3QFY2017 Result Update | Pharmaceutical
February 14, 2017
Lupin
BUY
CMP
`1,448
Performance Highlights
Target Price
`1,809
Y/E March (` cr) 3QFY2017
2QFY2017
% chg qoq 3QFY2016
% chg yoy
Investment Period
12 months
Net sales
4,410
4,212
4.7
3,358
31.3
Other income
182
106
70.6
263
(31.0)
Stock Info
Operating profit
1,143
949
20.4
679
68.2
Sector
Pharmaceutical
Interest
46
26
74.6
9
400.3
Market Cap (` cr)
65,354
Net profit
633
662
(4.4)
530
19.5
Net Debt (` cr)
6,737
Source: Company, Angel Research
Beta
0.8
For 3QFY2017 Lupin posted results much better than expected on sales and
52 Week High / Low
1,874 / 1,294
OPM fronts. In sales, the company posted sales of `4,110cr v/s `4,000cr
Avg. Daily Volume
1,61,980
expected yoy growth of 31.3%. The strong sales growth was aided by the USA
Face Value (`)
2
(contributed around 49.0%), which registered a yoy growth of 57.6%. On EBITDA
BSE Sensex
28,352
front, the company posted EBITDA of 25.9% (v/s 22.4% expected) v/s 20.2% in
Nifty
8,805
3QFY2016. Consequently, PAT came in at `633.1cr (v/s `637.2cr expected) v/s
Reuters Code
LUPN.BO
`529.6cr in 3QFY2016, growth of 19.5% yoy. We maintain our buy rating on
Bloomberg Code
[email protected]
the stock.
Numbers better than expectations: In sales, the company posted sales of
Shareholding Pattern (%)
`4,110cr v/s `4,000cr expected, a yoy growth of 31.5%. The strong sales growth
Promoters
46.7
was aided by the USA (contributed around 49%), which registered a yoy growth
MF / Banks / Indian Fls
9.3
of 57.6%. India at `991.2cr posted yoy growth of 11.9%, APAC at `560.1cr
FII / NRIs / OCBs
34.0
posted a yoy growth of 20.9%, EMEA at `255.5cr posted a yoy growth of 16.8%,
Indian Public / Others
10.0
LATAM at `117.5cr posted a yoy growth of 32.8% and ROW at `36.7cr posted a
yoy growth of 23.2%. On EBITDA front, the company posted EBITDA of 25.9%
(v/s
22.4% expected) v/s
20.2% in 3QFY2016. Consequently, PAT came
Abs. (%)
3m 1yr 3yr
in at `633.1cr (v/s `637.2cr expected), v/s `529.6cr in 3QFY2016, growth of
Sensex
5.7
23.3
40.4
19.5% yoy.
Lupin
(0.9)
(17.3)
61.8
Outlook and valuation: We expect Lupin to post a net sales CAGR of 21.7% to
`20,304cr and earnings CAGR of 23.0% to `76.4/share over FY2016-18E.
3-year price chart
Currently, the stock is trading at 19.2x its FY2018E earnings, respectively. We
2,300
2,100
recommend a Buy rating on the stock.
1,900
1,700
Key financials (Consolidated)
1,500
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
1,300
Net sales
12,600
13,702
17,296
20,304
1,100
900
% chg
13.6
8.7
26.2
17.4
700
Net profit
2,403
2,271
2,874
3,436
500
% chg
30.9
(5.5)
26.6
19.6
EPS (`)
53.5
50.5
63.9
76.4
Source: Company, Angel Research
EBITDA margin (%)
27.4
23.7
26.4
26.7
P/E (x)
27.4
29.0
22.9
19.2
RoE (%)
30.4
22.9
23.3
22.4
RoCE (%)
34.3
19.6
21.3
26.4
P/BV (x)
7.4
6.0
4.8
3.9
Sarabjit Kour Nangra
EV/sales (x)
5.2
5.2
3.8
3.1
+91 22 3935 7600 Ext: 6806
EV/EBITDA (x)
18.8
22.1
14.4
11.6
[email protected]
Source: Company, Angel Research; Note: CMP as of February 13, 2017
Please refer to important disclosures at the end of this report
1
Lupin | 3QFY2017 Result Update
Exhibit 1: 3QFY2017 - Consolidated performance
Y/E March (` cr)
3QFY2017
2QFY2017
% chg (qoq) 3QFY2016
% chg (yoy) 9MFY2017 9MFY2016
% chg (yoy)
Net sales
4,410
4,212
4.7
3,358
31.3
12,958
9,610
34.8
Other income
182
106
70.6
263
(31.0)
436
579
(24.8)
Total income
4,591
4,318
6.3
3,621
26.8
13,394
10,189
31.5
Gross profit
3,108
2,969
4.7
2,235
9,142
6,375
43.4
Gross margin
70.5
70.5
66.6
70.5
66.3
Operating profit
1,142.7
949.4
20.4
679.3
68.2
3,330
