Buy Lupin - Emkay

Lupin Ltd.
Reco: BUY
CMP: Rs 446
Target Price: Rs 521

INR dep. boosted performance - Maintain Buy

- Lupin's Q3FY12 results – Revenues at Rs18.2bn (up 20%YoY), b) EBITDA at Rs3.7bn (up 26% YoY), and c) APAT at Rs2.35bn (up 5% YoY)

- Strong revenue growth and margin expansion led by robust domestic business and INR depreciation

- Going forward - Large Para IV pipeline & strong OC basket in the US provide long term growth visibility. This coupled with robust India biz will drive Lupin's earnings CAGR of 21% over FY12-14E

- Maintain Buy with a target price of Rs521 (20xFY13E base EPS of Rs26).

Source : Equity Bulls

Keywords