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Lupin Ltd Interim / Quarterly Report 2023
61031_rns_2023-11-08_2bb473f9-2855-470f-88b3-8aaf459469be.pdf
Interim / Quarterly Report
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November 8, 2023
BSE Limited Department of Corporate Services, P. J. Towers, Dalal Street, MUMBAI - 400 001.
~onal Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
Dear Sir/Madam,
Sub: Information pursuant to Regulations 30, 33 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 ('Listing Regulations').
Pursuant to Regulation 30(2) read with Schedule Ill Part A Para A(4)(h) and Regulations 33(3)(a) and (b) of the Listing Regulations, we wish to inform you that, at its meeting held today, i.e. Wednesday, November 8. 2023, the Board of Directors of Lupin Limited, approved the enclosed unaudited standalone and consolidated financial results of the Company along with its subsidiaries and a joint venture for the quarter and half-year ended September 30, 2023. ·
Pursuant to Regulation 33(3)(c) (i) of the Listing Regulations, we are pleased to enclose the Limited Review Reports', both dated November 8, 2023. of B S R & Co. LLP, Chartered Accountants, Statutory Auditors, in respect of the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2023.
Pursuant to Regulation 47( 1) (b) of the Listing Regulations, an extract of the unaudited consolidated financial results for the quarter and half-year ended September 30, 2023, along with footnote of (i) Total Revenue from Operations, (ii) Profit before Tax and (iii) Profit after Tax on standalone basis, as also particulars of websites of the Company and the Stock Exchanges where financial results are available shall be published in newspapers.
The Board meeting commenced at 6.30 p.m.(IST) and concluded at 10.50 p.m.(IST)
The above is for your information and dissemination.
Thanking you.
For LUPIN LIMITED
R. COMPANY SECRETARY (ACS-11973)
Encl.: a/a
LUPIN LIMITED
LUPIN LIMITED
Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442
Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2023
| ( in million) | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | 3 Months Ended 30/09/2023 (Unaudited) |
3 Months Ended 30/06/2023 (Unaudited) |
3 Months Ended 30/09/2022 (Unaudited) |
6 Months Ended 30/09/2023 (Unaudited) |
6 Months Ended 30/09/2022 (Unaudited) |
Accounting Year Ended 31/03/2023 (Audited) |
|
| 1) Revenue from operations a) Sales / income from operations (Refer note 3) |
35,602.3 | 34,250.1 | 27,788.8 | 69,852.4 | 54,630.7 | 110,430.7 | |
| b) Other operating income | 990.0 | 706.3 | 500.8 | 1,696.3 | 983.8 | 2,157.6 | |
| Total Revenue from operations | 36,592.3 | 34,956.4 | 28,289.6 | 71,548.7 | 55,614.5 | 112,588.3 | |
| 2) Other income | 256.0 | 277.4 | 153.7 | 529.2 | 217.8 | 912.6 | |
| 3) Total income (1+2) | 36,848.3 | 35,233.8 | 28,443.3 | 72,077.9 | 55,832.3 | 113,500.9 | |
| 4) Expenses | |||||||
| Cost of materials consumed a) |
8,558.8 | 8,296.4 | 8,388.1 | 16,855.2 | 15,349.3 | 31,512.0 | |
| Purchases of stock-in-trade b) Changes in inventories of finished goods, |
4,692.9 (987.6) |
4,555.4 | 3,736.5 | 9,248.3 | 8,081.9 | 15,257.0 | |
| c) work-in-progress and stock-in-trade [(increase)/decrease] |
(388.3) | 249.8 | (1,375.9) | 678.0 | 1,207.9 | ||
| Employee benefits expense d) |
5,321.8 | 5,237.9 | 4,897.3 | 10,559.7 | 9,946.8 | 19,341.4 | |
| Finance cost e) |
153.2 | 161.8 | 183.8 | 315.0 | 382.5 | 984.4 | |
| Depreciation, amortisation and impairment expense f) |
1,494.8 | 1,400.5 | 1,377.6 | 2,895.3 | 2,681.1 | 5,483.4 | |
| Other expenses g) |
10,803.4 | 10,121.6 | 8,432.9 | 20,920.8 | 16,874.1 | 35,631.0 | |
| Net (gain) / loss on foreign currency transactions h) |
(149.4) | 83.2 | (551.6) | (66.2) | (1,339.9) | (1,187.6) | |
| Total expenses | 29,887.9 | 29,468.5 | 26,714.4 | 59,352.2 | 52,653.8 | 108,229.5 | |
| 5) Profit / (Loss) before tax (3-4) | 6,960.4 | 5,765.3 | 1,728.9 | 12,725.7 | 3,178.5 | 5,271.4 | |
| 6) Tax expense | |||||||
| Current tax (net) | 1,296.6 | 1,007.2 | 287.7 | 2,303.8 | 577.1 | 958.9 | |
| Deferred tax (net) Total tax expense |
177.7 1,474.3 |
(11.5) 995.7 |
(45.0) 242.7 |
166.2 2,470.0 |
(56.6) 520.5 |
60.4 1,019.3 |
|
| 7) Net Profit / (Loss) after tax (5-6) | 5,486.1 | 4,769.6 | 1,486.2 | 10,255.7 | 2,658.0 | 4,252.1 | |
| 8) Other comprehensive income / (loss) | |||||||
| (a) (i) Items that will not be reclassified subsequently to profit or loss |
(14.3) | (69.9) | (112.7) | (84.2) | 87.1 | (21.4) | |
| (ii) Income tax relating to items that will not be reclassified | 5.0 | 24.4 | 39.4 | 29.4 | (30.4) | 7.5 | |
| subsequently to profit or loss | |||||||
| (b) (i) Items that will be reclassified subsequently to profit or loss |
(25.4) | 64.9 | (234.7) | 39.5 | (486.5) | (295.5) | |
| (ii) Income tax relating to items that will be reclassified to profit or loss |
5.6 | (14.5) | 63.6 | (8.9) | 124.2 | 70.2 | |
| Total other comprehensive income / (loss) | (29.1) | 4.9 | (244.4) | (24.2) | (305.6) | (239.2) | |
| 9) Total comprehensive income / (loss), net of tax (7+8) | 5,457.0 | 4,774.5 | 1,241.8 | 10,231.5 | 2,352.4 | 4,012.9 | |
| 10) | 910.5 | 910.2 | 909.4 | 910.5 | 909.4 | 910.0 | |
| 11) Other equity | 183,208.6 | ||||||
| 12) Earnings per share (of 2/- each) (Not annualised for the quarters and six months ended) a) Basic (in b) Diluted (in ) See accompanying notes to the standalone financial results. |
12.06 12.01 |
10.48 10.44 |
3.27 3.26 |
22.54 22.45 |
5.85 5.83 |
9.35 9.31 |
continued on Page 2..
