Lupin

₹808.9 -2.4 | 0.3%

WEBSITE BSE:500257 NSE : LUPIN LTD. 09 Jun, 13:23

Market Cap ₹36810 Cr.

Stock P/E 85.6

P/B 3

Current Price ₹808.9

Book Value ₹ 273.9

Face Value 2

52W High ₹831.4

Dividend Yield 0.49%

52W Low ₹ 592.6

Edit Ratio

Lupin Research see more...

Overview Inc. Year: 1983Industry: Pharmaceuticals & Drugs

Lupin Limited is an India-based pharmaceutical corporation. The Company develops and commercializes a variety of branded and general formulations, biotechnology merchandise, and active pharmaceutical substances (APIs) in over a hundred markets within the United States, India, South Africa, and throughout the Asia Pacific, Latin America, Europe, and the Middle East regions. It has presence inside the cardiovascular, diabetology, asthma, pediatrics, gastro-intestinal, anti-infectives and nonsteroidal anti-inflammatory drug remedy segments. Its complex generics portfolio includes Filgrastim, Peg-Filgrastim, Etanercept and Albuterol, amongst others. Its biosimilar merchandise include Filgrastim, Peg-Filgrastim and Etanercept. Its specialty products consist of Solosec and NaMuscla. Its over-the-counter merchandise include Softovac, Lupizyme, Aptivate, Lupisafe, Be One and V-Bath, among others. The Company resources APIs for anti-retroviral, anti-malarial and tuberculosis (TB) remedy pills.

Lupin Share Price

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Lupin Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	4017	3783	4270	4091	4161	3883	3744	4146	4322	4430
Other Income	21	58	65	73	34	57	74	15	18	37
Total Income	4039	3841	4335	4164	4195	3940	3818	4160	4340	4467
Total Expenditure	3239	3076	3343	5415	3791	3657	3580	3693	3790	3852
Operating Profit	800	766	993	-1251	404	284	238	468	551	615
Interest	31	32	33	34	33	41	43	55	84	93
Depreciation	244	216	209	919	203	327	193	203	220	264
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	525	518	750	-2205	167	-85	2	210	246	259
Provision for Tax	83	54	202	-110	-382	427	89	75	88	16
Profit After Tax	441	464	548	-2095	549	-512	-87	134	158	242
Adjustments	-3	-4	-6	-3	-4	-6	-2	-5	-4	-6
Profit After Adjustments	438	460	542	-2098	546	-518	-89	130	153	236
Adjusted Earnings Per Share	9.7	10.1	12	-46.2	12	-11.4	-2	2.9	3.4	5.2

Lupin Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	7083	9641	11287	12770	14139	17494	15804	14665	15375	15163	16405	16642
Other Income	14	28	116	240	185	107	150	333	484	136	214	144
Total Income	7097	9669	11403	13010	14324	17601	15955	14998	15859	15299	16619	16785
Total Expenditure	5638	7371	8284	9150	10454	13001	12657	12104	13020	12596	16190	14915
Operating Profit	1459	2298	3119	3859	3871	4600	3298	2894	2839	2703	429	1872
Interest	35	41	27	10	59	153	204	302	363	141	143	275
Depreciation	228	332	261	435	487	912	1086	846	970	887	1659	880
Exceptional Income / Expenses	0	0	0	0	0	0	-1464	-340	-752	0	0	0
Profit Before Tax	1196	1925	2832	3415	3329	3543	543	1409	757	1676	-1372	717
Provision for Tax	309	584	962	970	1059	979	288	888	1157	449	137	268
Profit After Tax	888	1340	1870	2444	2270	2565	255	521	-400	1228	-1509	447
Adjustments	-20	-26	-33	-41	-9	-7	-4	86	130	-11	-19	-17
Profit After Adjustments	868	1314	1836	2403	2261	2557	251	607	-269	1217	-1528	430
Adjusted Earnings Per Share	19.4	29.4	41	53.5	50.2	56.6	5.6	13.4	-5.9	26.8	-33.6	9.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	8%	4%	-1%	9%
Operating Profit CAGR	-84%	-47%	-38%	-12%
PAT CAGR	-223%	NAN%	NAN%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	31%	-4%	-0%	1%
ROE Average	-12%	-2%	0%	15%
ROCE Average	-7%	3%	4%	18%

Lupin Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	4013	5204	6932	8874	11163	13498	13577	13742	12537	13803	12153
Minority's Interest	72	59	67	24	32	35	40	47	44	55	69
Borrowings	433	247	151	102	5374	5648	6425	6642	1793	16	142
Other Non-Current Liabilities	297	326	356	324	658	799	452	655	1210	1120	1011
Total Current Liabilities	3120	3007	2630	3729	5061	6121	5096	6130	9225	8436	8276
Total Liabilities	7935	8843	10135	13054	22289	26100	25589	27215	24810	23430	21651
Fixed Assets	2750	3000	3356	4368	8717	11033	10362	11087	7938	7881	7382
Other Non-Current Assets	843	700	679	853	3685	3114	3017	2275	1458	1563	1812
Total Current Assets	4342	5143	6100	7832	9887	11953	12210	13854	15413	13986	12458
Total Assets	7935	8843	10135	13054	22289	26100	25589	27215	24810	23430	21651

