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Lupin

₹1609.9 25.6 | 1.6%

Market Cap ₹73369 Cr.

Stock P/E 38.3

P/B 5.1

Current Price ₹1609.9

Book Value ₹ 313.6

Face Value 2

52W High ₹1703.8

Dividend Yield 0.5%

52W Low ₹ 742.6

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.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 4161 3883 3744 4146 4322 4430 4814 5039 5197 4961
Other Income 34 16 6 15 35 37 23 40 45 29
Total Income 4195 3899 3749 4160 4357 4467 4837 5079 5243 4990
Total Expenditure 3791 3615 3512 3693 3806 3852 3958 4121 4175 3964
Operating Profit 404 284 238 468 551 615 879 958 1067 1026
Interest 33 41 43 55 84 93 86 81 74 71
Depreciation 203 327 193 203 220 264 235 248 257 457
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 167 -85 2 210 246 259 559 630 736 498
Provision for Tax -382 427 89 75 88 16 105 134 117 129
Profit After Tax 549 -512 -87 134 158 242 453 495 619 368
Adjustments -4 -6 -2 -5 -4 -6 -1 -6 -6 -9
Profit After Adjustments 546 -518 -89 130 153 236 452 490 613 359
Adjusted Earnings Per Share 12 -11.4 -2 2.9 3.4 5.2 9.9 10.8 13.5 7.9

Lupin Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 9641 11287 12770 14139 17494 15804 14665 15375 15163 16405 16642 20011
Other Income 28 116 240 185 107 150 333 484 136 214 151 137
Total Income 9669 11403 13010 14324 17601 15955 14998 15859 15299 16619 16793 20149
Total Expenditure 7371 8284 9150 10454 13001 12657 12104 13020 12596 16190 14921 16218
Operating Profit 2298 3119 3859 3871 4600 3298 2894 2839 2703 429 1871 3930
Interest 41 27 10 59 153 204 302 363 141 143 274 312
Depreciation 332 261 435 487 912 1086 846 970 887 1659 881 1197
Exceptional Income / Expenses 0 0 0 0 0 -1464 -340 -752 0 0 0 0
Profit Before Tax 1925 2832 3415 3329 3543 547 1409 757 1676 -1372 716 2423
Provision for Tax 584 962 970 1059 979 288 888 1157 449 137 269 485
Profit After Tax 1340 1870 2444 2270 2565 258 521 -400 1228 -1509 448 1935
Adjustments -26 -33 -41 -9 -7 -7 86 130 -11 -19 -18 -22
Profit After Adjustments 1314 1836 2403 2261 2557 251 607 -269 1217 -1528 430 1914
Adjusted Earnings Per Share 29.4 41 53.5 50.2 56.6 5.6 13.4 -5.9 26.8 -33.6 9.5 42.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 1% 3% 1% 6%
Operating Profit CAGR 336% -13% -11% -2%
PAT CAGR 0% 0% 12% -10%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 115% 10% 14% 5%
ROE Average 4% 0% 0% 13%
ROCE Average 6% 3% 4% 17%

Lupin Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 5204 6932 8874 11163 13498 13577 13742 12537 13803 12153 12465
Minority's Interest 59 67 24 32 35 40 47 44 55 69 78
Borrowings 247 151 102 5374 5648 6425 6642 1793 16 142 28
Other Non-Current Liabilities 326 356 324 658 799 452 655 1210 1120 1011 965
Total Current Liabilities 3007 2630 3729 5061 6121 5096 6130 9225 8436 8276 9265
Total Liabilities 8843 10135 13054 22289 26100 25589 27215 24810 23430 21651 22800
Fixed Assets 3000 3356 4368 8717 11033 10362 11087 7938 7881 7382 8355
Other Non-Current Assets 700 679 853 3685 3114 3017 2275 1458 1563 1812 1994
Total Current Assets 5143 6100 7832 9887 11953 12201 13854 15413 13986 12458 12451
Total Assets 8843 10135 13054 22289 26100 25589 27215 24810 23430 21651 22800

Lupin Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 245 311 607 2095 780 687 1416 544 2229 926 991
Cash Flow from Operating Activities 1251 2004 2733 -382 4114 1751 1666 1469 1822 367 1897
Cash Flow from Investing Activities -522 -859 -1055 -6962 -2527 470 -3282 1107 -1240 1292 -1287
Cash Flow from Financing Activities -663 -857 -197 5836 433 -1492 744 -891 -1885 -1572 -337
Net Cash Inflow / Outflow 66 288 1482 -1508 2019 729 -872 1685 -1303 87 273
Closing Cash & Cash Equivalent 311 607 2108 780 2799 1416 544 2229 926 1013 1265