NOTES:
-
- The above Standalone Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on November 08, 2023. The Statutory Auditors of the Company have carried out limited review of the above Standalone Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
-
- During the quarter, 141,966 (year-to-date 240,649) equity shares of 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by 0.3 million (year-
-
- During the previous quarter ended June 30, 2023, Sales / Income from operations includes milestone income of 2,052.5 million (USD 25.0 million) from AbbVie for successful achievement of key milestone for its Phase 1 clinical stage MALT1 inhibitor program.
-
- Pursuant to the meeting of the Board of Directors held on September 11, 2023, the Company has agreed to transfer Active Pharmaceutical Ingredients manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations (collectively to its wholly owned subsidiary Lupin Manufacturing Solutions Limited, as a going concern on slump sale basis for a consideration of 7,150.0 million and subject to working capital adjustments. Upon execution of the Business Transfer Agreement, the Business Undertaking was transferred on November 01, 2023. As on September 30, 2023, the Company has disclosed all assets and liabilities related to the Business Undertaking as disposal group held for sale.
-
- As approved by the Members of the Company at the 41st Annual General Meeting held on August 03, 2023, the Company has disbursed on
6. Standalone Balance Sheet:
| ( in million) | ||
|---|---|---|
| Particulars | As at 30/09/2023 | As at 31/03/2023 |
| (Unaudited) | (Audited) | |
| A. ASSETS 1. Non-Current Assets |
||
| a. Property, Plant and Equipment | 32,309.0 | 34,613.5 |
| b. Capital Work-in-Progress | 4,706.0 | 7,379.9 |
| c. Goodwill | 158.6 | 158.6 |
| d. Intangible Assets | 6,503.7 | 3,282.5 |
| e. Right-of-use-Assets | 1,905.7 | 2,164.7 |
| f. Intangible Assets Under Development | 1,648.0 | 1,886.0 |
| g. Financial Assets | ||
| (i) Non-Current Investments | ||
| - In Subsidiaries | 96,907.9 | 94,919.6 |
| - In Others | 491.8 | 426.0 |
| (ii) Non-Current Loans | 36.0 | 40.4 |
| (iii) Other Non-Current Financial Assets | 1,023.2 | 900.6 |
| h. Non-Current Tax Assets (Net) | 3,951.4 | 3,766.1 |
| i. Other Non-Current Assets | 902.9 | 1,589.6 |
| Sub-total - Non-Current Assets | 150,544.2 | 151,127.5 |
| 2. Current Assets | ||
| a. Inventories | 29,821.9 | 30,194.7 |
| b. Financial Assets | ||
| (i) Current Investments | 1,100.4 | 4,397.7 |
| (ii) Trade Receivables | 31,872.1 | 26,744.2 |
| (iii) Cash and Cash Equivalents | 1,103.2 | 856.6 |
| (iv) Other Bank Balances | 147.4 | 153.1 |
| (v) Current Loans | 37.0 | 20.6 |
| (vi) Other Current Financial Assets | 3,967.9 | 3,693.1 |
| c. Other Current Assets | 8,634.7 | 9,649.2 |
| d. Assets included in disposal group held for sale | 7,738.5 | - |
| Sub-total - Current Assets | 84,423.1 | 75,709.2 |
| TOTAL - ASSETS | 234,967.3 | 226,836.7 |
| B. EQUITY AND LIABILITIES | ||
| 1. Equity | ||
| a. Equity Share Capital | 910.5 | 910.0 |
| b. Other Equity | 191,855.3 | 183,208.6 |
| Sub-total - Equity | 192,765.8 | 184,118.6 |
| Liabilities | ||
| 2. Non-Current Liabilities | ||
| a. Financial Liabilities | ||
| (i) Lease Liabilities | 434.3 | 651.0 |
| (ii) Other Non-Current Financial Liabilities | 349.7 | 284.1 |
| b. Non-Current Provisions | 3,576.6 | 3,163.3 |
| c. Deferred Tax Liabilities (Net) | 1,995.8 | 1,850.2 |
| d. Other Non-Current Liabilities | 534.7 | 491.0 |
| Sub-total - Non-Current Liabilities | 6,891.1 | 6,439.6 |
| 3 Current Liabilities | ||
| a. Financial Liabilities | ||
| (i) Current Borrowings | 213.4 | 6,134.6 |
| (ii) Lease Liabilities | 648.3 | 699.5 |
| (iii) Trade Payables | ||
| - Total outstanding dues of Micro Enterprises and Small Enterprises | 700.6 | 736.5 |
| - Total outstanding dues of other than Micro Enterprises and Small Enterprises | 18,224.3 | 14,926.4 |
| (iv) Other Current Financial Liabilities b. Other Current Liabilities |
3,029.8 3,309.3 |
2,575.9 |
| c. Current Provisions | 4,833.1 | 3,085.2 |
| d. Current Tax Liabilities (Net) | 3,848.1 | 4,886.1 |
| e. Liabilities included in disposal group held for sale | 503.5 | 3,234.3 - |
| Sub-total - Current Liabilities | 35,310.4 | 36,278.5 |
| TOTAL - EQUITY AND LIABILITIES | 234,967.3 | 226,836.7 |
continued on Page 3..
