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Research
Q4FY21 Result Update - Lupin - ICICI Direct
Posted On : 2021-05-17 10:11:43( TIMEZONE : IST )
Q4 revenues declined 1.6% YoY to Rs. 3783 crore. US revenues de-grew 5.3% YoY to Rs. 1495 crore amid weak flu season, whereas domestic formulations grew 7.9% YoY to Rs. 1287 crore tracking growth in both chronic and acute segments. South Africa grew 18.6% YoY to Rs. 210 crore amid strong volume growth. API segment de-grew 22.2% YoY to Rs. 256 crore due to a weak flu season. EBITDA margins improved 502 bps YoY to 18.7% due to better product mix and one-time savings in staff cost. EBITDA grew 34.4% YoY to Rs. 708 crore. Adjusted PAT grew 42% to Rs. 460 crore.
Valuation & Outlook
Q4FY21 operational performance was in-line with I-direct estimates whereas profitability was above expectations due to higher other income and a lower tax outgo. As per the management, FY22 US sales would be largely driven by gProAir ramp-up and new launches such as Brovana. Domestic branded formulations are expected to grow in double digits in FY22. The resolution of warning letter and clearance of official action indicated (OAIs) status on plants could be the near term lever along with progress on margins front. However, like other pharma majors, Lupin has also chalked out a product, cost rationalisation drive. We expect the performance to improve gradually from here on with some high profile launches and cost control measures. Together, these two factors (niche launches and cost rationalisation) are likely to overcome regulatory pains. In backdrop of the recent run-up in the stock, we change from BUY to HOLD and arrive at our target price of Rs. 1205 (earlier Rs. 1165) based on 25x FY23E EPS of Rs. 48.2.
For details, click on the link below: Link to the report
Shares of LUPIN LTD. was last trading in BSE at Rs.1178.8 as compared to the previous close of Rs. 1210.75. The total number of shares traded during the day was 329802 in over 9148 trades.
The stock hit an intraday high of Rs. 1233 and intraday low of 1165.95. The net turnover during the day was Rs. 392282538.