Views on Lupin 3QFY2014 results - Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP - Research - Pharma, Angel Broking) on Lupin 3QFY2014 results:

"Lupin, results came in just in line with expectations on the top-line, while the OPM's and net profit came much above expectations. On the sales front, the company posted sales of Rs. 2983cr, posting a yoy growth of 21.0%. The growth was predominantly led by the exports formulation, which grew by 23% yoy, while domestic formulations markets grew by 14% yoy. It's OPM expanded by 151bp yoy during the period to 24.6% V/s expectation of 23.4%. This along with reduction in the interest expenses aided the PBT to register a yoy growth of 33.0%. Thus, the net profit came in at Rs. 427cr V/s Rs. 425cr expected, posting a yoy growth of 42.0%. We will revisit our numbers, till then we maintain our neutral stance."

Source : Equity Bulls

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