7. Standalone Statement of Cash Flows:
| Particulars | For the Current 6 Months ended 30/09/2023 (Unaudited) |
For the Previous 6 Months ended 30/09/2022 (Unaudited) |
|---|---|---|
| Cash Flow from Operating Activities | ||
| Profit / (Loss) before Tax | 12,725.7 | 3,178.5 |
| Adjustments for: | 2,895.3 | 2,681.1 |
| Depreciation, Amortisation and Impairment Expense Loss / (Profit) on Sale / Write-off of Property, Plant and Equipment / Intangible Assets (net) |
8.3 | |
| Net Gain on sale of Mutual Fund Investments | (199.3) | |
| Finance Cost | 315.0 | |
| Interest on Deposits with Banks and Others | (20.2) | |
| Interest on Income Tax Refund | (155.4) | |
| Unrealised Loss / (Gain) on Mutual Fund Investments (net) | (0.4) 461.8 |
|
| Unrealised Loss / (Gain) on Non-Current Investment Doubtful Trade Receivables / Advances provided (net) |
127.6 | |
| Bad Trade Receivables / Advances written off | - | |
| Share Based Payments Expense | 68.6 | |
| Unrealised Exchange loss / (gain) on revaluation (net) | (269.1) | (1,244.9) |
| Operating Cash Flows before Working Capital Changes | 15,957.9 | 5,061.0 |
| Changes in working capital: | ||
| Adjustments for (increase) / decrease in operating assets: Inventories |
(1,135.0) | (147.3) |
| Trade Receivables | (5,446.5) | (1,227.0) |
| Current Loans | (16.9) | |
| Non-Current Loans | 4.4 | |
| Other Current Financial Assets | (515.2) | 2,494.5 |
| Other Current Assets | (32.0) | |
| Other Non-Current Assets Other Non-Current Financial Assets |
(7.2) 172.2 |
|
| Adjustments for increase / (decrease) in operating liabilities: | ||
| Trade Payables | 3,575.7 | |
| Other Current Financial liabilities | 237.2 | (524.1) |
| Other Current liabilities | 246.8 | |
| Other Non-Current liabilities | 43.7 | |
| Other Non-Current Financial liabilities | 157.7 | |
| Current Provisions Non-Current Provisions |
(53.1) 291.9 |
|
| Cash Generated from Operations | 13,481.6 | 6,593.3 |
| Net Income tax paid | (1,719.9) | (860.7) |
| Net Cash Flow generated from / (used in) Operating Activities | 11,761.7 | 5,732.6 |
| Cash Flow from Investing Activities | ||
| Payment for acquisition of business | (86.8) | (3,160.1) |
| Capital expenditure on Property, Plant and Equipment / Intangible Assets, including capital advances | (4,266.6) | (3,477.0) |
| Proceeds from sale of Property, Plant and Equipments / Intangible Assets | 58.7 | |
| Purchase of Non-Current Investment Purchase of Current Investments |
(2,514.9) (51,790.0) |
(297.5) (59,804.6) |
| Proceeds from sale of Current Investment | 55,287.0 | 66,176.4 |
| Bank balances not considered as Cash and Cash Equivalents (net) | 7.8 | |
| Interest on Deposits with Banks and others | 20.2 | |
| Net Cash Flow generated from / (used in) Investing Activities | (3,284.6) | (460.3) |
| Cash Flow from Financing Activities Proceeds from / (Repayment of) Current Borrowings (net) |
(5,921.2) | (2,584.2) |
| Proceeds from issue of equity shares (ESOPs) and Share application money | 0.6 | |
| Securities Premium received (ESOPs) | 74.8 | |
| Payment of Lease liabilities | (371.7) | (337.3) |
| Finance Cost | (182.0) (1,829.8) |
(255.3) (1,827.4) |
| Dividend paid Net Cash Flow generated from / (used in) Financing Activities |
(8,229.3) | (4,985.3) |
| Net Increase / (Decrease) in Cash and Cash Equivalents | 247.8 | |
| Cash and Cash Equivalents as at the beginning of the year | 856.6 | |
| Unrealised loss / (gain) on foreign currency Cash and Cash Equivalents | - | |
| 1,104.4 |
-
The Company operates in one reportable business segment i.e. "Pharmaceuticals".
-
Figures for the previous periods have been regrouped, wherever necessary, to correspond with the figures of the current period.
By Order of the Board For Lupin Limited
Nilesh D. Gupta
Place : Mumbai Managing Director Date : November 08, 2023 DIN: 01734642
Chartered Accountants
14th Floor. Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East). Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010
Limited Review Report on unaudited standalone financial results of Lupin Limited for the quarter ended 30 September 2023 and year to date results for the period from 01 April 2023 to 30 September 2023 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of Lupin Limited
-
- We have reviewed the accompanying Statement of unaudited standalone financial results of Lupin Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2023 and year to date results for the period from 01 April 2023 to 30 September 2023 ("the Statement") in which are included interim financial results from Lupin Employee Benefit Trust (hereinafter referred to as "the Trust") and Lupin Ltd, Nepal Branch (hereinafter referred to as "the Branch")
-
- This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
-
- Based on our review conducted as stated in Paragraph 3, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations. including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
- The Statement includes the interim financial information of one (1) Trust and one (1) Branch which has not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1.12 million as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. 3.26 million and Rs. 3.26 million, total net (loss) after tax (before consolidation adjustments) of Rs. 4.17 million and Rs. 4.20 million and total comprehensive income (before consolidation adjustments) of Rs. Nil and Rs Nil, for the quarter ended 30 September 2023 and for the period from 01 April 2023 to 30 September 2023 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 0.09 million for the period from 01 April 2023 to 30 September 2023, as considered in the Statement. According to the information and explanations given to us by the management, this interim financial information is not material to the Company.
