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Lupin

₹2125 -7.6 | 0.4%

Market Cap ₹96942 Cr.

Stock P/E 50.1

P/B 6.2

Current Price ₹2125

Book Value ₹ 342.9

Face Value 2

52W High ₹2312

Dividend Yield 0.38%

52W Low ₹ 1200.4

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.

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Lupin Share Price

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Lupin Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 3744 4146 4322 4430 4814 5039 5197 4961 5600 5673
Other Income 6 15 35 37 23 40 45 29 68 42
Total Income 3749 4160 4357 4467 4837 5079 5243 4990 5668 5715
Total Expenditure 3512 3693 3806 3852 3958 4121 4175 3964 4359 4332
Operating Profit 238 468 551 615 879 958 1067 1026 1309 1383
Interest 43 55 84 93 86 81 74 71 68 71
Depreciation 193 203 220 264 235 248 257 457 248 257
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 2 210 246 259 559 630 736 498 993 1055
Provision for Tax 89 75 88 16 105 134 117 129 187 195
Profit After Tax -87 134 158 242 453 495 619 368 806 859
Adjustments -2 -5 -4 -6 -1 -6 -6 -9 -4 -7
Profit After Adjustments -89 130 153 236 452 490 613 359 801 853
Adjusted Earnings Per Share -2 2.9 3.4 5.2 9.9 10.8 13.5 7.9 17.6 18.7

Lupin Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 11287 12770 14139 17494 15804 14665 15375 15163 16405 16642 20011 21431
Other Income 116 240 185 107 150 333 484 136 214 151 142 184
Total Income 11403 13010 14324 17601 15955 14998 15859 15299 16619 16793 20152 21616
Total Expenditure 8284 9150 10454 13001 12657 12104 13020 12596 16190 14921 16222 16830
Operating Profit 3119 3859 3871 4600 3298 2894 2839 2703 429 1871 3931 4785
Interest 27 10 59 153 204 302 363 141 143 274 312 284
Depreciation 261 435 487 912 1086 846 970 887 1659 881 1197 1219
Exceptional Income / Expenses 0 0 0 0 -1464 -340 -752 0 0 0 0 0
Profit Before Tax 2832 3415 3329 3543 547 1409 757 1676 -1372 716 2422 3282
Provision for Tax 962 970 1059 979 288 888 1157 449 137 269 487 628
Profit After Tax 1870 2444 2270 2565 258 521 -400 1228 -1509 448 1936 2652
Adjustments -33 -41 -9 -7 -7 86 130 -11 -19 -18 -21 -26
Profit After Adjustments 1836 2403 2261 2557 251 607 -269 1217 -1528 430 1914 2626
Adjusted Earnings Per Share 41 53.5 50.2 56.6 5.6 13.4 -5.9 26.8 -33.6 9.5 42 57.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 20% 10% 6% 6%
Operating Profit CAGR 110% 13% 6% 2%
PAT CAGR 332% 16% 30% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 73% 34% 23% 4%
ROE Average 15% 2% 3% 11%
ROCE Average 16% 5% 6% 15%

Lupin Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 6932 8874 11163 13498 13577 13742 12537 13803 12153 12465 14290
Minority's Interest 67 24 32 35 40 47 44 55 69 78 83
Borrowings 151 102 5374 5648 6425 6642 1793 16 142 28 0
Other Non-Current Liabilities 356 324 658 799 452 655 1210 1120 1011 965 820
Total Current Liabilities 2630 3729 5061 6121 5096 6130 9225 8436 8276 9265 8502
Total Liabilities 10135 13054 22289 26100 25589 27215 24810 23430 21651 22800 23695
Fixed Assets 3356 4368 8717 11033 10362 11087 7938 7881 7382 8355 8878
Other Non-Current Assets 679 853 3685 3114 3017 2275 1458 1563 1812 1994 1369
Total Current Assets 6100 7832 9887 11953 12201 13854 15413 13986 12458 12451 13448
Total Assets 10135 13054 22289 26100 25589 27215 24810 23430 21651 22800 23695

Lupin Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 311 607 2095 780 687 1416 544 2229 926 991 1232
Cash Flow from Operating Activities 2004 2733 -382 4114 1751 1666 1469 1822 367 1897 3648
Cash Flow from Investing Activities -859 -1055 -6962 -2527 470 -3282 1107 -1240 1292 -1287 -1712
Cash Flow from Financing Activities -857 -197 5836 433 -1492 744 -891 -1885 -1572 -337 -2184
Net Cash Inflow / Outflow 288 1482 -1508 2019 729 -872 1685 -1303 87 273 -248
Closing Cash & Cash Equivalent 607 2108 780 2799 1416 544 2229 926 1013 1265 984

