LUPIN witnessed a strong 16.3% Y-o-Y (+12.9% Q-o-Q) rise in reported revenue to INR 56,003 Mn (vs. our estimate of INR 57,525 Mn) in Q1FY25.Adj. net income grew at 242.8% Y-o-Y (+49.4% Q-o-Q) to INR 8,509 Mn (vs. our estimate of INR 6,151 Mn, a beat of 31.0%) in Q1FY25.