LUPIN LTD
RESULTS FOR
Q4 & FY 2013-14
FY 2013-14
Net Sales up 17.2%,
EBITDA up 35.8%,
Net profit up 39.7%
Quarter IV
Net Sales up 20.3%,
Net Profits up 35.5%
Ø
Net sales grew by 17.2% to Rs. 110,866 m. during FY 2013-14,
up from Rs. 94,616 m. in FY 2012-13
Ø
Q4, FY 2013-14: Net Sales grew by 20.3% to Rs. 30,515
m. during Q4 FY 2013-14, up from Rs.25,374 m. in Q4 FY 2012-13
Ø
Earnings before Interest, Tax, Depreciation and
Amortization (EBITDA) grew by 35.8% Rs. 31,193 m. during FY 2013-14, up from
Rs. 22,977 m. in FY 2012-13
Ø
Q4, FY 2013-14: EBITDA grew by 32.7% to Rs. 8,821 m.
during Q4 FY 2013-14, up from Rs. 6,649 m. in Q4 FY 2012-13
Ø
Profit before tax (PBT) grew by 47.1% to Rs. 28,317 m.
during FY 2013-14, up from Rs. 19,246 m. in FY 2012-13
Ø
Q4, FY 2013-14: PBT grew by 52.2% to Rs. 7,956 m.
during Q4 FY 2013-14, up from Rs. 5,226 m. in Q4 FY 2012-13
Ø
Net profits grew by 39.7% to Rs. 18,364 m. during FY2013-14,
up from Rs. 13,142 m. in FY 2012-13
Ø
Q4, FY 2013-14 : Net Profits grew by 35.5% to Rs. 5,530 m.
during Q4 FY 2013-14, up from Rs. 4,081 m. in Q4 FY 2012-13
The Board
has proposed a final dividend of 150%, making it a total dividend of 300% for
FY 2013-14
Commenting
on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited, said “We
have had another remarkable year fuelled by strong growth in key markets like
the U.S., Europe, South Africa and in our API business. Importantly, we were
able to improve operational efficiencies substantially. The year also marked our
entry into high growth markets like Mexico and acquiring technology research
capabilities that would help us address niche segments like Complex Injectables
and Inhalation. "
Profit & loss
highlights
Material cost decreased by 3.5% to 32.1% of
net sales, at Rs. 9,804 m. during Q4 FY 2013-14 as compared to Rs. 9,044 m. during Q4 FY 2012-13.
Manufacturing and other expenses increased by 1.6% to 28.6% of
net sales at Rs. 8,736 m. during Q4 FY 2013-14 as compared to Rs. 6,843 m.
during Q4 FY 2012-13.
Personnel cost decreased by 0.5% to 12.8% of
net sales, at Rs. 3,896 m. during Q4 FY 2013-14, as against Rs. 3,386 m. (Q4 FY
2012-13).
Revenue expenditure on R&D stood at 8% of net
sales at Rs. 2,456 m. during Q4 2013-14, as compared to Rs. 1,999 m. during Q4
FY 2012-13.
BALANCE SHEET
Ø Operating working capital
increased to Rs. 28,158 m. as on 31St March, 2014 as against Rs.
27,695 m. as on 31st December, 2013. The working capital number of days stands
at 92 days as on 31st March, 2014 as against 94 days
on 31stDecember, 2013.
Ø Capital Expenditure stood at
Rs. 1,017 m. during the quarter.
Ø The Company continues to enjoy
“Debt Free” status.
OPEARTIONAL HIGHLIGHTS
US and Europe
Formulation
sales (including IP) grew by 29% to Rs. 51,805 m. during FY 2013-14, as against
Rs. 40,051 m in FY 2012-13, contributing 47% to overall sales.
US brands
business contributed 10% of total US sales whereas the generics business was
the balance 90% during FY 2013-14.
Formulation
sales (including IP) grew by 28% to Rs. 15,494 m. during Q4 FY 2013-14, as
against Rs. 12,123 m in Q4 FY 2012-13, contributing 51% to overall sales.
US revenues
increased by 18% to USD 241 m. during Q4 FY 2013-14 and by 16% to USD 803 m.
for FY 2013-14.
5 products
were launched in the US market during the quarter taking it to a total of 20
products during FY 2013-14. Lupin now has 72 products in the market.
Lupin is market
leader in 29 products marketed in US generics market. The Company is amongst the
Top 3 by market share in 49 products. (IMS Health, Dec, 2013).