Lupin Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	296	245	311	607	2095	780	687	1416	544	2229	926
Cash Flow from Operating Activities	560	1251	2004	2733	-382	4114	1751	1666	1469	1822	367
Cash Flow from Investing Activities	-741	-522	-859	-1055	-6962	-2527	470	-3282	1107	-1240	1292
Cash Flow from Financing Activities	109	-663	-857	-197	5836	433	-1492	744	-891	-1885	-1572
Net Cash Inflow / Outflow	-72	66	288	1482	-1508	2019	729	-872	1685	-1303	87
Closing Cash & Cash Equivalent	245	311	607	2108	780	2799	1416	544	2229	926	1013

Lupin Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	19.43	29.36	40.95	53.46	50.17	56.63	5.56	13.4	-5.95	26.81	-33.62
CEPS(Rs)	24.96	37.37	47.51	64.05	61.18	76.99	29.65	30.21	12.59	46.62	3.29
DPS(Rs)	3.2	4	6	7.5	7.5	7.5	5	5	6	6.5	4
Book NAV/Share(Rs)	89.78	116.13	154	196.17	245.21	295.04	295.64	298.87	272.01	300.06	263.84
Core EBITDA Margin(%)	20.28	23.39	26.42	28.14	25.85	25.52	11.58	9.68	7.87	9.08	0.71
EBIT Margin(%)	17.28	20.26	25.15	26.62	23.77	20.99	2.75	6.47	3.74	6.43	-4.06
Pre Tax Margin(%)	16.79	19.83	24.91	26.55	23.35	20.13	2	5.32	2.53	5.93	-4.53
PAT Margin (%)	12.46	13.81	16.45	19	15.92	14.57	0.94	1.97	-1.34	4.34	-4.98
Cash Profit Margin (%)	15.65	17.24	18.74	22.38	19.34	19.75	4.93	5.17	1.91	7.48	0.49
ROA(%)	12.4	15.98	19.7	21.08	12.84	10.6	0.99	1.97	-1.54	5.09	-6.7
ROE(%)	24.35	29.12	30.89	31.09	22.85	21.05	1.91	3.88	-3.09	9.47	-11.79
ROCE(%)	24.4	32.7	40.97	40.3	24.42	18.57	3.54	7.97	5.45	9.71	-7.11
Receivable days	77.76	74.61	74.67	72.65	92.24	91.82	63.76	71.32	64.63	64.06	52.62
Inventory Days	75.12	69.24	65.48	65.73	73.96	71.7	49.03	51.72	44.49	48.75	52.54
Payable days	149	138.38	139.82	146.25	161.88	160.76	176.19	179.43	163.62	161.68	132.55
PER(x)	27.27	21.42	22.85	37.54	29.5	25.51	132.5	55.14	0	38.08	0
Price/Book(x)	5.9	5.42	6.08	10.23	6.04	4.9	2.49	2.47	2.17	3.4	2.83
Dividend Yield(%)	0.6	0.64	0.64	0.37	0.51	0.52	0.68	0.68	1.02	0.64	0.54
EV/Net Sales(x)	3.51	3	3.71	7.07	5.17	4.15	2.47	2.79	1.99	3.26	2.23
EV/Core EBITDA(x)	17.06	12.57	13.41	23.39	18.87	15.77	11.83	14.15	10.77	18.26	85.46
Net Sales Growth(%)	21.72	36.12	17.06	13.14	10.72	23.73	-9.66	-7.21	4.84	-1.38	8.19
EBIT Growth(%)	19.7	59.6	45.42	19.81	-1.06	9.07	-79.77	128.91	-34.55	62.21	-167.66
PAT Growth(%)	0.92	51.03	39.47	30.75	-7.16	13	-90.06	104.46	-176.75	407.07	-222.92
EPS Growth(%)	0.49	51.16	39.47	30.55	-6.16	12.87	-90.19	141.19	-144.36	550.89	-225.39
Debt/Equity(x)	0.41	0.22	0.09	0.06	0.65	0.6	0.53	0.63	0.51	0.35	0.32
Current Ratio(x)	1.39	1.71	2.32	2.1	1.95	1.95	2.4	2.26	1.67	1.66	1.51
Quick Ratio(x)	0.84	1.06	1.51	1.43	1.31	1.36	1.68	1.63	1.3	1.17	0.95
Interest Cover(x)	34.72	48	107.25	349.1	56.98	24.23	3.66	5.66	3.09	12.92	-8.61
Total Debt/Mcap(x)	0.07	0.04	0.02	0.01	0.11	0.12	0.21	0.25	0.24	0.1	0.11

Lupin Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	46.88	46.86	46.84	46.83	46.81	46.78	47.1	47.11	47.1	47.08
FII	18.97	17.87	18.6	15.66	15.28	14.65	14.27	13.81	13.98	13.32
DII	21.36	22.58	22.09	24.75	25.12	27.19	27.19	27.63	29.39	29.2
Public	12.79	12.69	12.47	12.76	12.79	11.37	11.45	11.45	9.53	10.4
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	21.26	21.26	21.26	21.26	21.26	21.26	21.41	21.42	21.42	21.42
FII	8.6	8.11	8.44	7.11	6.94	6.66	6.49	6.28	6.36	6.06
DII	9.69	10.24	10.03	11.24	11.41	12.36	12.36	12.56	13.36	13.29
Public	5.8	5.76	5.66	5.79	5.81	5.17	5.2	5.21	4.33	4.73
Others	0	0	0	0	0	0	0	0	0	0
Total	45.35	45.37	45.39	45.4	45.42	45.45	45.46	45.47	45.48	45.5

Pros

Debtor days have improved from 161.68 to 132.55days.
Company is almost debt free.

Cons

Promoter holding is low: 47.08%.
Company has a low return on equity of -2% over the last 3 years.
The company has delivered a poor profit growth of 0% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.