1,969
69.1
OPM (%)
25.9
22.5
20.2
25.7
20.5
Interest
46
26
74.6
9
400.3
104
22
373.7
Dep. & amortization
231
203
13.9
111
107.3
645
319
102.1
PBT
1,047
827
26.7
822
27.5
3,016
2,207
36.7
Provision for taxation
409
159
157.6
291
40.8
842
740
13.8
Reported net profit
638
668
(4.5)
531
20.2
2,174
1,467
48.2
Less : exceptional items
-
-
-
-
-
MI & share in associates
5
5
(4.8)
1
279.2
(3)
4
(171.5)
PAT after exceptional
633
662
(4.4)
530
19.5
2,177
1,464
48.7
items
EPS (`)
14.1
14.8
0.0
48.6
32.7
Source: Company, Angel Research
Exhibit 2: 3QFY2017 - Actual Vs Angel estimates
` cr
Actual
Estimates
Variation
Net Sales
4,410
4,000
10.2
Other Income
182
106
70.6
Operating Profit
1,143
895
27.7
Deprecation
231
202
14.3
Tax
409
153
168.3
Net Profit
633
637
(0.6)
Source: Company, Angel Research
Revenue grows 31.3% yoy: Lupin posted results much better than expected on
sales and OPM front. In sales, the company posted sales of `4,110cr v/s `4,000cr
expected, yoy growth of 31.5%. The strong sales growth was aided by the USA
(contributed around 49%), which registered a yoy growth of 57.6%. India at
`991.2cr posted yoy growth of 11.9%, APAC at `560.1cr posted a yoy growth of
20.9%, EMEA at `255.5cr posted a yoy growth of 16.8%, LATAM at `117.5cr
posted a yoy growth of 32.8% and ROW at `36.7cr posted a yoy growth of 23.2%.
Lupin’s USA sales grew by 57.6% to `2175.5cr during 3QFY2017, contributing
49% of Lupin’s global sales. The Company launched 4 products in the US market
during the quarter. The Company now has 128 products in the US generics
market. Lupin is now the leader in 45 products marketed in the US generics
market and amongst the top 3 in 78 of its marketed products (market share by
prescriptions, IMS Health, December 2016).
Lupin’s India formulation sales grew by 11.9% to `991.2cr during 3QFY2017 as
compared to `8,86.0cr during 3QFY2016, contributing 22% of Lupin’s global
sales. API sales (`268.4cr) posted a dip of 5.3% yoy.
February 14, 2017
2
Lupin | 3QFY2017 Result Update
Exhibit 3: Advanced markets - Sales trend
3,000
2,531
2,408
2,431
2,500
2,233
1,880
2,000
1,500
1,000
500
0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel Research
Exhibit 4: Domestic Formulation Market
1100
996
991
1000
931
871
900
762
800
700
600
500
400
300
200
100
0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company
OPM at 25.9%, higher than expected: On EBITDA front, the company posted
EBITDA of 25.9% (v/s 22.4% expected) v/s 20.2% in 3QFY2016. The gross margin
expansion, which came in at 70.5% v/s. 66.6% in 3QFY2016, was the main driver
for the OPM expansion. The R&D expenses came in at 12.9% of sales v/s. 8.1% of
sales in 3QFY2016.
February 14, 2017
3
Lupin | 3QFY2017 Result Update
Exhibit 5: OPM trend
33.0
31.2
31.0
29.0
27.4
27.0
25.9
25.0
22.5
23.0
20.2
21.0
19.0
17.0
15.0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel Research
Net profit growth just in-line with our estimate: Expansion in OPM along with
higher taxation aided the Adj. net profit to grow by 19.5% yoy to `633cr (v/s.
`637cr expected).
Exhibit 6: Net profit trends
1,000
882
900
807
800
662
700
633
600
530
500
400
300
200
100
-
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel Research
Conference call takeaways
Management has guided for 25+ ANDA launches in FY2018.
Plans to file 30 ANDA’s in US.
R&D as % of sales to be at 12-15% in FY2017.
Currently ~23% of the company’s domestic portfolio is under NLEM.
Tax rate guided to be between 28-30% of PBT.
Higher tax rate in 3QFY2017 was attributed to unwinding of deferred tax and
subsidiary losses.
