Lupin's consolidated net profit jumped 24.47% to Rs 545.52 crore on a 3.57% rise in total revenue from operations to Rs 4160.93 crore in Q3 FY22 over Q3 FY21.
Consolidated profit before tax (PBT) dropped 68.16% to Rs 167.08 crore in Q3 FY22 from Rs 524.84 crore in Q3 FY21. Total tax rebate during the quarter stood at Rs 382 crore in Q3 FY22 as against a tax expense of Rs 83.49 crore in Q3 FY21.
Consolidated EBITDA skid 49.5% to Rs 403.90 crore in Q3 FY22 as compared to Rs 799.80 crore in Q3 FY21. EBITDA margin stood at 9.9% in Q3 December 2021 from 20.4% in Q3 December 2020.
Total formulations grew 7.2% to Rs 3831.10 crore in Q3 December 2021 over Rs 3573.50 crore in Q3 December 2020. Active Pharmaceutical Ingredients (APIs) fell 25.4% to Rs 256.40 crore in Q3 FY22 as against Rs 343.80 crore in Q3 FY21.
India formulation sales for Q3 FY22 stood at Rs 1,473.30 crore, falling 4.5% as compared to Rs 1,543.50 crore in Q2 FY22 while rising 7.8% as compared to Rs 1,366.90 crore in Q3 FY21, accounting for 36% of Lupin's global sales. India Region Formulations sales grew 11.9% in the quarter as compared to Q3 FY21. The company launched one brand in the Respiratory segment and two brands in the Cardiac segment in the quarter. As per IQVIA MAT December 2021, Lupin is the sixth largest company in the Indian pharmaceutical market.
Global API sales for Q3 FY22 was at Rs 256.40 crore, falling 4.3% as compared to Rs 267.80 crore in Q2 FY22 and down 25.4% as compared to Rs 343.80 crore in Q3 FY21, accounting for 6% of Lupin's global sales.
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Investment in R&D amounted to Rs 354.60 crore (i.e. 8.7% of sales) for Q3 FY22 as compared to Rs 330 crore (i.e. 8.2% of sales) for Q2 FY22. Lupin received approval for three ANDAs from the US-based drug regulator, USFDA in the quarter. Cumulative ANDA filings with the U.S. FDA stood at 447 as of 31 December 2021, with the company having received 295 approvals to date.
Currently, Lupin has 50 First-to-File (FTF) filings including 20 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 196 as of 31 December 2021.
Commenting on the Q3 results, Nilesh Gupta, the managing director of Lupin, has said, "We are on the path of sustained growth across markets. Our inhalation portfolio continues to build share in the U.S. and helped register double-digit growth sequentially, despite pricing and demand challenges on seasonal products. The inflationary environment has impacted margins, but we remain focussed on margin and EBIDTA improvement as we deliver on key product launches, cost optimization and improving efficiencies, especially by H2 FY23."
Shares of Lupin lost 0.72% to Rs 893.95 on BSE. Lupin is a transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets in the U.S., India, South Africa and across Asia Pacific (APAC), Latin America (LATAM), Europe and Middle-East regions.
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