Lupin Posts Robust Numbers For Q2FY14

Lupin  has came out with robust set of numbers for Q2FY14. The consolidated net profit of the company has increased by 39.8% on yearly basis to stand at Rs 406 crore. The consolidated revenue of the company has moved up by 16% on YoY basis to stand at Rs 2668 crore for Q2FY14 as against Rs 2300 crore reported during Q2FY13. The better performance for September 2013 can be attributed to formulations business and strong growth US, Europe & Africa.

Consolidated EBITDA climbed by 27.9% on YoY basis to Rs 741 crore as against Rs 520 crore reported during the same period last fiscal. The EBITDA margins expanded by whooping 516 basis points to stand at 27.77% for Q2FY14. Lupin has reported other income of Rs 81 crore for the quarter as against Rs 4 crore in a year ago period while tax expenses surged 79.5 percent Y-o-Y to Rs 258.19 crore.

The formulations business of the company has grown by 17% and the revenues from US and European businesses have increased by 32% and 18%, respectively. Active pharmaceutical ingredient or API (drug raw material) shot up by 20% on a YoY basis.

Lupin filed 7 abbreviated new drug application (ANDAs) and received 6 ANDA approvals in the quarter. Cumulative ANDA filings with the US Food and Drug administration (USFDA) now stand at 183 with the company having received 92 approvals to date. It received approval for 1 MAA from European regulatory authorities in the quarter.

Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited, said "Despite challenges in markets like India, we have had a good first half, driven by strong business growth from markets like US and improved operational efficiencies. Our growth story continues. This consistent performance has led to a sustained EBIDTA and PAT improvement."

The counter closed at Rs 902 on BSE today. We fell that the stock may witness some positive move in coming sessions session.