The drug maker reported a consolidated net loss of Rs 2098.04 crore in Q2 September 2021 as against net profit of Rs 211.02 crore in Q2 September 2020.
On a consolidated basis, net sales rose 5.86% to Rs 4003.42 crore in Q2 September 2021 over Q2 September 2020. Pre-tax loss stood at Rs 2204.78 crore in Q2 September 2021 as against pre-tax profit of Rs 360.21 crore in Q2 September 2020.EBITDA rose 3.7% to Rs 628.50 crore in Q2 September 2021 over Q2 September 2020. EBITDA margin stood at 15.7% in Q2 September 2021 lower than 16% in Q2 September 2020. EBITDA for Q2 FY2022 includes an adverse impact of about 80 bps for one-time costs related to US specialty restructuring.
Manufacturing and other expenses were 28.5% of sales at Rs 1142.50 crore compared to Rs 1030.90 crore in Q1 FY2022.
During the quarter, the company booked a provision of Rs 1879.60 crore [including Rs 38.7 crore towards litigation and settlement related expenses] under Glumetza class actions towards business compensation expense based on the agreement to settle the dispute with two plaintiff groups as well as Impairment expense of Rs 707.7 crore for Solosec IP.
Lupin's North America sales for Q2 FY2022 were at Rs 1429.10 crore, up 7.2% compared to Q1FY2022. It accounted for 36% of Lupin's global sales.
Lupin's India formulation sales for Q2 FY2022 were Rs 1543.50 crore, down 5.7% as compared to Q1 FY2022. It accounted for 38% of Lupin's global sales
Lupin's Europe, Middle-East and Africa sales saw a 33.3% rise, contributing 9% of the total revenue.
Also Read
Lupin's Global API sales for Q2 FY2022 were Rs 2,67.80 crore, up 8.9% compared to Rs 245.90 crore in Q1 FY2022, accounting for 7% of Lupin's global sales.
Investment in R&D amounted to Rs 330 crore (8.2% of sales) for Q2 FY2022 as compared to Rs 373.70 crore (8.8% of sales) for Q1 FY2022.
Lupin received approval for 1 ANDA from the USFDA in the quarter. Cumulative ANDA filings with the USFDA stand at 444 as of 30 September 2021, with the company having received 292 approvals to date.
Lupin is an innovation-led 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.
Shares of Lupin were down 1.22% at Rs 925.40.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content