Lupin Limited: Quarter III Results, FY 2012-13

                Lupin Limited: Quarter III Results, FY 2012-13

  PR Newswire

  MUMBAI, January 31, 2013

MUMBAI, January 31, 2013 /PRNewswire/ --

                           Record Sales and Profits

                 Net Sales up 38%, EBITDA up 68%, PAT up 43%

       BSE: 500257 | NSE: LUPIN| REUTERS: LUPIN.BO|BLOOMBERG: LPC IN

Pharma Major, Lupin Ltd. reported its performance for the third quarter ended
31 ^st December, 2012. These unaudited results were taken on record by the
Board of Directors at a meeting in Mumbai today.

  *Net sales grew by 37.6% to Rs. 24,659 m. during Q3 FY 2012-13, up from Rs.
    17,917 m. (Q3 FY 2011-12)

       *9M  FY 2012-13: YoY growth of 36.4% to Rs. 69,243 m. from Rs. 50,765
         m.

  *Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew
    by 67.6% to Rs. 6,314 m. during Q3 FY 2012-13, up from Rs. 3,768 m. (Q3 FY
    2011-12)

       *9M  FY 2012-13: YoY growth of 51.5% to Rs. 16,329 m. from Rs. 10,781
         m.

  *Profit before tax (PBT) grew by 78.6% to Rs. 5,550 m. during Q3 FY
    2012-13, up from Rs. 3,107 m. (Q3 FY 2011-12)

       *9M  FY 2012-13: YoY growth of 55.8% to Rs. 14,020 m. from Rs. 9,001
         m.

  *Net profits grew by 42.6% to Rs. 3,352 m. during Q3 FY 2012-13, up from
    Rs. 2,351 m. (Q3 FY 2011-12)

       *9M  FY 2012-13: YoY growth of 27.3% to Rs. 9,061 m. from Rs. 7,120
         m.

Commenting on the results,  Dr. Kamal K. Sharma, Managing Director, Lupin
Limited , said "We had a record quarter driven by strong operating performance
and growth in the US. Importantly, we continue to improve on margins
consistently."

Unaudited consolidated financial results for the quarter ended December 31 ^st
                           , 2012 (YoY comparison)

Figures in Rs. m

                                      % of net             % of net     YoY
    Particulars            Q3 2012-13   sales   Q3 2011-12   sales   growth %
    Net sales                24,659      100%     17,917    100.0%     37.6%
    Other operating income      352      1.4%        286      1.6%     23.2%
    Total revenue            25,011    101.4%     18,203    101.6%     37.4%

    Raw material consumed     9,357     37.9%      6,258     34.9%     49.5%
    Gross margin (excl.
    other operating
    income)                  15,302     62.1%     11,659     65.1%     31.2%

    Employees cost            3,165     12.8%      2,524     14.1%     25.4%
    Manufacturing & other
    expenses                  6,440     26.1%      5,673     31.7%     13.5%
    Operating margin          6,049     24.5%      3,748     20.9%     61.4%

    Other income                265      1.1%         20      0.1%   1245.8%
    EBITDA                    6,314     25.6%      3,768     21.0%     67.6%

    Depreciation                688      2.8%        576      3.2%     19.4%
    EBIT                      5,626     22.8%      3,192     17.8%     76.3%

    Interest & finance
    charges                      76      0.3%         85      0.5%    -10.4%
    PBT                       5,550     22.5%      3,107     17.3%     78.6%

    Tax                       2,116      8.6%        701      3.9%    201.8%
    PAT                       3,434     13.9%      2,406     13.4%     42.7%

    Minority interest &
    share of loss in
    associates                   82      0.3%         55      0.3%     48.4%
    Net profit                3,352     13.6%      2,351     13.1%     42.6%

Balance sheet highlights

  *Operating working capital increased to Rs. 22,855 m. as on 31 ^st
    December, 2012 as against Rs. 21,322 m. as on 30 ^th September, 2012. The
    working capital number of days stands at 90 days as on 31 ^st December,
    2012 as against 87 days on 30 ^th September, 2012.
  *Capital Expenditure stood at Rs. 970 m. during the quarter.
  *Debt Equity Ratio as on 31 ^st December, 2012, was 0.21.

                                         YOY growth
    Particulars    Q3 2012-13 Q3 2011-12     %
    Formulations     22,306     15,936      40%
    US (including
    IP)              10,390      6,188      68%
    Europe              598        644      -7%
    India             5,708      5,011      14%
    Japan             3,658      2,468      48%
    South Africa        831        583      43%
    Rest of world     1,121      1,042       8%

    API               2,353      1,981      19%
    Total net
    sales            24,659     17,917      38%

US & Europe

US & Europe formulation sales contributed 44% to the Company's overall
consolidated revenues for Q3 FY 2012-13. Formulation Sales for US & Europe
grew by 60% to Rs. 10,829 m. during Q3 FY 2012-13, as against Rs. 6,763 m. Q3
FY 2011-12. Lupin is now the market leader in 22 products out of the 43
products it markets in the US generics market. The Company is amongst the Top
3 by market share in 38 of these products.

India formulations

The Indian formulations contributed 23% of the Company's overall revenues for
the quarter. The Company's India formulations business grew by 14% recording
net revenues of Rs. 5,708 m. during Q3 FY 2012-13, as compared to Rs. 5,011 m.
in Q3 FY 2011-12.

Japan

Lupin's Japan Sales (Kyowa + I'rom) grew by 48% clocking net sales of Rs.
3,658 m. during the quarter, as compared to Rs. 2,468 m. in Q3 FY 2011-12.
Japan now contributes 15% to Lupin's consolidated revenues. Total revenues
increased to JPY 5,497 m. from JPY 3,855 m., a growth of 43% in JPY terms.

R&D

Revenue expenditure on R&D for Q3 FY 2012-13 amounted to Rs. 2,382 m., 9.7% to
net sales as against Rs. 1,410 m., 7.9% to net sales in Q3 FY 2011-12.

About Lupin Limited

Headquartered in Mumbai, 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
Cephalosporin segment.

Lupin is the 5 ^th largest and fastest growing generics player in the US (5.1%
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 2012, Lupin's Consolidated Total Income and
Profit after Tax were Rs. 70,972 million (USD 1.49 billion) and Rs. 8,676
million (USD 182 million) respectively. Please visit http://www.lupinworld.com
for more information.

For further information or queries please contact - Shamsher Gorawara Head -
Corporate Communications Lupin Limited: Ph: +91-98-20-338-555 Email:
shamshergorawara@lupinpharma.com