Views on Lupin Limited 3QFY2017 Results: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research- Pharma, Angel Broking) on Lupin Limited 3QFY2017 Results:

Lupin (CMP: INR 1,488 / TP: INR 1,809 / Upside: 21.6%)

"Lupin posted results much better than expected on sales and OPM front. In sales the company posted sales of INR 4,110cr V/s INR 4,000cr expected a YoY growth of 31.5%. The strong sales growth was aided by the USA (which contributed around 49.0%), which registered a YoY growth of 57.6%. India at INR 991.2cr, posted YoY growth of 11.9%, APAC at INR 560.1cr, posted a YoY growth of 20.9%, EMEA at INR 255.5cr, posted a YoY growth of 16.8%, LATAM at INR 117.5cr, posted a YoY growth of 32.8% and ROW at INR 36.7cr, posted a YoY growth of 23.2%. On EBITDA front, the company posted EBITDA of 25.9% V/s 22.4% expected V/s 20.2% in 3QFY2016. Consequently, PAT came in at INR 633.1cr V/s INR 637.2cr expected, V/s INR 529.6cr in 3QFY2016, growth of 19.5% YoY. The growth in the net profit was lower on back of higher taxation which came in at 39.1% of PBT v/s 35.4% of PBT in 3QFY2016. We maintain our BUY rating on the stock."

Shares of LUPIN LTD. was last trading in BSE at Rs.1464.6 as compared to the previous close of Rs. 1495.35. The total number of shares traded during the day was 171915 in over 10019 trades.

The stock hit an intraday high of Rs. 1510 and intraday low of 1459.95. The net turnover during the day was Rs. 254213221.

Source : Equity Bulls

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