Lupin Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 40.95 53.46 50.17 56.63 5.56 13.4 -5.95 26.81 -33.62 9.45 42.01
CEPS(Rs) 47.51 64.05 61.18 76.99 29.73 30.21 12.59 46.62 3.29 29.2 68.74
DPS(Rs) 6 7.5 7.5 7.5 5 5 6 6.5 4 4 8
Book NAV/Share(Rs) 154 196.17 245.21 295.04 295.64 298.87 272.01 300.06 263.84 270.67 311.08
Core EBITDA Margin(%) 26.42 28.14 25.85 25.52 11.58 9.68 7.87 9.08 0.73 6.05 11.94
EBIT Margin(%) 25.15 26.62 23.77 20.99 2.76 6.47 3.74 6.43 -4.14 3.48 8.61
Pre Tax Margin(%) 24.91 26.55 23.35 20.13 2.01 5.32 2.53 5.93 -4.62 2.52 7.63
PAT Margin (%) 16.45 19 15.92 14.57 0.95 1.97 -1.34 4.34 -5.09 1.57 6.1
Cash Profit Margin (%) 18.74 22.38 19.34 19.75 4.94 5.17 1.91 7.48 0.5 4.67 9.87
ROA(%) 19.7 21.08 12.84 10.6 1 1.97 -1.54 5.09 -6.7 2.01 8.33
ROE(%) 30.89 31.09 22.85 21.05 1.94 3.88 -3.09 9.47 -11.79 3.68 14.61
ROCE(%) 40.97 40.3 24.42 18.57 3.56 7.97 5.45 9.71 -7.11 6.06 16.24
Receivable days 74.67 72.65 92.24 91.82 63.76 71.32 64.63 64.06 53.73 56.09 52.75
Inventory Days 65.48 65.73 73.96 71.7 49.03 51.72 44.49 48.75 53.64 58.53 54.32
Payable days 139.82 146.25 161.88 160.76 176.19 179.43 163.62 161.68 132.55 144.07 177.49
PER(x) 22.85 37.54 29.5 25.51 132.5 55.14 0 38.08 0 68.54 38.51
Price/Book(x) 6.08 10.23 6.04 4.9 2.49 2.47 2.17 3.4 2.83 2.39 5.2
Dividend Yield(%) 0.64 0.37 0.51 0.52 0.68 0.68 1.02 0.64 0.54 0.62 0.49
EV/Net Sales(x) 3.71 7.07 5.17 4.15 2.47 2.79 1.99 3.26 2.23 1.95 3.76
EV/Core EBITDA(x) 13.41 23.39 18.87 15.77 11.83 14.15 10.77 18.26 85.46 17.33 19.13
Net Sales Growth(%) 17.06 13.14 10.72 23.73 -9.66 -7.21 4.84 -1.38 8.19 1.44 20.25
EBIT Growth(%) 45.42 19.81 -1.06 9.07 -79.67 128.91 -34.55 62.21 -167.66 180.59 175.93
PAT Growth(%) 39.47 30.75 -7.16 13 -89.93 104.46 -176.75 407.07 -222.92 129.66 332.35
EPS Growth(%) 39.47 30.55 -6.16 12.87 -90.19 141.19 -144.36 550.89 -225.39 128.11 344.46
Debt/Equity(x) 0.09 0.06 0.65 0.6 0.53 0.63 0.51 0.35 0.32 0.34 0.19
Current Ratio(x) 2.32 2.1 1.95 1.95 2.39 2.26 1.67 1.66 1.51 1.34 1.58
Quick Ratio(x) 1.51 1.43 1.31 1.36 1.68 1.63 1.3 1.17 0.95 0.86 1
Interest Cover(x) 107.25 349.1 56.98 24.23 3.68 5.66 3.09 12.92 -8.61 3.61 8.77
Total Debt/Mcap(x) 0.02 0.01 0.11 0.12 0.21 0.25 0.24 0.1 0.11 0.14 0.04

Lupin Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 47.1 47.11 47.1 47.08 47.07 47.06 47.04 47.01 46.98 46.96
FII 14.27 13.81 13.98 13.32 13.94 14.99 16.11 18.28 19.32 21.5
DII 27.19 27.63 29.39 29.2 29.36 29.43 29.73 27.77 26.78 25.1
Public 11.45 11.45 9.53 10.4 9.64 8.52 7.11 6.93 6.92 6.44
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 30% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 46.96%.
  • Company has a low return on equity of 2% over the last 3 years.
  • Debtor days have increased from 144.07 to 177.49days.
  • Stock is trading at 6.2 times its book value.

* 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.

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