Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Lupin - Q1FY21 First Cut - ICICI Securities

Posted On: 2020-08-07 23:32:42 (Time Zone: Arizona, USA)


(CMP: Rs. 936; MCap: Rs. 42425 crore)

Lupin's Q1FY21 results were a mixed bag. Revenues were below I-direct estimates mainly due to weaker than expected US performance, whereas operational performance was in-line with our expectations. Net profit was lower than our estimates due to lower other income and a higher tax outgo.

Q1FY21 Earnings Summary

- Revenues declined 20.2% YoY to Rs. 3528 crore (I-direct estimate: Rs. 3707 crore) mainly due to Kyowa divestment and due to 21.1% YoY decline in US revenues to Rs. 1216 crore (I-direct estimate: Rs. 1401 crore). Domestic formulations sales also remained subdued de-growing 1.7% YoY to Rs. 1285 crore (I-direct estimate: Rs. 1308 crore). ROW markets declined 9.2% YoY to Rs. 308 crore ( I-direct estimate: Rs. 340 crore). However, API segment grew a robust 17.2% YoY to Rs. 409 crore ( I-direct estimate: Rs. 332 crore)

- EBITDA margins contracted 566 bps YoY to 13.8% (I-direct estimate: 13.5%) due to lower gross margins and higher employee cost. EBITDA de-grew 43.3% YoY to Rs. 488 crore (I-direct estimate: Rs. 500 crore)

- Net profit was at Rs. 107 crore, down 64.7% YoY (I-direct estimate: Rs. 182 crore) in-line with lower operational performance and higher tax rate

Resolution of warning letters and clearance of Official Action Indicated (OAIs) status on plants could be the near term overhang along with progress on the margins front. Barring Covid-19 impact, growth in India remains consistent but remains lumpy for APAC. Like other Pharma majors, Lupin has also chalked out a product and cost rationalisation drive. The result of this drive could be visible two to three years down the line.

We would be revisiting our estimates and coming out with a detailed update post discussion with the management.

Shares of LUPIN LTD. was last trading in BSE at Rs.879.4 as compared to the previous close of Rs. 936.25. The total number of shares traded during the day was 310984 in over 12565 trades.

The stock hit an intraday high of Rs. 915.8 and intraday low of 874.9. The net turnover during the day was Rs. 275253382.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

SRF Limited - Chemical biz's good performance may continue - ICICI Securities

Multi Commodity Exchange of India - Lower turnover impacted operating performance - ICICI Securities

Q3FY21 Company update - Zensar Technologies - ICICI Direct

JSW Steel - Q3FY21 First Cut - ICICI Direct

Q3FY21 Result update - Biocon Ltd - ICICI Direct

Symphony Ltd - Q3FY21 First Cut - ICICI Direct

Crompton Greaves Consumer Electricals - Q3FY21 First Cut - ICICI Direct

Q3FY21 Result update - Bajaj Finserv - ICICI Direct

Q3FY21 Result update - Bajaj Auto - ICICI Direct

Quant Pick - Hero MotoCorp - ICICI Direct

Company update - Cyient Ltd - Q3FY21 - ICICI Direct

Covid Recovery Pulse - Auto retail taper off in new year 2021 - ICICI Direct

Q3FY21 Result update - Asian Paints - ICICI Direct

Company update - Mphasis Ltd - Q3FY21 - ICICI Direct

SBI Life Insurance - Q3FY21 First Cut - ICICI Direct

Q3FY21 Result update - Syngene International - ICICI Direct

Stove Kraft Ltd (SKL) - IPO - Weak Financial Track Record - Reliance Securities

Maintain BUY on Bandhan Bank - Prudently cushioning for potential event risk - HDFC Securities

Maintain SELL on Asian Paints - Bolt out of the blue - HDFC Securities

Maintain ADD on Cyient - Gradual acceleration - HDFC Securities

Maintain ADD on Havells India - Beat across the board; justifying rich valuation - HDFC Securities

Maintain SELL on Shoppers Stop - Still not out of the woods! - HDFC Securities

Cyient - 'Persistent' in the making! - ICICI Securities

Balkrishna Industries - Industry exports growth continues to shine - ICICI Securities

Kajaria Ceramics - Impressive beat; rerating to continue - ICICI Securities

Jindal Steel & Power - Realisation driven earnings boost fails to improve risk reward - ICICI Securities

Asian Paints - Seemingly a beat in 3Q, however, flat revenues in 9MFY21 is what we should focus on - ICICI Securities

Westlife Development - Weak dine-in continues to be a drag - ICICI Securities

Bandhan Bank - Superior operating metrics can absorb interim shocks - ICICI Securities

Bajaj Auto - Higher exports, premium share boost margins - ICICI Securities

Hindustan Zinc - Valuation support dims - ICICI Securities

Havells India - Turnaround in Lloyd should lead to multiple expansion - ICICI Securities

Q3FY21 Result update - HDFC AMC - ICICI Direct

Q3FY21 Result update - Federal Bank - ICICI Direct

Q3FY21 Result update - Bandhan Bank - ICICI Direct

Q3FY21 Result update - Kajaria Ceramics - ICICI Direct

Biocon - Q3FY21 First Cut - ICICI Direct

MCX - Q3FY21 First Cut - ICICI Direct

Q3FY21 Result update - Sagar Cements - ICICI Direct

Q3FY21 Result update - Hindustan Zinc - ICICI Direct

Q3FY21 Result update - Havells India - ICICI Direct

IPO Review - Home First Finance - ICICI Direct

ADD on Bajaj Finance - Priced to perfection - HDFC Securities

Maintain BUY on IRB Infra - Smart recovery - Q3FY21 - HDFC Securities

Maintain BUY on Federal Bank - Sustained improvement in key metrics - HDFC Securities

Maintain ADD on L&T Infotech - Leadership continues - HDFC Securities

Maintain REDUCE on L&T Technology Services - Trajectory improving, but priced in - HDFC Securities

Tata Communications - Transition hiccups? - ICICI Securities

Federal Bank - Steady performance in most business metrics; collections back at pre-covid level - ICICI Securities

L&T Technology Services - Large deal wins are more than priced-in! - ICICI Securities



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020