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Lupin - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-16 20:44:00

For 1QFY2017, the company posted better than expected numbers. Sales came in at Rs. 4,316cr V/s Rs. 4,150cr expected and V/s Rs. 3,081cr in 1QFY2016, a yoy growth of 40.1%. The sales growth came on the back of the US market which posted a yoy revenue growth of 82.3% to Rs. 2,188.6cr. On the operating front, the EBITDA margin came in at 27.4% V/s 29.3% expected and V/s 24.3% in 1QFY2016. Expansion in OPM, low taxation and higher other income aided the Adj. net profit to come in at Rs. 882cr V/s Rs. 777cr expected and V/s Rs. 569cr in 1QFY2016, ie a yoy growth of 55.1%. We maintain our accumulate rating.

Numbers outperform our expectations: For 1QFY2017, the company posted better than expected numbers. Sales came in at Rs. 4,316cr V/s Rs. 4,150cr expected and V/s Rs. 3,081cr in 1QFY2016, a yoy growth of 40.1%. The sales growth came on the back of the US market which posted a yoy revenue growth of 82.3% to Rs. 2,188.6cr. On the operating front, the EBITDA margin came in at 27.4% V/s 29.3% expected and V/s 24.3% in 1QFY2016. Although the margin expanded on a yoy basis, it underperformed our expectations owing to a 45.2% yoy increase in employee cost and an 104.8% rise in R&D expenses (11.6% of sales in 1QFY2017 V/s 7.9% of sales 1QFY2016). The Adj. net profit came in at Rs. 882cr V/s Rs. 777cr expected and V/s Rs. 569cr in 1QFY2016, ie a yoy growth of 55.1%, led by expansion in operating margin, low taxation, and higher other income.

Outlook and valuation: We expect Lupin to post a net sales CAGR of 16.7% to Rs. 18,644cr and earnings CAGR of 17.2% to Rs. 69.3/share over FY2016–18E. Currently, the stock is trading at 22.8x its FY2018E earnings, respectively. We recommend a accumulate rating on the stock.

Shares of LUPIN LTD. was last trading in BSE at Rs.1589.55 as compared to the previous close of Rs. 1578.85. The total number of shares traded during the day was 61650 in over 3539 trades.

The stock hit an intraday high of Rs. 1600 and intraday low of 1578.5. The net turnover during the day was Rs. 98058622.


Source: Equity Bulls

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