Lupin

The stock was yesterday amongst the top gainers on the BSE when it closed, buoyed by the very good Q3FY14 numbers. The company posted a 42% (YoY) rise in consolidated net profit at Rs.476 crore on a 21% jump in net sales at Rs.2983 crore. EBITDA was up 28% at Rs.773 crore while margins were very healthy, up 140 bps at 25.6%. Forex gain of Rs.25 crore also helped shore the bottomline.

This performance was driven by a robust 31% growth in formulations in USA, contributing 45% to total sales, while revenue from India contributed 22% to the total sales rose 14%. Sales from Japan were muted, showing a growth of 2%. The company launched 5 new products in USA during the quarter and with this, its total tally is 62 products. Revenue expenditure on R&D stood at 9.1% of net sales. The company is debt free at the net debt level and this was reflected in the interest outgo, which YoY was down 46%. Lupin filed 5 ANDAs and received 5 ANDA approvals in the quarter and cumulative ANDA filings with the US FDA now stand at 186 with the company having received 96 approvals to date. It also received 5 approvals from European regulatory authorities in the quarter. The company, for 9MFY14, posted a consolidated net profit at Rs.1283 crore and with one more quarter to go, it is sure to surpass that of FY13 at Rs.1314 crore.