Shares of the drug major slumped 4.98% to Rs 889.65 after its consolidated net profit tumbled 96.5% to Rs 106.9 crore on a 9.1% decline in sales to Rs 3,468.6 crore in Q1 FY21 over Q1 FY20.
In the first quarter, the formulations business revenue was at Rs 3,059.6 crore (down 11.7% YoY) while the API business revenue came in at Rs 409 crore (up 17.2% YoY).
EBITDA fell 34.7% to Rs 531.4 crore in Q1 June 2020 from Rs 813.4 crore in Q1 June 2019. EBITDA margin was at 15.3% as on 30 June 2020 as against 21.3% as on 30 June 2019.
Profit before tax before exceptional items in the June quarter stood at Rs 272.5 crore, down by 43.1% from Rs 478.9 crore reported in the corresponding period last year.
Tax expense declined by 23.8% on a year-on-year 19 (YoY) basis to Rs 164.3 crore in Q1 FY21.
Investment in R&D amounted to Rs 357.50 crore (10.3% of sales) for Q1 FY21 and Rs 344.20 crore (9.1% of sales) for Q4 FY20.
Lupin's Global API sales for Q1 FY21 were Rs 409 crore, compared to sales of Rs 328.60 crore during Q4 FY20 and up 17% compared to sales of Rs 348.90 crore during Q1 FY20; accounting for 12% of Lupin's global sales.
Commenting on the results, Nilesh Gupta, managing director, Lupin, said, The quarter's performance was impacted by the COVID-19 pandemic and related lockdowns, affecting our key businesses in India and US. We continue to focus on business continuity while ensuring employee safety. Despite the challenges impacting revenues, we improved margins driven by tight expense control. We expect to continue the momentum on margin improvement. This is a pivotal year for us to deliver on our key complex generic assets and to sustain the momentum on the compliance front.
Lupin is an innovation-led transnational pharmaceutical company.
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