Lupin Limited reported a strong financial performance for the third quarter of FY2025, driven by robust revenue growth, improved operational efficiency, and strong contributions from North America and India businesses.
Consolidated Financial Performance (₹ Mn)
Particulars
Q3 FY2025
Q3 FY2024
YoY Growth (%)
Q2 FY2025
QoQ Growth (%)
Sales
56,186
50,799
+10.6%
54,970
+2.2%
EBITDA
14,096
10,673
+32.1%
13,827
+1.9%
EBITDA Margin (%)
25.1%
21.0%
+408 bps
25.2%
-7 bps
PBT
10,713
7,361
+45.5%
10,549
+1.6%
PAT
8,589
6,187
+38.8%
8,595
-0.1%
Segment-Wise Performance
The North American and Indian markets were the key drivers of revenue growth. While North America saw a 12.3% YoY growth, India reported an 11.9% YoY increase, reflecting strong domestic demand.
Segment
Q3 FY2025 Revenue (₹ Mn)
YoY Growth (%)
QoQ Growth (%)
North America
21,213
+12.3%
+7.6%
India
19,305
+11.9%
-3.9%
EMEA
6,249
+20.9%
+9.8%
Emerging Markets
4,508
-4.7%
-7.9%
Rest of World (ROW)
2,020
+1.8%
+24.0%
API Business
2,891
+4.0%
-1.8%
Key Financial Statement Summary (₹ Mn)
Lupin reported higher revenue from operations, a strong gross margin of 69.4%, and increased profitability.
Particulars
Q3 FY2025
Q3 FY2024
YoY Growth (%)
Total Revenue from Operations
57,677
51,974
+11.0%
Material Cost
17,216
17,261
-0.3%
Gross Margin (Excl. Other Op Income)
38,970
33,538
+16.2%
Employee Cost
9,844
8,892
+10.7%
Manufacturing & Other Expenses
16,959
15,601
+8.7%
EBITDA
14,096
10,673
+32.1%
Depreciation & Amortization
2,715
2,572
+5.6%
Finance Cost
669
740
-9.6%
PBT
10,713
7,361
+45.5%
Tax
2,124
1,174
+80.9%
PAT
8,589
6,187
+38.8%
Strategic Corporate Developments
1. Leadership Reappointments
Vinita Gupta reappointed as CEO for a five-year term starting May 28, 2025.
Ramesh Swaminathan reappointed as Executive Director, Global CFO & Head of API Plus SBU for five years starting March 26, 2025.
2. Business Expansion & Divestment
OTC Business Transfer: Lupin will transfer its Over-the-Counter (OTC) Consumer Healthcare Business to a wholly owned subsidiary, LupinLife Consumer Healthcare Limited, through a slump sale worth ₹5,500 – ₹6,500 Mn, expected to be completed by June 30, 2025.
Huminsulin Acquisition: Lupin acquired Eli Lilly’s Huminsulin to strengthen its diabetes portfolio in India.
3. New Product Approvals & Launches
Prednisolone Acetate Ophthalmic Solution (CGT exclusivity in the US)
Emtricitabine & Tenofovir Alafenamide Tablets (Shared exclusivity in the US)
Ranibizumab (Filed for EU approval to enter the ophthalmology market).
4. Regulatory Compliance
Received EIR (Establishment Inspection Report) from US FDA for Pithampur Unit-I.
Regulatory approvalsobtained for:
Pune Biotech (EMA, Japan's PMDA)
Pithampur Unit-I (Germany, Brazil ANVISA).
Strategic Outlook & Market Positioning
Robust Complex Generics Portfolio: Lupin plans to launch 20 complex generics across inhalation, injectables, and ophthalmics by 2028.
Continued Cost Optimization: EBITDA margins continue to improve YoY, showing the success of operational efficiencies.
Strengthening US Market Leadership: Lupin is ranked #3 in the US generics market and holds #1 position in 50 marketed generics.
Conclusion
Lupin delivered a strong financial performance in Q3 FY2025, driven by expanding market share, leadership in generics, strategic acquisitions, and cost efficiency. The company's regulatory approvals, new product launches, and planned divestments reflect a clear growth strategy focused on enhancing profitability and global expansion.