Q3 FY21 Result Update - Lupin - No fireworks expected in Q4 - YES Securities

(Rating: SELL, TP: Rs850, Downside 15%)

- Gradual ramp up in ProAir and Levo translates in to a 10% cut in US sales in current fiscal as well as FY22/23; cut in R&D spends offsets to leave EPS largely unchanged

- Expect margins to inch towards 20% mark on sustained basis but US portfolio remains top heavy

- Company remains too reliant on Albuterol for margin and earnings delta over next 12 months; retain SELL

Shares of LUPIN LTD. was last trading in BSE at Rs.1007.75 as compared to the previous close of Rs. 1050.25. The total number of shares traded during the day was 265904 in over 13269 trades.

The stock hit an intraday high of Rs. 1060 and intraday low of 995.7. The net turnover during the day was Rs. 270308990.

Source : Equity Bulls

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