufacturing and other expenses were at 24.3% of sales at Rs 1,030.90 crore as compared to Rs 1,117.80 crore in Q4 FY2021. The net debt as on 30 June 2021 stood at Rs (-)345.30 crore. Net debt-equity for the company as on 30 June 2021 was at (-)0.02.
For India business, Lupin's formulation sales for Q1 FY2022 were at Rs 1,636.20 crore, rising 27.2% as compared to Rs 1,286.60 crore in Q4 FY2021 and up 27.3% as compared to Rs 1,285.40 crore in Q1 FY2021, accounting for 42% of Lupin's global sales. India Region Formulations sales grew 31% in the quarter as compared to Q1 FY2021. As per IQVIA MAT June 2021, Lupin is the sixth largest company in the Indian pharmaceutical market.
Lupin's Global API sales for Q1 FY2022 stood at Rs 245.90 crore, falling 3.8% as compared to Rs 255.60 crore in Q4 FY2021, and down 39.9% as compared to Rs 409 crore in Q1 FY2021, accounting for 6% of Lupin's global sales.
Investment in R&D amounted to Rs 373.70 crore (i.e. 8.8% of sales) for Q1 FY2022 as compared to Rs 342.70 crore (i.e. 9.1% of sales) for Q4 FY2021. Lupin received approval for 3 Abbreviated New Drug Applications (ANDAs) from the United States Food and Drug Administration (USFDA) in the quarter. Cumulative ANDA filings with the USFDA stand at 440 as of 30 June 2021, with the company having received 291 approvals to date. The pharmaceutical major now has 50 First-to-Files (FTF) filings including 18 exclusive FTF opportunities. Cumulative US Drug Master File (DMF) filings stand at 202 as of 30 June 2021.
Commenting on the Q1 results, Nilesh Gupta, the managing director (MD) of Lupin, said, "While the quarter's profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth. We remain committed to grow our US business both with our inline products as well as ramp up of Albuterol and Brovana, to continue above-market growth in India, and ensure growth in every part of the business. We see meaningful uplift in the second half and remain focused on our journey of expanding margins through driving strong double-digit revenue growth and optimizing costs, while ensuring the safety of our people and the highest standards of compliance."
Lupin is an innovation-led transnational pharmaceutical company.
Shares of Lupin slumped 6.17% to Rs 1,050 on BSE. The stock has traded in the range of Rs 1,043.15 to Rs 1,090.60 so far.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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