BS R & Co. (a par1nership flnn with Regislral!on No. BA61223) converted into BS R & Co. LLP (a Umrted Liability Partnership iMth LLP Registration No. AA6·8181) wrth effect from October 14, 2013 Registered Office·
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Weotem Express Highway, Goregaon (E8'1), Mumbai· 40006~ Page 1of2
Limited Review Report (Continued) Lupin Limited
Our conclusion is not modified in respect of this matter.
For B S R & Co. LLP
Chartered Accountants Firm's Registration No.: 101248W/W-100022
,
Partner Membership No.: 041870 UDIN:23041870BHBBSJ4055
Mumbai 08 November 2023
*1· LUPIN LIMITED Regl...._. ornce: Kalplllllnl lnspl.-.. 3rd Floor, OIT Western Expreu Highway, SalDcruz (Ent), Mumb.i 400 Olli. Corporme ldenaty Number: L2A1DDMH1913PLC02944Z
Tll: (81·22) llMO 2323 E-tn•ll: lnfoOlupln.com W.mlte: www.lupln.com
LUPIN STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2023
| (₹ in million) | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | 3 Months Ended 30/09/2023 |
3 Months Ended 30/06/2023 |
3 Months Ended 30/09/2022 |
6 Months Ended 30/09/2023 |
6 Months Ended 30/09/2022 |
Accounting Year Ended 31/03/2023 |
|
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| 1) | Revenue from operations Sales / income from operations (Refer note 8) a) Other operating income b) Total Revenue from operations |
49,392.3 993.3 50,385.6 |
47,421.2 719.4 48,140.6 |
40,911.6 543.6 41,455.2 |
96,813.5 1,712.7 98,526.2 |
76,951.2 1,942.4 78,893.6 |
162,699.8 3,716.8 166,416.6 |
| 2) | Other income | 404.0 | 228.3 | 149.4 | 622.6 | 205.0 | 733.6 |
| 3) | Total Income (1+2) | 50,789.6 | 48,368.9 | 41,604.6 | 99,148.8 | 79.098.6 | 167,150.2 |
| 4) | Expenses Cost of materials consumed a) Purchases of stock-in-trade b) Changes in Inventories of finished goods, C) work-in-progress and stock-in-trade [(increase) / decrease] d) Employee benefits expense Finance costs e) |
9.909.9 8,547.4 (1,429.6) 8,607.1 806.4 |
9,500.6 7,667.5 (760.3) 8,444.0 856.7 |
9.911.1 6,709.5 507.1 7,716.4 548.8 |
19,410.5 16,214.9 (2, 189.9) 17.051.1 1,663.1 |
18.109.2 14,867.6 249.2 15,501.6 976.6 |
36,878.1 29,382.2 1,537.3 30,871.5 2,743.0 |
| Depreciation, amortisation and impairment expense f) |
2,478.5 | 2,346.6 | 2,034.7 | 4,825.1 | 3,963.0 | 8,806.9 | |
| Other expenses 9) |
15,519.4 | 14,724.1 | 12,269.4 | 30,233.8 | 24,184.9 | 50,541.8 | |
| Net (gain) / loss on foreign currency transactions h) |
53.8 | 1.8 | (188.2) | 55.6 | (872.0) | (775.5) | |
| Total expenses | 44,492.9 | 42,781.0 | 39,508.8 | 87,264.2 | 76,980.1 | 159,985.3 | |
| 5) | Profit / (Loss) before share of profit of jointly controlled entity and tax (3-4) | 6,296.7 | 5.587.9 | 2,095.8 | 11,884.6 | 2,118.5 | 7.164.9 |
| 6) | Share of profit from jointly controlled entity (net of tax) | ||||||
| 7) | Profit / (Loss) before tax (5+6) | 6,296.7 | 5,587.9 | 2,095.8 | 11.884.6 | 2,118.5 | 7.164.9 |
| 8) | Tax expense | 1.723.1 | 1,299.9 | 803.4 | 3,023,0 | 1.580.3 | 2.464.2 |
| Current tax (net) | (245.3) | (624.9) | 61.7 | 223.8 | |||
| Deferred tax (net) Total tax expense |
(379.6) 1,343.5 |
1,054.6 | (52.3) 751.1 |
2,398.1 | 1,642.0 | 2,688.0 | |
| 9) | Profit / (Loss) after tax and before non-controlling interest (7-8) | 4,953.2 | 4,533.3 | 1,344.7 | 9,486.5 | 476.5 | 4,476.9 |
| 10) | Share of profit attributable to non-controlling interest | 56.5 | 10.7 | 47.4 | 67.2 | 70.0 | 176.1 |
| 11) Net Profit / (Loss) after taxes attributable to owners of the Company (9-10) | 4,896.7 | 4,522.6 | 1,297.3 | 9,419.3 | 406.5 | 4,300.8 | |
| 12) Other Comprehensive Income / (Loss) (a) (i) Items that will not be reclassified subsequently to profit or loss (ii) income tax relating to items that will not be reclassified subsequently to profit or loss (b) (i) Items that will be reclassified subsequently to profit or loss (ii) Income tax relating to items that will be reclassified |
(14.3) 5.0 227.9 5.2 |
(69.9) 24.4 (276.9) (35.6) |
(112.7) 39.4 (864.1) 82.0 |
(84.2) 29.4 (49.0) (30.6) |
87.1 (30.4) (1,947.0) 174.1 |
(16.4) 9.4 117.3 131.9 |
|
| subsequently to profit or loss Other comprehensive Income / (Loss), net of tax |
223.8 | (358.2) | (855.4) | (134.4) | (1,716.2) | 242.2 | |
| 13) Share of comprehensive Income / (Loss) attributable | (7.8) | (28.5) | (32.0) | (36.3) | (41.0) | 40.4 | |
| to non-controlling interest | |||||||
| 14) Other Comprehensive Income / (Loss) attributable to owners of the Company (12-13) |
231.6 | (329.7) | (823.4) | (98.1) | (1,675.2) | 201.8 | |
| 15) Total Comprehensive Income / (Loss) attributable to: Owners of the Company (11+14) Non-Controlling Interest of the Company (10+13) |
5,128.3 48.7 |
4,192.9 (17.8) |
473.9 15.4 |
9,321.2 30.9 |
(1, 268.7) 29.0 |
4,502.6 216.5 |
|
| Total Comprehensive Income / (Loss) | 5,177.0 | 4,175.1 | 489.3 | 9,352.1 | (1, 239.7) | 4,719.1 | |
| 16) Paid up equity share capital (Face value ₹ 2/- each) | 910.5 | 910.2 | 909.4 | 910.5 | 909.4 | 910.0 | |
| 17) Other Equity | 123,735.0 | ||||||
| 18) Eamings per share (of ₹2/- each) (Not annualised for the quarters and six months ended) a) Basic (in ₹) b) Diluted (in $\overline{\epsilon}$ ) |
10.76 10.72 |
9.94 9.90 |
2.85 2.85 |
20.70 20.62 |
0.89 0.89 |
9.46 9.41 |
|
| See accompanying notes to the consolidated financial results. |
continued on Page 2 ..
