Lupin Q4 Results: Net Profit up by 52.3% YoY

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Lupin Limited unveiled its Q4 FY2023-24 financial results, reporting a total revenue of ₹4,960.8 crore, marking a significant 12% YoY growth from the previous year. Lupin Q4 results for FY2023-24, show that the total revenue surged to ₹20,010.8 crore, up by 20.2% from the previous fiscal year. Key financial highlights include a Gross Profit of ₹3,321.3 crore, a Net Debt of ₹476.6 crore, and a proposed dividend of 400%. Lupin also saw a substantial increase in EBITDA by 66.8%, reaching ₹1,026.1 crore. Additionally, the company solidified its position in the Indian and U.S. pharmaceutical markets.

DATA Points:

  1. Total Revenue from operations: ₹4,960.8 crore; Down by 4.6% QoQ
  2. Gross Profit: ₹3,321.3 crore; up by 28.7% YoY
  3. EBITDA: ₹1,026.1 crore, down by 3.9% QoQ
  4. Profit After Tax (PAT): ₹368.2 crore; Up by 52.3% YoY

ExploreLupin Share Price


The Mumbai-based, global pharma major Lupin Limited (Lupin) today announced its financial results for the fourth quarter of the financial year 2023-24. Through the Lupin Q4 results, the Company's Board of Directors on May 6, 2024, posted a total revenue from operations of ₹4,960.8 crore for the 4th quarter. The previous year, the company recorded a total revenue from operations of 4,430.1 crore, which reflects a notable uptick of 12% YoY growth. 

For the financial year 2023-24, the total revenue rose to ₹20,010.8 crores from ₹16,641.7 crore in the financial year 2022-23, which shows a 20.2% YoY growth. Lupin remained committed to investing in Research and Development (R&D), dedicating ₹425.5 crore, representing 8.7% of sales for the quarter.

Additional ReadQuarterly Results

Lupin Q4 Results: 5 Key Financial Highlights

  1. In the fourth quarter of FY2024, the Gross Profit amounted to ₹3,321.3 crore, slightly lower compared to ₹3,353.8 crore in Q3 FY2024, with a gross margin of 67.8%.
  2. As of March 31, 2024, the Net Debt stands at ₹476.6 crore, with the Net Debt-Equity ratio at 0.03.
  3. Taking into account the long-term perspective, the Board has proposed a dividend of 400%. This means a dividend of ₹8 per share, with a face value of ₹2 each, for the financial year ending March 2024.
  4. Manufacturing and other expenses accounted for 30.4% of sales, totalling ₹1,490.1 crore, compared to ₹1,560.2 crore in Q3 FY2024.

Additional Read: Nerolac Paints Q4 Results

Lupin Q4 Results: Profitability Analysis

The company experienced a remarkable 66.8% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), soaring to ₹1,026.1 crore from ₹615 crore. Consequently, this led to an enhanced EBITDA margin of 14.2%, a significant improvement compared to the same period last year.

In FY 2024, India formulation sales amounted to ₹6,656.4 crore, reflecting a 9.6% increase from ₹6,075.9 crore in FY 2023. These sales accounted for 34% of Lupin's global sales. For Q4 FY 2024, sales in India were ₹1,601.5 crore, down 7.2% from ₹1,725.1 crore in Q3 FY 2024, but up 8.3% from ₹1,478.6 crore in Q4 FY 2023. These Q4 FY 2024 sales accounted for 33% of Lupin's global sales. As the 7th largest company in the Indian Pharmaceutical Market, (according to IQVIA MAT data as of March 2024) the company introduced 7 new brands spanning various therapeutic areas.

Lupin maintains its position as the 3rd largest pharmaceutical company in both the U.S. generic market and the U.S. total market in terms of prescriptions, (as per IQVIA Qtr TRx data as of March 2024). In FY 2023-24, North America sales totalled ₹7,246.2 crore, marking a significant increase of 33.8% from ₹5,417.3 crore in FY2023. These sales constituted 37% of Lupin's global sales.

Additional ReadDMart Q4 Results

Lupin Q4 Results: Major Financial Metrics (₹ in crores)


Q4 FY 2024

Q3 FY 2024

Growth QoQ%

Q4 FY 2023

Growth YoY%

Total Revenue from operations






Gross Profit (Excl. Other op. income)












Profit Before Tax (PBT)






Profit After Tax (PAT)






What the Future Holds for Lupin?

Since its establishment in 1968, Lupin has undergone significant expansion and development. With operations now spanning 11 countries across six continents, we ensure the safe and dependable delivery of medications to patients in over 100 countries worldwide. Lupin continues to progress with sustainable and profitable growth. Its U.S. sales maintain a healthy trajectory, propelled by inhalation products, while its India formulation business outpaces the market. 

With FY24 marking a year of resurgence, the company anticipates a stronger FY25, fueled by growth across key geographies and consistent margin enhancements. 

Additional ReadKotak Mahindra Bank Q4 Results


Lupin's story commenced in India back in 1968, under the visionary leadership of Dr. Desh Bandhu Gupta, affectionately known as DBG. What began with a single facility in Aurangabad in 1979 has now burgeoned into a network of 11 cutting-edge manufacturing facilities spread across the nation.

Lupin, based in Mumbai, India, is a pioneering pharmaceutical company with a global reach. Specializing in both branded and generic formulations, biotechnology products, and APIs, Lupin operates in more than 100 markets spanning the U.S., India, South Africa, and various regions across Asia Pacific (APAC), Latin America (LATAM), Europe, and the Middle East.

Results for the Fourth Quarter and Full Year Ended March 31, 2024


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Frequently Asked Questions

What were the key highlights of Lupin Q4 results?

Answer Field

In Q4 FY2024, Lupin’s Gross Profit totalled ₹3,321.3 crore, slightly lower than Q3 FY2024's ₹3,353.8 crore, with a gross margin of 67.8%. Manufacturing and other expenses accounted for 30.4% of sales, totalling ₹1,490.1 crore, compared to ₹1,560.2 crore in Q3 FY2024.

Has the company declared a dividend in the Lupin Q4 results?

Answer Field

The Board has recommended a dividend payout of 400%. This translates to a dividend of ₹8 per share, based on a face value of ₹2 each, for the financial year ending March 2024.

How was Lupin’s Global API?

Answer Field

FY2024, Lupin’s global API sales reached ₹1,141.5 crore, marking a 2.9% increase from ₹1,109.2 crore in FY2023. These sales accounted for 6% of Lupin's global sales. In Q4 FY2024, sales amounted to ₹258.1 crore, reflecting a 7.1% decrease from Q3 FY2024's ₹277.9 crore, and a 20.0% decline from Q4 FY2023's ₹322.6 crore. These Q4 FY2024 sales represented 5% of Lupin's global sales.

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