Lupine has published its financial results for the quarter ending June 30, 2021. In the first quarter of fiscal year 2022, gross profit was recorded at Rs 27,094 million, against Rs 24,417 million in the fourth quarter of fiscal 2021 , with a gross profit margin of 63.9%. Gross profit was supported by the $ 50 million received from Boehringer Ingelheim to achieve milestones for its new collaboration with an MEK inhibitor compound. EBITDA was recorded at Rs 9,926 million and profit after tax was recorded at Rs 5,480 million.
Personnel costs represented 18.5% of sales, at Rs 7,837 million, compared to Rs 6,402 million in the fourth quarter of fiscal 2021. Manufacturing and other expenses represented 24.3% of sales at Rs 10,309. million rupees, compared to 11,178 million rupees in the fourth quarter of fiscal 2021. R&D investment for the quarter amounted to 3,737 million rupees (8.8% of sales).
Operating working capital was Rs 59,615 million as of June 30, 2021. Capital expenditure for the quarter was Rs 1,057 million, net debt as of June 30, 2021 amounts to Rs (-) 3,453 million . The company’s net debt as of June 30, 2021 amounts to (-) 0.02.
Nilesh Gupta, MD, Lupine said, “While earnings for the quarter were supported by revenues from the Boehringer Ingelheim MEK program, despite a challenging operating environment, we see substantial room for growth. We remain committed to growing our business in the United States with both our in-line products as well as the ramp-up of Albuterol and Brovana, in order to continue to outperform the market in India and ensure growth in all areas of activity. We
see a significant increase in the second half of the year and remain focused on our journey of expanding margins by driving strong double-digit revenue growth and optimizing costs, while ensuring the safety of our staff and the highest standards of compliance .