Capex guidance, `1,500cr in FY2018.
February 14, 2017
4
Lupin | 3QFY2017 Result Update
Recommendation rationale
US market - the key driver: The high-margin branded generic business has
been the key differentiator for Lupin in the Indian pharmaceuticals space. On
the generic turf, Lupin is currently the fifth largest generic player in the US,
with 5.3% market share in prescription. Lupin is now the market leader in 42
products marketed in the US generics market and is amongst the top 3 by
market share in 78 products. Currently, the company’s cumulative filings stand
at 344, of which 207 have been approved, with 45 FTFs valued at more than
US$13bn. Lupin plans to launch 25-30 products in the US in FY2018. We
expect the region to post a CAGR of 33.9% over FY2016-18E on the back of
new product launches.
Domestic formulations on a strong footing: Lupin continues to make strides in
the Indian market. Currently, Lupin ranks No 3, and is the fastest growing
company among the top five companies in the domestic formulation space,
registering a strong CAGR of 20% over the last few years. Six of Lupin's
products are among the top 300 brands in the country. Lupin has a strong
field force of ~6,000MRs (as of FY2016). We expect the domestic formulation
market to grow at a CAGR of 15.0% over FY2016-18E.
First-mover advantage in Japan: Lupin figures among the few Indian
companies with a formidable presence in Japan, the world’s second largest
pharma market (Lupin ranked as the 8th largest as per IMS MAT March 2014).
The Management believes there will be patent expiries (US$14-16bn) in the
next two years in the Japanese market, which along with increased generic
penetration would drive growth in the market. The Management expects
improvement in growth in the next 3-4 years. On a conservative basis, we
expect the market to post a CAGR of 10% over FY2016-18E.
Valuation
We expect Lupin to post a net sales CAGR of 21.7% to `20,304cr and earnings
CAGR of 23.0% to `76.4/share over FY2016-18E. Currently, the stock is trading
at 19.2x its FY2018E earnings, respectively. We recommend a Buy rating on the
stock.
Exhibit 7: Key Assumptions
FY2017E
FY2018E
Sales growth (%)
26.2
17.4
Domestic growth (%)
14.0
16.0
Exports growth (%)
27.0
17.4
Operating margins (%)
26.4
26.7
R&D Exp ( % of sales)
12.0
12.0
Capex (` cr)
1,000
1,000
Source: Company, Angel Research
February 14, 2017
5
Lupin | 3QFY2017 Result Update
Exhibit 8: One-year forward PE
2,500
2,000
1,500
1,000
500
-
20x
25x
30x
35x
Source: Company, Angel Research
Exhibit 9: Recommendation summary
Company
Reco
CMP Tgt. price Upside
FY2018E
FY16-18E
FY2018E
(`)
(`)
(%) PE (x) EV/Sale (x)
EV/EBITDA (x)
CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
556
-
-
18.3
2.4
11.4
(10.8)
27.5
25.3
Aurobindo Pharma
Buy
664
877
32.1
14.0
2.3
9.8
18.1
22.5
26.1
Cadila Healthcare
Accum.
372
400
7.5
19.4
3.0
13.6
13.4
22.7
25.7
Cipla
Sell
581
465
(20.0)
23.8
2.7
16.3
14.2
12.2
13.9
Dr Reddy's
Neutral
2,965
-
-
20.8
2.7
11.9
1.7
16.2
15.9
Dishman Pharma
Neutral
225
-
-
19.9
2.2
9.8
13.3
10.3
10.9
GSK Pharma*
Neutral
2,700
-
-
44.4
6.7
32.6
17.3
35.3
32.1
Indoco Remedies
Reduce
270
240
(11.1)
16.9
2.0
10.8
33.2
19.1
20.1
Ipca labs
Buy
522
613
17.5
26.5
1.8
12.0
36.5
8.8
9.4
Lupin
Buy
1,448
1,809
25.0
20.9
3.4
12.9
17.2
24.4
20.9
Sanofi India
Neutral
4,172
-
-
19.4
3.0
13.6
22.2
25.6
28.8
Sun Pharma
Buy
655
847
29.3
18.6
3.9
11.8
26.5
18.9
20.1
Source: Company, Angel Research; Note: * December year ending
February 14, 2017
6
Lupin | 3QFY2017 Result Update
Company Background
Lupin, established in 1968, is primarily engaged in the manufacture and global
distribution of active pharmaceutical ingredients (APIs) and finished dosages. Over
the years, the company forayed into the US markets through a differentiated export
strategy of tapping branded generics and consequently gaining a large share of
the US prescription market. Further, to expand its footprint in the global markets,
Lupin has prudently adopted the inorganic growth route. In-line with this, over the
last two years, the company made small acquisitions across geographies,
prominent among these being the acquisition of Kyowa in the growing Japanese
market. In the US, the company has acquired privately held Gavis Pharmaceuticals
LLC and Novel Laboratories Inc. The acquisitions have enhanced Lupin’s scale in
the US generic market and have also broadened its pipeline in dermatology,
controlled substance products and other high-value and niche generics.
