Drug maker Lupin has closed financial year 2018-19 with 32.1 per cent decline in net profit and 5.2 per cent growth in net sales on a year on year (y-o-y) basis. The company has posted a net profit before exceptional items at Rs 946.60 crore in FY19 as against Rs 1,393.40 crore in the last fiscal.
Net profit after exceptional items was up 141.4 per cent at Rs 606.60 crore during the financial year ended March 31, 2019. "Exceptional items include a provision of Rs 340 crore made for fine upheld by the General Court of the European Union in Lupin's appeal against the European Commission's (EC) 2014 decision on the Perindopril litigation," the company said in a filing to the Bombay Stock Exchange.
Lupin's net sales stood at Rs 163,694 crore in FY19 as compared to Rs 155,598 crore in FY18, registering a growth of 5.2 per cent. Domestic sales increased by 12.4 per cent y-o-y to Rs 4638.20 crore versus FY2018, accounting for 29 per cent of global sales.
The operating profit (EBITDA), however, fell by 1.6 per cent at Rs 32,462 crore as compared to Rs 32,979 in the previous year.
During January-March quarter, net profit before exceptional items stood at Rs 287.40 crore as compared to Rs 358.60 crore in the same quarter last year, posting a decline of 19.85 per cent on the yearly basis. Operating revenue for Q4FY19 stood at Rs 865.20 crore, representing an growth of 10.9 per cent over the same quarter last year.
Sales for Q4 FY2019 were up 8.7 per cent at Rs 4,325.90 crore compared to Rs 3,978.50 crore in Q4 FY2018.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the March quarter was up by 12.3 per cent at Rs 958.80 crore as against Rs 853.60 crore in the same quarter last year.
Commenting on the financial performance, Nilesh Gupta, Managing Director, Lupin Limited said, "As committed, we have been able to deliver strong growth in operational performance through consecutive quarters. On the back of solid in-line sales and important new product launches like Ranolazine and Levothyroxine, the US generics business has bounced back strongly. Resolving the compliance issues at some of our sites and delivering on our cost optimization efforts is now imperative and as we start delivering on complex generics, markets like US and India will drive our growth."
The company's board has recommended a dividend at 250 per cent, i.e. Rs 5 per equity share of the face value of Rs 2 each for the year ended March 31, 2019, subject to approval of Members at the ensuing Annual General Meeting.
Edited by Chitranjan Kumar
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