LUPIN · Healthcare
Lupin Ltd. reported revenue of ₹5,768 cr for October to December 2024, +11.0% on the year and +1.7% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹1,356 cr, a margin of 23.5%, +354 bps on the year and −11 bps on the quarter. Over the last 7 quarters the margin has ranged from 17.8% to 23.6%, averaging 20.8%. Operating costs grew +6.1% against revenue growth of +11.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹859 cr, +38.8% on the year and 0.0% on the quarter, with earnings per share of ₹18.74. Profit before other income, one-offs and tax grew faster, at +43.8%; other income, one-offs or tax held the headline back. The tax rate of 20% is in line with its recent average.
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.
On earnings per share of ₹62.90 over the last four quarters, the stock at ₹1,956.20 trades at 31.1 times trailing earnings.
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: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| 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 ₹5,768 cr (+11.0% on the year) and net profit of ₹859 cr (+38.8% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +43.8% on the year, against +38.8% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.