February 14, 2017
7
Lupin | 3QFY2017 Result Update
Profit & Loss Statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Gross sales
9,524
11,167
12,684
13,797
17,400
20,427
Less: Excise duty
62
80
84
96
104
123
Net sales
9,462
11,087
12,600
13,702
17,296
20,304
Other operating income
180
200
170
507
200
200
Total operating income
9,641
11,287
12,770
14,208
17,496
20,504
% chg
36.1
17.1
13.1
11.3
23.1
17.2
Total expenditure
7,371
8,284
9,150
10,455
12,737
14,885
Net raw materials
3,548
3,817
4,157
4,309
5,535
6,386
Other mfg costs
757
847
963
1,047
1,322
1,552
Personnel
1,249
1,465
1,747
2,108
2,248
3,123
Other
1,818
2,155
2,283
2,580
3,632
3,823
EBITDA
2,090
2,803
3,449
3,247
4,559
5,420
% chg
58.2
34.1
23.1
-5.9
40.4
18.9
(% of Net Sales)
22.1
25.3
27.4
23.7
26.4
26.7
Dep. & Amortization
332
261
435
464
933
1,013
EBIT
1,758
2,542
3,015
2,783
3,626
4,407
% chg
60.7
44.6
18.6
(7.7)
30.3
21.5
(% of Net Sales)
18.6
22.9
23.9
20.3
21.0
21.7
Interest & other charges
41
27
10
45
10
10
Other Income
28
116
240
188
188
188
(% of PBT)
1
4
7
5
5
4
Share in profit of asso.
-
Recurring PBT
1,925
2,832
3,415
3,433
4,004
4,785
% chg
60.9
47.1
20.6
0.5
16.6
19.5
Extraordinary exp./(Inc.)
-
-
-
-
-
-
PBT (reported)
1,925
2,832
3,415
3,433
4,004
4,785
Tax
584
962
970
1,154
1,121
1,340
(% of PBT)
30.4
34.0
28.4
33.6
28.0
28.0
PAT (reported)
1,340
1,870
2,444
2,279
2,883
3,445
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
26
33
41
9
9
9
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
1,314
1,836
2,403
2,271
2,874
3,436
ADJ. PAT
1,314
1,836
2,403
2,271
2,874
3,436
% chg
51.5
39.7
30.9
(5.5)
26.6
19.6
(% of Net Sales)
13.9
16.6
19.1
16.6
16.6
16.9
Basic EPS (`)
29.4
41.0
53.5
50.5
63.9
76.4
Fully Diluted EPS (`)
29.4
41.0
53.5
50.5
63.9
76.4
% chg
51.0
39.5
30.5
(5.5)
26.6
19.6
February 14, 2017
8
Lupin | 3QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
SOURCES OF FUNDS
Equity share capital
90
90
90
90
90
90
Reserves & surplus
5,115
6,842
8,784
10,894
13,600
16,868
Shareholders funds
5,204
6,932
8,874
10,984
13,690
16,958
Minority interest
59
67
24
32
41
50
Total loans
1,164
553
471
7,119
1,000
500
Other Long-Term Liabilities
50
46
74
75
76
77
Long-Term Provisions
112
132
132
380
380
380
Deferred tax liability
163
178
118
124
124
124
Total liabilities
6,754
7,908
9,693
18,715
15,311
18,089
APPLICATION OF FUNDS
Gross block
4,114
4,564
5,355
11,160
12,160
13,160
Less: Acc. Depreciation
1,684
1,928
2,363
2,827
3,759
4,772
Net block
2,430
2,635
2,992
8,334
8,401
8,388
Capital work-in-progress
311
304
304
304
304
304
Goodwill
570
720
1,648
2,964
2,964
2,964
Investments
2
178
1,658
8
8
8
Long-Term Loans and Adv.