| Segment lnfonnation | ||||||
|---|---|---|---|---|---|---|
| Cf in million) | ||||||
| Particulars | 3 Months | 3 Months | 3 Months | 6 Months | 6 Months | Accounting |
| Ended | Ended | Ended | Ended | Ended | Year Ended | |
| 30/09/2023 | 30/06/2023 | 30/0912022 | 30/09/2023 | 30/09/2022 | 31/03/2023 | |
| (Unaudlbtd) | (Unaudlbtd) | (Unaudited) | (Unaudited) | (Unaudltsd) | (Audlbtd) | |
| 1) Revenue | ||||||
| a) Pharmaceuticals | 50,208.8 | 48,029.8 | 41,388.5 | 98,238.6 | 78,782.0 | 166,168.0 |
| b) otheni | 176.9 | 111.6 | 66.7 | 288.5 | 111.6 | 254.7 |
| Total | 50,385.7 | 48,141.4 | 41,455.2 | 98,527.1 | 78,893.6 | 166,422.7 |
| Less: Inter segment revenue | 0.1 | 0.8 | - | 0.9 | - | 6.1 |
| Total revenue from operations | 50,385.6 | 48,140.6 | 41,455.2 | 98,526.2 | 78,893.6 | 166,416.6 |
| 2) Results | ||||||
| a) Pharmaceuticals | 6,588.6 | 5,875.4 | 2,310.8 | 12,464.0 | 2,536.0 | 8,156.6 |
| b) otheni | (291.9) | (287.5) | (215.0) | (579.4) | (417.5) | (991.7) |
| Total profit before tax | 6,296.7 | 5,587.9 | 2,095.8 | 11,884.6 | 2,118.5 | 7,164.9 |
| 3) Asssts | ||||||
| a) Pharmaceuticals | 234,433.6 | 230,630.2 | 216,231.1 | 234,433.6 | 216,231.1 | 229,093.6 |
| b) otheni | 2,027.8 | 2,247.9 | 1,642.1 | 2,027.8 | 1,642.1 | 1,993.4 |
| Total | 236,461.4 | 232,878.1 | 217,873.2 | 236,461.4 | 217,873.2 | 231,087.0 |
| Less: Inter segment assets | 2,024.9 | 2,030.5 | 1,009.0 | 2,024.9 | 1,009.0 | 1,527.7 |
| Total asssts | 234,436.5 | 230,847.6 | 216,864.2 | 234,436.5 | 216,864.2 | 229,559.3 |
| 4) Liabilities | ||||||
| a) Pharmaceuticals | 100,696.1 | 100,441.9 | 96,922.8 | 100,696.1 | 96,922.8 | 103,325.9 |
| b) otheni | 2,927.6 | 3,074.6 | 1,811.4 | 2,927.6 | 1,811.4 | 2,487.1 |
| Total | 103,623.7 | 103,516.5 | 98,734.2 | 103,623.7 | 98,734.2 | 105,813.0 |
| Less: Inter segment liabilities | 2,257.2 | 2,221.2 | 1,106.9 | 2,257.2 | 1,106.9 | 1,681.9 |
| Total llablllUas | 101,366.5 | 101,295.3 | 97,627.3 | 101,366.5 | 97,627.3 | 104,131.1 |
In view of increased business activities of diagnostics services and digital therapeutics platform, the Company reviews the performance of these businesses separately from July 01, 2023. Accordingly, the results of these businesses have been disclosed under •others" for the quarter and six months ended September 30, 2023 and comparative periods.
NOTES:
-
- The above Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directoni at their meeting held on November 08, 2023. The Statutory Auditoni of the Company have carried out limited review of the above Consolidated Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
-
- The Consolidated Financial Results include the financial results of the subsidiaries, Lupin Pharmaceuticals, Inc. - U.S.A., Lupin Australia pty Limited Australia, Nanomi B.V. - Netherlands, Pharma Dynamics (Proprietary) Limited - South Africa, Hormosan Pharma GmbH - Germany, Multicare Pharmaceuticals Philippines Inc. - Philippines, Lupin Atlantis Holdings SA - SWitzerland, Lupin Healthcare (UK) Limited - U.K., Lupin Pharma Canada Limited - Canada, Generic Health Ply Limited -Australia, Bellwether Phanna Ply Limited -Australia (upto June 11, 2023), Lupin Mexico S.A. de C.V. - Mexico, Lupin Philippines Inc. - Philippines, Lupin Diagnostics Limited - India, Generic Health SON. BHD. - Malaysia, Lupin Inc. - U.S.A., Laboratorios Grin S.A. de C.V. - Mexico, Medquimica lndustria Farmaceutica LTDA - Brazil, Novel Laboratories, Inc.- U.S.A., Lupin Research Inc. - U.S.A., Lupin Management Inc. - U.S.A, Lupin Europe GmbH - Gennany, Lupin Biologics Limited - India, Lupin Oncology Inc. - U.S.A, Lupin Digital Health Limited - India, Avenue Coral Springs LLC - U.S.A., Southem Cross Phanna Ply Ltd - Australia, Lupin Atharva Ability Limited - India (w.e.f. July 17, 2023 ), Lupin Manufacturing Solutions Limited - India (w.e.f. July 24, 2023), Medisol S.A.S. - France (w.e.f. September 01, 2023), Lymed S.A.S. - France (w.e.f. September 01, 2023), and a Trust, Lupin Foundation - India and a jointly controlled entily, YL Biologics Limited - Japan.
