2025-05-02 11:11:06
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Lupin - Q2FY21 First Cut - ICICI Direct
Posted On : 2020-11-05 11:11:06( TIMEZONE : IST )
(CMP: Rs. 944; MCap: Rs. 42800 crore)
Lupin's Q2FY21 revenues and operational performance were in-line with I-direct estimates while profitability was below expectations due to lower other income and a higher tax outgo.
Q2FY21 Earnings Summary
- Revenues declined 12.0% YoY to Rs. 3835 crore (I-direct estimate: Rs. 3714 crore) mainly due to Kyowa divestment. US revenues grew 5.6% YoY to Rs. 1398 crore (I-direct estimate: Rs. 1250 crore) whereas domestic formulations remained subdued de-growing 0.7% YoY to Rs. 1332 crore (I-direct estimate: Rs. 1369 crore). ROW markets remained flat at Rs. 351 crore (I-direct estimate: Rs. 351 crore). However, API segment grew a robust 22.5% YoY to Rs. 374 crore ( I-direct estimate: Rs. 366 crore)
- EBITDA margins contracted 164 bps YoY to 15.2% (I-direct estimate: 15.5%) due to lower gross margins and higher other expenses. EBITDA de-grew 20.6% YoY to Rs. 581 crore (I-direct estimate: Rs. 576 crore)
- Adjusted net profit stood at Rs. 211 crore, down 49.7% YoY (I-direct estimate: Rs. 249 crore) in-line with lower operational performance, lower other income 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.944.25 as compared to the previous close of Rs. 936.95. The total number of shares traded during the day was 132440 in over 4500 trades.
The stock hit an intraday high of Rs. 962.95 and intraday low of 940. The net turnover during the day was Rs. 125853178.
