Drug manufacturer Lupin Ltd. reported September quarter results that were better than expectations. Growth was led by the US markets, which contributes nearly 40% to the overall topline.

The company's US sales crossed $200 million for the first time in nearly the last two years. Sales for the quarter stood at $213 million, higher than analyst expectations of $185 million.

Last instance of the company's US sales crossing $200 million was back in the December quarter (Q3) of financial year 2022. The launch of the Spiriva generic inhaler contributed to the growth in the US market.

For the September quarter, Lupin reported 22% revenue growth compared to the same period last year. The ₹5,038 crore sales figure was higher than the CNBC-TV18 poll of ₹4,814.4 crore.

Net profit for the period also rose to ₹489.7 crore from ₹129.7 crore last year. Operating profit or EBITDA doubled year-on-year to ₹917.76 crore, while analysts had projected the figure at ₹776 crore.

EBITDA margin expanded by over 700 basis points to 18.2% from 18.9% last year.

Lupin's India business, which contributes to a third of the overall topline, grew by 7% year-on-year to ₹1,691.5 crore. Analysts had projected the India business to grow between 8% and 9% from the year-ago period.

Growth in the company's Europe, Middle East, Africa (EMEA) stood at 24% from last year at ₹475.9 crore.

Shares of Lupin have almost doubled from their 52-week low of ₹628 and have risen 65% so far in 2023.

(Edited by : Hormaz Fatakia)

First Published:Nov 9, 2023 7:43 AM IST