My Application Form Status

Check the status of your application form with Angel Broking.
  • Companies
  • Everything else
Search

Lupin Ltd Research Report - 18th Feb 2016

Pharmaceutical | Published on Feb 18th 2016

IT

For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0% in 3QFY2015. R&D expenditure during the quarter was 11.7% of sales V/s 8.3% of sales in 3QFY2015. The net profit came in at Rs530cr (V/s Rs469cr expected) and V/s Rs601cr in 3QFY2015, a yoy dip of 11.9%. The higher than expected PAT is on back of higher other income yoy, which came in at Rs263cr V/s Rs116.1cr in 3QFY2015. Overall, we are Neutral on the stock. Results below expectations: For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0% in 3QFY2015. R&D expenditure during the quarter was 11.7% of sales V/s 8.3% of sales in 3QFY2015. The net profit came in at Rs530cr (V/s Rs469cr expected) and V/s Rs601cr in 3QFY2015, a yoy dip of 11.9%. The higher than expected PAT is on back of higher other income yoy, which came in at `263cr V/s Rs116.1cr in 3QFY2015. Outlook and valuation: We expect Lupin to post a CAGR of 14.6% in net sales to Rs16,561cr. We expect an earnings CAGR of 13.1% over FY2015-17 to Rs68.3/share. Currently, the stock is trading at 34.3x and 25.3x its FY2016E and FY2017E earnings, respectively. We remain Neutral on the stock.

Download Full Report

Accumulate

CMP 1,731
Target Price
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)68,048.10
MCAP NSE (Rs in Cr)67,914.96
P/E (x)24.12
EPS (Rs.)62.52
BV (Rs.)295.11
Div Yield (%)0.50
FV (Rs.)2.00
P/BV (x)5.45
EV/Sales (x)5.26
EV/EBITDA (x)22.80

Shareholding Pattern (%)

Promoter47.0
Foreign35.0
Public & Others10.0
Institution7.0
Corporate1.0
Grand Total100.0

Trade Securely

AngelEye

Portfolio Tracking & Trading Application View Demo