LUPIN · Healthcare
Lupin Ltd. reported revenue of ₹5,197 cr for October to December 2023, — on the year and +3.1% on the quarter.
Operating profit (EBITDA) was ₹1,038 cr, a margin of 20.0%, — on the year and +176 bps on the quarter.
Net profit was ₹619 cr, — on the year and +25.1% on the quarter, with earnings per share of ₹13.47.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,197 cr | ₹4,961 cr | ₹5,600 cr | ₹5,673 cr | ₹5,768 cr | ₹5,667 cr | ₹6,268 cr | ₹7,048 cr | ₹7,168 cr | ₹7,475 cr | ₹8,277 cr | ₹7,827 cr |
| YoY | — | — | +16% | +13% | +11% | +14% | +12% | +24% | +24% | +32% | +32% | +11% |
| EBITDA margin | 20.0% | 20.1% | 22.2% | 23.6% | 23.5% | 23.3% | 27.6% | 33.2% | 31.6% | 33.3% | 29.6% | 26.1% |
| Other income, % of PBT | 4% | 6% | 7% | 4% | 5% | 6% | 6% | 4% | −20% | 0% | 6% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 16% | 26% | 19% | 19% | 20% | 13% | 14% | 26% | 22% | 24% | 30% | 27% |
| Net profit | ₹619 cr | ₹368 cr | ₹806 cr | ₹859 cr | ₹859 cr | ₹782 cr | ₹1,221 cr | ₹1,485 cr | ₹1,181 cr | ₹1,469 cr | ₹1,417 cr | ₹1,155 cr |
| YoY | — | — | +78% | +74% | +39% | +113% | +51% | +73% | +37% | +88% | +16% | −22% |
| Core profit YoY | — | — | +73% | +72% | +44% | +79% | +45% | +89% | +80% | +129% | +41% | −24% |
| EPS | ₹13.47 | ₹7.89 | ₹17.58 | ₹18.69 | ₹18.74 | ₹16.92 | ₹26.69 | ₹32.36 | ₹25.73 | ₹31.94 | ₹30.95 | ₹25.27 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Lupin Ltd. reported revenue of ₹5,197 cr (— on the year) and net profit of ₹619 cr (— on the year) for October to December 2023.
None of the 2 checks that could run raised a question.
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