Lupin’s
European revenues increased by 20% during Q4 FY 2013-14.
India formulations
Indian
market contributed 22% of the company’s overall revenues for FY 2013-14. India formulations business grew by 5%
recording revenues of Rs. 24,795 m. for FY 2013-14 as compared to Rs. 23,644 m.
for FY 2012-13.
India
formulations business contributed 19% of the Company’s overall revenues for Q4
FY 2013-14. The business grew by 2% recording net revenues of Rs. 5,763 m.
during Q4 FY 2013-14, as compared to Rs. 5,659 m. in Q4 FY 2012-13.
Japan
Lupin’s
Japanese business (Kyowa + I’rom) clocked net sales of Rs. 12,955 m. during FY
2013-14 and contributed 11% to the Company’s consolidated revenues. Revenues in
Yen term grew 8% to JPY 21,399 m. during the year from JPY 19,785 m.
Japan Sales
for Q4 FY 2013-14 grew by 17% clocking net sales of Rs. 3,218 m. as compared to
Rs. 2,752 m. in Q4 FY 2012-13. Total revenues increased to JPY 5,353 m. for Q4
FY 2013-14 up from JPY 4,675 m. in Q4 FY 2012-13, a growth of 15% in JPY terms.
Kyowa
revenues (excluding I’rom) increased to Rs. 9,637 m from Rs. 9,218 m in the
previous year, a growth of 5%. Kyowa revenues (excluding I’rom) increased from JPY
13,984 m to JPY 15,918 m in FY 2013-14, recording a growth of 14%.
For the
quarter, it grew by 5% to Rs. 2,405 m from Rs. 2,016 m in Q4 2012-13. In JPY terms,
it grew by 14% to JPY 4,000 m from JPY 3,407 m in Q4 2012-13.
ROW Markets
ROW markets
grew by 23% to Rs. 6,371 m. during FY 2013-14 contributing 6% to Lupin’s
consolidated revenues.
The sales
during Q4 2013-14 grew by 38% to Rs. 2,059 m from Rs. 1,498 m during Q4
2012-13.
South Africa
Lupin’s
South African subsidiary, Pharma Dynamics clocked in revenues of Rs. 3,800 m.
in FY 2013-14 as compared to Rs. 3,210 m. during FY 2012-13, a growth of 18%.
Pharma Dynamics clocked in revenues of Rs. 1,067 m. during Q4 FY 2013-14, a
growth of 18%. The Company remains the fastest growing and the 4th largest
generic
company in the South African market with clear leadership in the cardiovascular
space.
API
API sales
grew by 17% to Rs. 11,140 m. during FY 2013-14 contributing to 10% to Lupin’s
consolidated revenues.
The sales
during Q4 2013-14 grew by 20% to Rs. 2,914 m from Rs. 2,436 m during Q4
2012-13.
R&D
Revenue
expenditure on R&D for FY 2013-14 amounted to Rs. 9,294 m., 8.4% of net
sales as against Rs. 7,098 m., 7.5% of net sales for FY 2012-13.
Revenue
expenditure on R&D for Q4 FY 2013-14 amounted to Rs. 2,456 m., 8% of net
sales as against Rs. 1,999 m., 7.9% to net sales in Q4 FY 2012-13.
Lupin filed
7 ANDAs and received 3 approvals from the US FDA during the quarter. During the
year, the Company filed 19 ANDA’s and received 22 approvals. Cumulative ANDA
filings with the US FDA as of March 31st, 2014 stood at 192 with the
company having received 99 approvals to date. To date, the Company has 31
First-to-Files include 15 exclusive ones.
The Company
filed 4 MAAs with European regulatory authorities and has received 2 approvals
during the quarter. Cumulative filings with European authorities now stand at
57 with the company having received 48 approvals to date.
About Lupin Limited
Lupin is an
innovation led transnational pharmaceutical company producing and developing a
wide range of branded and generic formulations and APIs.
The Company
is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS,
GI, Anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and
Cephalospor in segment.
Lupin is the
5 th largest and fastest growing top 5 generics player in the
US (5.3% market share by prescriptions, IMS Health) and the 3 rd largest Indian pharmaceutical company by sales. The
Company is also the fastest growing top 10 generic pharmaceutical players in Japan
and South Africa (IMS).
For the
financial year ended March 2014, Lupin's Consolidated turnover and Profit after
Tax were Rs. 110,866 million (USD 1.83 billion) and Rs. 18,364 million (USD 304
million) respectively.
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