Lupin Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 29.36 40.95 53.46 50.17 56.63 5.56 13.4 -5.95 26.81 -33.62 9.45
CEPS(Rs) 37.37 47.51 64.05 61.18 76.99 29.73 30.21 12.59 46.62 3.29 29.2
DPS(Rs) 4 6 7.5 7.5 7.5 5 5 6 6.5 4 4
Book NAV/Share(Rs) 116.13 154 196.17 245.21 295.04 295.64 298.87 272.01 300.06 263.84 270.67
Core EBITDA Margin(%) 23.39 26.42 28.14 25.85 25.52 11.58 9.68 7.87 9.08 0.73 6.05
EBIT Margin(%) 20.26 25.15 26.62 23.77 20.99 2.76 6.47 3.74 6.43 -4.14 3.48
Pre Tax Margin(%) 19.83 24.91 26.55 23.35 20.13 2.01 5.32 2.53 5.93 -4.62 2.52
PAT Margin (%) 13.81 16.45 19 15.92 14.57 0.95 1.97 -1.34 4.34 -5.09 1.57
Cash Profit Margin (%) 17.24 18.74 22.38 19.34 19.75 4.94 5.17 1.91 7.48 0.5 4.67
ROA(%) 15.98 19.7 21.08 12.84 10.6 1 1.97 -1.54 5.09 -6.7 2.01
ROE(%) 29.12 30.89 31.09 22.85 21.05 1.94 3.88 -3.09 9.47 -11.79 3.68
ROCE(%) 32.7 40.97 40.3 24.42 18.57 3.56 7.97 5.45 9.71 -7.11 6.06
Receivable days 74.61 74.67 72.65 92.24 91.82 63.76 71.32 64.63 64.06 53.73 56.09
Inventory Days 69.24 65.48 65.73 73.96 71.7 49.03 51.72 44.49 48.75 53.64 58.53
Payable days 138.38 139.82 146.25 161.88 160.76 176.19 179.43 163.62 161.68 132.55 141.88
PER(x) 21.42 22.85 37.54 29.5 25.51 132.5 55.14 0 38.08 0 68.54
Price/Book(x) 5.42 6.08 10.23 6.04 4.9 2.49 2.47 2.17 3.4 2.83 2.39
Dividend Yield(%) 0.64 0.64 0.37 0.51 0.52 0.68 0.68 1.02 0.64 0.54 0.62
EV/Net Sales(x) 3 3.71 7.07 5.17 4.15 2.47 2.79 1.99 3.26 2.23 1.95
EV/Core EBITDA(x) 12.57 13.41 23.39 18.87 15.77 11.83 14.15 10.77 18.26 85.46 17.33
Net Sales Growth(%) 36.12 17.06 13.14 10.72 23.73 -9.66 -7.21 4.84 -1.38 8.19 1.44
EBIT Growth(%) 59.6 45.42 19.81 -1.06 9.07 -79.67 128.91 -34.55 62.21 -167.66 180.59
PAT Growth(%) 51.03 39.47 30.75 -7.16 13 -89.93 104.46 -176.75 407.07 -222.92 129.66
EPS Growth(%) 51.16 39.47 30.55 -6.16 12.87 -90.19 141.19 -144.36 550.89 -225.39 128.11
Debt/Equity(x) 0.22 0.09 0.06 0.65 0.6 0.53 0.63 0.51 0.35 0.32 0.34
Current Ratio(x) 1.71 2.32 2.1 1.95 1.95 2.39 2.26 1.67 1.66 1.51 1.34
Quick Ratio(x) 1.06 1.51 1.43 1.31 1.36 1.68 1.63 1.3 1.17 0.95 0.86
Interest Cover(x) 48 107.25 349.1 56.98 24.23 3.68 5.66 3.09 12.92 -8.61 3.61
Total Debt/Mcap(x) 0.04 0.02 0.01 0.11 0.12 0.21 0.25 0.24 0.1 0.11 0.14

Lupin Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 46.81 46.78 47.1 47.11 47.1 47.08 47.07 47.06 47.04 47.01
FII 15.28 14.65 14.27 13.81 13.98 13.32 13.94 14.99 16.11 18.28
DII 25.12 27.19 27.19 27.63 29.39 29.2 29.36 29.43 29.73 27.77
Public 12.79 11.37 11.45 11.45 9.53 10.4 9.64 8.52 7.11 6.93
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 reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 47.01%.
  • Company has a low return on equity of 0% over the last 3 years.
  • Debtor days have increased from 132.55 to 141.88days.
  • Stock is trading at 5.1 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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