Lupin Q3 Review - In-Line Sales Growth, Strong Margin Recovery: ICICI Direct

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Lupin Ltd.’s Q3 revenues grew 6.6% YoY to Rs 4,017 crore (our estimate Rs 3,961 crore).

U.S. revenues grew 4.8% YoY to Rs 1,442 crore whereas domestic formulations grew 5.4% YoY to Rs 1,367 crore.

Rest of world markets remained flattish at Rs 437 crore. Active pharmaceutical ingredient segment grew 8.4% YoY to Rs 344 crore.

Ebitda margins improved 797 basis points YoY to 19.4% (our estimate 16.5%) due to better gross margins amid ramp-up of complex generics segment and better operating leverage owing to cost control measures.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.