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Lupin Ltd Research Report - 11th Nov 2016

Pharmaceutical | Published on Nov 11th 2016


Lupin posted results lower than expected. Sales came in at Rs4,212cr vs. Rs4,300cr expected, registering a yoy growth of 31.9%, mainly aided by exports. The sales growth was driven by Formulations sales (Rs3,919.3cr), posting a yoy growth of 37.1%; while API sales (Rs291.9cr) posted a yoy de-growth of 12.3%. On the operating front, the EBITDA margin came in at 22.5% vs. 24.3% expected vs. 16.5% in 2QFY2016. The OPM contracted in spite of the gross margin expansion, which came in at 70.5% vs. 70.5% in 2QFY2016, on the back of 35.9% and 32.8% yoy growth in the employee and other expenses, respectively. Consequently, the Adj. PAT came in at Rs662cr vs. Rs758cr expected vs. Rs420cr in 2QFY2016, a yoy growth of 57.8%. We maintain our Buy rating on the stock.

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CMP 1,493
Target Price 1,809
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others10.0
Grand Total100.0

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