Lupin - Q1FY14 Results - Nirmal Bang Institutional

- All geographies/business underperformed barring US+Europe (up 29%YoY). Dissapointment in domestic formulations business (-5%yoY) and Japan business (-12%YoY) is the major reason for revenue miss (Reported revenue of Rs24.8bn as against our expectations of our Rs26.4bn and consensus estimate of Rs26.9bn).

- EBITDA margin at 23.8% is above our/consensus estimate of 23%/23.5%.

- Gross margins were flat QoQ, while R&D stood at 7.9% of sales.

- Other income was abnormally high at Rs1bn and the main reason for the 16% beat in earnings v/s our/consensus estimates.

- We will come out with detailed report post the concall.

Source : Equity Bulls

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