-
- The Consolidated Financial Statements are prepared in accordance with Ind AS 110 "Consolidated Financial Statements" and Ind AS 28 "Investments in Associates and Joint Ventures".
continued on Page 3 ..
4. Consolidated Balance Sheet:
| 4. Consolidated Balance Sheet: | ('!' in million) | |
|---|---|---|
| Particulars | Asal 30/09/2023 IUnauditedl |
Asal 31/03/2023 I Audited! |
| A. ASSETS |
||
| 1. Non-Current Assets | ||
| a. Property, Plant and Equipment b. Capital Work-in-Progress |
44,920.9 6,756.7 |
42,896.0 8,948.2 |
| c. Goodwill | 22,915.8 | 22,187.8 |
| d. Other Intangible Assets | 18, 166.9 | 14,914.4 |
| e. Right-of-use Assets | 3,214.5 | 3,554.2 |
| f. Intangible Assets Under Development | 3,239.6 | 3,431.7 |
| g. Investments accounted for using equity method | 271.9 | 300.7 |
| h. Financial Assets | - | |
| (i) Non-Current Investments (ii) Non-Cunent Loans |
535.5 36.0 |
470.6 40.4 |
| (iii) other Non-Current Financial Assets | 1,166.8 | 987.1 |
| i. Deferred Tax Assets (Net) | 2,307.7 | 1,556.5 |
| j. Non-Current Tax Assets (Net) | 3,971.1 | 3,778.6 |
| k. Other Non-Current Assets | 1 048.4 | 1 980.1 |
| Sub-total· Non-Current Assets | 108,551.8 | 105,046.3 |
| 2. Current Assets | ||
| a. Inventories | 46,741.3 | 44,917.6 |
| b. Financial Assets | ||
| (i) Current lnvesbnents |
1,100.4 | 4,397.7 |
| (ii) Trade Receivables | 44,641.1 | 44,807.0 |
| (iii) Cash and Cash Equivalents | 14,813.3 | 12,318.1 |
| (iv) other Bank Balances | 1,415.2 | 613.2 |
| (v) Current Loans (vi) other Current Financial Assets |
38.6 5,278.6 |
21.2 5,560.9 |
| c. Current Tax Assets (Net) | 373.9 | 367.2 |
| d. Other Current Assets | 11,482.3 | 11,510.1 |
| Sub-total - Current Assets | 125,884.7 | 124,513.0 |
| TOTAL-ASSETS | 234,436.5 | 229,559.3 |
| B. EQUITY AND LIABILITIES |
||
| 1. Equity | ||
| a. Equity Share Capital | 910.5 | 910.0 |
| b. Other Equity c. Non-Controlling Interest |
131,476.9 682.6 |
123,735.0 783.2 |
| Sub-total - Equity | 133,070.0 | 125,428.2 |
| Liabilities 2. Non-Current Liabilities |
||
| a. Financial Liabilities | ||
| Non-Current Borrowings (i) |
- | 275.1 |
| (ii) Lease Liabilities |
1,535.8 | 1,863.9 |
| (iii) other Non-Current Financial Liabilities | 2,199.2 | 2,013.6 |
| b. Non-Current Provisions | 3,842.7 | 3,430.3 |
| c. Deferred Tax Liabilities (Net) | 2,643.9 | 2,294.3 |
| d. Other Non-Current Liabilities | 1,930.2 | 1,600.2 |
| Sub-total· Non-Current Liabilities | 12,151.8 | 11,477.4 |
| 3. Current Liabilities | ||
| a. Financial Liabilities | ||
| Current Borrowings (i) |
35,237.4 | 42,165.4 |
| (ii) Lease Liabilities |
1,072.9 | 1,110.8 |
| (iii) Trade Payables | ||
| - Total outstanding dues of Micro Enterprises and Small Enterprises - Total outstanding dues of other than Micro Enterprises and Small Enterprises |
724.0 26,822.1 |
763.3 24,552.0 |
| (iv) other Current Financial Liabilities | 6,326.2 | 5,952.4 |
| b. Other Current Liabilities | 9,295.8 | 8,709.0 |
| c. Current Provisions | 5,190.3 | 5,151.1 |
| d. Current Tax Liabilities (Net) | 4,546.0 | 4,249.7 |
| Sub-total - Current Liabilities | 89,214.7 | 92,653.7 |
| TOTAL - EQUITY AND LIABILITIES | 234,436.5 | 229,559.3 |
continued on Page 4 ..