387
373
275
970
1,224
1,437
Current assets
5,143
5,924
6,176
9,777
7,022
10,402
Cash
435
798
1,306
838
336
2,553
Loans & advances
340
302
671
737
921
1,081
Other
3,154
4,825
4,199
8,202
5,765
6,767
Current liabilities
2,089
2,227
3,360
3,642
4,612
5,415
Net current assets
3,054
3,697
2,816
6,135
2,409
4,987
Mis. Exp. not written off
-
-
-
-
-
-
Total assets
6,754
7,908
9,693
18,715
15,311
18,089
February 14, 2017
9
Lupin | 3QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2013 FY2014 FY2015 FY2016 FY2017E FY2018E
Profit before tax
1,925
2,832
3,415
3,433
4,004
4,785
Depreciation
332
261
435
464
933
1,013
(Inc)/Dec in working capital
620
(1,481)
1,487
(4,482)
2,970
(574)
Direct taxes paid
(584)
(962)
(970)
(1,154)
(1,121)
(1,340)
Cash Flow from Operations
2,293
649
4,367
(1,739)
6,785
3,884
(Inc.)/Dec.in Fixed Assets
(353)
(443)
(791)
(5,805)
(1,000)
(1,000)
(Inc.)/Dec. in Investments
-
-
-
-
-
-
Cash Flow from Investing
(353)
(443)
(791)
(5,805)
(1,000)
(1,000)
Issue of equity
-
-
-
-
-
-
Inc./(Dec.) in loans
(476)
(611)
(82)
6,648
(6,119)
(500)
Dividend Paid (Incl. Tax)
(209)
(157)
(168)
(168)
(168)
(168)
Others
499
(795)
(2,816)
597
1
1
Cash Flow from Financing
(186)
(1,564)
(3,067)
7,077
(6,287)
(667)
Inc./(Dec.) in Cash
1,753
(1,358)
509
(468)
(502)
2,217
Opening Cash balances
402
435
798
1,306
838
336
Closing Cash balances
435
798
1,306
838
336
2,553
February 14, 2017
10
Lupin | 3QFY2017 Result Update
Key Ratios
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
49.9
35.8
27.4
29.0
22.9
19.2
P/CEPS
39.8
31.3
23.2
24.1
17.3
14.8
P/BV
12.6
9.5
7.4
6.0
4.8
3.9
Dividend yield (%)
0.3
0.4
0.5
0.5
0.5
0.5
EV/Sales
7.0
5.9
5.2
5.2
3.8
3.1
EV/EBITDA
31.6
23.3
18.8
22.1
14.4
11.6
EV / Total Assets
9.8
8.2
6.7
3.8
4.3
3.5
Per Share Data (`)
EPS (Basic)
29.4
41.0
53.5
50.5
63.9
76.4
EPS (fully diluted)
29.4
41.0
53.5
50.5
63.9
76.4
Cash EPS
36.8
46.8
63.1
60.8
84.7
99.0
DPS
4.0
6.0
8.0
8.0
8.0
8.0
Book Value
116.3
154.6
197.4
244.4
304.6
377.3
Dupont Analysis
EBIT margin
18.6
22.9
23.9
20.3
21.0
21.7
Tax retention ratio
69.6
66.0
71.6
66.4
72.0
72.0
Asset turnover (x)
1.6
1.7
1.6
1.1
1.1
1.3
ROIC (Post-tax)
20.9
25.4
28.2
14.6
16.1
21.0
Cost of Debt (Post Tax)
2.0
2.0
1.4
0.8
0.2
1.0
Leverage (x)
0.0
0.0
0.0
0.0
0.2
0.0
Operating ROE
20.9
25.4
28.2
14.6
18.9
21.2
Returns (%)
ROCE (Pre-tax)
27.5
34.7
34.3
19.6
21.3
26.4
Angel ROIC (Pre-tax)
35.0
44.1
48.2
26.4
27.6
36.8
ROE
28.5
30.3
30.4
22.9
23.3
22.4
Turnover ratios (x)
Asset Turnover (Gross Block)
2.5
2.6
2.6
1.7
1.5
1.6
Inventory / Sales (days)
70
66
62
74
63
56
Receivables (days)
75
75
66
78
67
59
Payables (days)
72
84
78
86
83
86
WC cycle (ex-cash) (days)
88
89
63
87
77
40
Solvency ratios (x)
Net debt to equity
0.1
(0.0)
(0.1)
0.6
0.0
(0.1)
Net debt to EBITDA
0.3
(0.1)
(0.2)
1.9
0.1
(0.4)
Interest Coverage
42.9
95.4
307.3
62.4
362.6
440.7
February 14, 2017
11
Lupin | 3QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
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companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
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sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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Disclosure of Interest Statement
Lupin
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
February 14, 2017
12