Mumbai, February 09, 2023: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending Dec 31, 2022 today. These unaudited results were taken on record by the Board of Directors at a meeting held today.
Income Statement highlights – Q3 FY2023
- Gross Profit was INR 25,375 mn compared to INR 23,784 mn in Q2 FY2023, with gross margin at 59.8%
- Personnel cost was 18.0% of sales at INR 7,640 mn compared to INR 7,716 mn in Q2 FY2023
- Manufacturing and other expenses were 31.5% of sales at INR 13,351 mn compared to INR 12,268 mn in Q2 FY2023
- Investment in R&D for the quarter was INR 2,896 mn (6.8% of sales)
Balance Sheet highlights
- Operating working capital was INR 63,837 mn as on Dec 31, 2022
- Capital Expenditure for the quarter was INR 1,555 mn
- Net Debt as on Dec 31, 2022 stands at INR 33,479 mn
- Net Debt-Equity for the company as on Dec 31, 2022 stands at 0.27
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We continued to build on our momentum in the quarter with growth in sales and improvement in profitability. Sales in the U.S. have improved on the back of new product launches and the brands acquisition we made during the quarter. Excluding the impact of genericization on our diabetes portfolio, the India business has performed in line with the market. With the recent sales force expansion and new product launches, we expect to be back to above-market growth. We are committed to executing on our strategic initiatives to drive long-term growth and profitability, and maintaining the highest standards of quality and compliance.”