| 5. Consolidated Statement of Cash Flows: | ||
|---|---|---|
| C' in million) | ||
| Particulars | For the Current | For the Previous |
| 6 Months anded 30/09/2023 |
6 Months anded 30/09/2022 |
|
| !Unaudited | fUnauditad | |
| A. Cash Flow from Operating Activities | ||
| Pro1it/ (Loss) before Tax | 11,884.6 | 2, 118.5 |
| Adjustments for: | ||
| Depreciation, Amortisation and Impairment Expense {Profit) I Loss on sale I write-off of Property, Plant and Equipment/ Intangible Assets {net) |
4,825.1 7.1 |
3,963.0 (49.4) |
| Finance Costs | 1,663.1 | 976.6 |
| Net Gain on Sale of Mutual Fund Investments | (199.3) | (47.0) |
| Interest on Deposits with Banks and Others | (196.4) | (142.2) |
| Interest on Income Tax Refund Bad Trade Receivables I Advances written off |
(155.4) 0.4 |
55.5 23.8 |
| Unrealised Loss I (Gain) on Mutual Fund Investments (net) | (0.4) | (0.7) |
| Impairment Allowances for Doubtful Trade Receivables I Deposits I Advances (net) | 282.9 | 30.3 |
| Share Based Payment Expense | 166.7 | 99.4 |
| Net loss on financial assets measured at fair value through profit or loss | 42.3 | (209.0) |
| Unrealised Exchange (Gain) I Loss on Revaluation (net) Operating Cash flows before Working Capital Changes |
1269.1 18,051.6 |
11 244.9 5,573.9 |
| Changes in working capital: | ||
| Adjustments for {increase) I decrease in operating assets: | ||
| Non-Current Loans | 4.3 | 0.2 |
| other Non-Current Financial Assets other Non-Current Assets |
125.2 291.3 |
(152.0) 40.7 |
| Inventories | (1,839.3) | (672.4) |
| Trade Receivables | 70.9 | 297.3 |
| Current Loans | (17.5) | (44.5) |
| other Current Financial Assets other Current Assets |
(43.7) (321.6) |
(904.7) 187.3 |
| Adjustments for increase I {decrease) in operating liabilities: | ||
| other Non-Current Financial liabilities | 148.5 | 269.5 |
| Non-Current Provisions | 237.3 | 133.4 |
| other Non-Current liabilities Trade Payables |
336.4 2,298.2 |
173.1 (349.3) |
| other Current Financial liabilities | (134.0) | (916.9) |
| other Current liabilities | 589.9 | (114.6) |
| Current Provisions | 56.3 | {94.2 |
| Cash Generated from Operations | 19,853.8 | 3,426.8 |
| Net Income tax paid Net Cash Flow generated from I (used in) Operating Activities |
12 770.5 17,083.3 |
11 458.5 1,968.3 |
| B. Cash Flow from Investing Activities | ||
| Payment for acquisition of business | (1,235.0) | (3,160.0) |
| Capital expenditure on Property, Plant and Equipment/ Intangible Assets, including capital advances |
(4,820.0) | (4,310.4) |
| Proceeds from sale of Property, Plant and Equipment/ Intangible Assets | 73.3 | 82.0 |
| Purchase of Non-Current Investment | (66.8) | - |
| Purchase of Current Investments Proceeds from sale of Current Investments |
(51,790.0) 55,287.0 |
(61,297.0) 67,668.8 |
| Bank balances not considered as Cash and Cash Equivalents {net) | (802.0) | (204.5) |
| Interest on Deposits with Banks and Others | 196.4 | 142.2 |
| Nat Cash Flow generated from I (used in) Investing Activities | (3.157.1 | (1.078.9 |
| c. Cash Flow from Financing Activities | ||
| Repayment of Non-Current Borrowings | (275.1) | (993.1) |
| Proceeds from I {Repayment of) Current Borrowings | (7,331.4) | 1,581.6 |
| Proceeds from issue of equity shares (ESOPs) and share application money | 0.6 | 0.5 |
| Securities Premium Received (ESOPs) | 74.8 | 18.4 |
| Payment of Lease liabilities Finance Costs |
(593.5) (1,530.1) |
(494.4) (746.9) |
| Dividend paid | 11 829.8 | 11 827.4 |
| Nat Cash Flow generated from I (used In) Financing Activities | {11,484.5 | {2,461.3 |
| Nat increase I (decrease) in Cash and Cash Equivalents | 2,441.7 | (1,571.9) |
| Cash and Cash Equivalents as at the beginning of the period | 12,318.1 | 9,913.7 |
| Cash and Cash Equlvalents as at the end of the period | 14,759.8 | 8,341.8 |
| Reconciliation of Cash and Cash Equivalents with the Balance Sheet | ||
| Cash and Cash Equivalents as per Balance Sheet | 14,813.3 | 8,475.3 |
| Unrealised loss I (gain) on foreign currency Cash and Cash Equivalents | 153.5' | 1133.5 |
| Cash and Cash Equlvalents as at the end of the period | 14,759.8 | 8,341.8 |
continued on Page 5 ..
-
- During the quarter, 141,966 (year-to-date 240,649) equity shares of t 21- each, fully paid-up, were allotted upon exercise of the vestsd stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by t 0.3 million (year-to-date t 0.5 million) and securities premium account by t 194.1 million (year-to-date t 285.7 million).
-
- As approved by the Members of the Company at the 41st Annual General Meeting held on August 03, 2023, the Company has disbursed on August 05, 2023 a final dividend of t 4/- per equity share of the face value of t 21- each aggregating t 1,820.4 million.
-
- During the previous quarter ended June 30, 2023, Sales/ Income from operations includes milestone income oft 2,052.5 million (USD 25.0 million) from AbbVie for successful achievement of key milestone for its Phase 1 clinical stage MAL T1 inhibitor program.
-
- During the quarter, the Company through its wholly owned subsidiary Lupin Atlantis Holdings SA, Switzer1and (LAHSA) acquired 100% equity share capital of Medisol SAS., France for a consideration of Euro 18.0 million (including earn-outs upto Euro 3.5 million) and subject to closing adjustments.
-
- Standalone Results are as under:
| " in million] | ||||||
|---|---|---|---|---|---|---|
| Particulars | 3 Months | 3 Months | 3Months | 6 Months | 6 Months | Accounting |
| Ended | Ended | Ended | Ended | Ended | Year Ended | |
| 30/0912023 | 30/0612023 | 30/0912022 | 30/0912023 | 30/0912022 | 31/0312023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Total Revenue from O°"'rations | 36 592.3 | 34 956.4 | 28 289.6 | 71 548.7 | 55 614.5 | 112 588.3 |
| Profit I Closs) Before Tax | 6 960.4 | 5765.3 | 1 728.9 | 12 725.7 | 3178.5 | 5 271.4 |
| Profit I Closs) Mer Tax | 5 486.1 | 4 769.6 | 1 486.2 | 10 255.7 | 2 658.0 | 4 252.1 |
- Figures for the previous periods have been regrouped, wherever necessary, to corTespond with the figures of the current period.
