Lupin shares fall over 2% as company misses Q4 FY24 estimates

Shares of drugmaker Lupin were trading in the negative territory on Tuesday after the company's fourth-quarter results for the financial year 2023-24 (Q4 FY24) missed market estimates.

The stock was trading 3.3% lower at ₹1,624 on the National Stock Exchange (NSE) at 10:06 am. On the BSE, the scrip was down 3.2% at ₹1,624.

Lupin had reported a consolidated net profit of ₹359 crore in the March quarter against a net profit of ₹236 crore in the year-ago period, reflecting a growth of 52%.

Experts had estimated a net profit of more than ₹500 crore.

Total revenue from operations increased to ₹4,961 crore in the January-March quarter of FY24 compared to ₹4,430 crore in the same period last fiscal, the company said in a regulatory filing on Monday.

The company's EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to ₹1026.1 crore, a 66% increase from ₹615 crore, with an EBITDA margin of 14.2%, up from 11.5% in the previous year.

Revenue from operations rose to ₹20,011 crore in the last fiscal year as against ₹16,642 crore in the 2022-23 fiscal year.

"We continue to move forward with sustainable and profitable growth and delivered another strong set of numbers in Q4. Our US sales remain healthy, driven by inhalation products, and our India formulation business is delivering ahead of the market," Lupin Managing Director Nilesh Gupta said.

While FY24 has been a year of resurgence for the company, the drugmaker looks forward to an even stronger FY25 driven by growth across key geographies and consistent improvement in margins, he added.

The company's board also approved a final dividend of ₹8 per equity share of the face value of ₹2 each for FY24.