Nilesh Deshbandhu Gupta
By order of the Board For Lupin Limited
Dlglbllly signed by Nllesh Deshbandhu Gupta DN: c=IN, st=Maharoshtn. 2.5.4.20=109981IS38c!Jb5977dba12ll06d79boc1952a625 6119a:b991416d6372ec::44b31, posta1Cod""'400049, street=411/49, Hatkesh Soc1ety,N/S Road No 7,JVPD Scheme,Mumbal,Juhu,Mumbol,Mumba~ pseudonym=fObl 694322627e04ee6S.1 CJ640f2fbj50, ti~2. serilJINumbor=7a1 llckea8b43492Hodd09114ad80d4fed8 41!182fa491Scee0dlt!ic83172792c,0=Persona~cn=Nllesh
Dashbandhu Gupta om.: 2023.11.0S 21 :2!1".56 -+05'30'
Nilash D. Gupta Managing Director DIN: 01734642
Place : Mumbai Date : November 08, 2023
Chartered Accountants
14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East). Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010
Limited Review Report on unaudited consolidated financial results of Lupin Limited for the quarter ended 30 September 2023 and year to date results for the period from 01 April 2023 to 30 September 2023 pursuant to Regulation 33 of Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To the Board of Directors of Lupin Limited
-
- We have reviewed the accompanying Statement of unaudited consolidated financial results of Lupin Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its joint venture for the quarter ended 30 September 2023 and year to date results for the period from 01 April 2023 to 30 September 2023 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
-
- This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 0 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
- The Statement includes the results of the following entities:
Parent:
Lupin Limited
Subsidiaries:
-
- Lupin Atlantis Holdings SA (Switzerland)
-
- Lupin Australia Pty Ltd (Australia)
-
- Bellwether Pharma Pty Ltd (Australia) upto 11 June 2023
-
- Lupin Diagnostics Limited (India) (Formerly known as Lupin Healthcare Limited)
-
- Lupin Inc. (USA)
-
- Nanomi B.V. (Netherlands)
-
- Laboratorios Grin. S.A. de C.V. (Mexico)
-
- Lupin Healthcare (UK) Limited (UK)
-
- Medquimica lndustria Farmaceutica L TDA (Brazil)
Registered Office
BS R & Co. (a partnership firm With Regl\$tration No. BA61223) converted Into 8 S R & Co LLP (a l.Jmi1ed li1bmty Partnership with LLP Registration No. AAB-8181) 'Mth effect from Octobtr 14, 2013 14th Floor, Cenlral B Wing 1nd North C Wng. Nneo IT Park 4, Nesco Center, Westem Express Highway, Goregaon (Eu!), Mumbai· 400063 Page 1of3
Limited Review Report (Continued) Lupin Limited
-
- Lupin Pharmaceuticals, Inc. (USA)
-
- Novel Laboratories, Inc. (USA)
-
- Pharma Dynamics (Proprietary) Limited (South Africa)
-
- Generic Health Pty Ltd (Australia)
-
- Multicare Pharmaceuticals Philippines Inc. (Philippines)
-
- Lupin Philippines Inc. (Philippines)
-
- Hormosan Pharma GmbH (Germany)
-
- Lupin Pharma Canada Ltd (Canada)
-
- Lupin Mexico SA De C.V (Mexico)
-
- Generic Health Sdn Bhd (Malaysia)
-
- Lupin Research Inc. (USA)
-
- Lupin Management Inc. (USA)
-
- Lupin Europe GmbH (Germany)
-
- Lupin Biologics Limited (India)
-
- Lupin Oncology Inc. (USA)
-
- Lupin Foundation (India)
-
- Lupin Digital Health Limited (India)
-
- Avenue Coral Springs LLC (USA)
-
- Southern Cross Pharma Pty Ltd (Australia)
-
- Lupin Manufacturing Solutions Limited (India) w.e.f 24 July 2023
-
- Lupin Atharv Ability Limited (India) w.e.f 17 July 2023
- 31 . Medisol SAS. (France) w.e.f 01 September 2023
-
- Lymed SAS. (France) w.e.f 01 September 2023
Joint Venture:
- YL Biologics Limited (Japan)
-
- Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
- We did not review the interim financial information of fifteen (15) Subsidiaries included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 256,544.15 million as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. 37,443.14 million and Rs. 66,732.60 million, total net profit after tax (before consolidation adjustments) of Rs. 1,330.05 million and Rs. 2,315.58 million and total comprehensive income (before consolidation adjustments) of Rs. 1,579.15 million and Rs. 2,307.90 million, for the quarter ended 30 September 2023 and for the period from 01 April 2023 to 30 September 2023 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 1,336.20 million for the period from 01 April 2023 to 30 September 2023, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Page 2 of 3
Limited Review Report (Continued)
Lupin Limited
These subsidiaries located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the interim financial information of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us.
Our conclusion is not modified in respect of this matter.
- The Statement includes the interim financial information of Seventeen (17) Subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 15,593.95 million as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. 3,274.04 million and Rs. 6,230.48 million, total net (loss) after tax (before consolidation adjustments) of Rs. 783.10 million and Rs. 1,330. 70 million and total comprehensive loss (before consolidation adjustments) of Rs. 947.20 million and Rs. 1,520.78 million, for the quarter ended 30 September 2023 and for the period from 01 April 2023 to 30 September 2023 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 499.76 for the period from 01 April 2023 to 30 September 2023, as considered in the Statement. The Statement also includes the Group's share of net profiU(loss) after tax of Rs. Nil and Rs. Nil and total comprehensive loss of Rs. 4.78 million and Rs. 28.79 million, for the quarter ended 30 September 2023 and for the period from 01 April 2023 to 30 September 2023 respectively as considered in the Statement, in respect of one (1) joint venture, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group.
Our conclusion is not modified in respect of this matter.
For B S R & Co. LLP
Chartered Accountants Firm's Registration No.:101248W/W-100022
,
Mumbai 08 November 2023
Membership No.: 041870 UDIN:23041870BHBBSK6491