Lupin Ltd

Lupin is a leading global pharmaceutical company headquartered in Mumbai (Maharashtra), India.(Source : 201903 Annual Report Page No: 02)

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Pros:

Company has been maintaining a healthy dividend payout of 46.84%

Cons:

The company has delivered a poor growth of 8.18% over past five years.

Company has a low return on equity of 9.05% for last 3 years.

Company might be capitalizing the interest cost

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	4,291	4,483	4,253	3,870	3,952	3,976	4,034	3,856	3,951	4,505	4,406	4,418
	3,260	3,264	3,472	3,103	3,099	3,287	3,325	3,329	3,401	3,752	3,534	3,558
Operating Profit	1,031	1,219	781	766	853	688	709	527	550	753	872	860
OPM %	24%	27%	18%	20%	22%	17%	18%	14%	14%	17%	20%	19%
Other Income	31	106	47	32	78	29	-1,318	185	231	-298	90	73
Interest	29	48	41	44	48	54	59	69	74	80	86	86
Depreciation	211	231	267	261	272	280	273	259	265	280	281	317
Profit before tax	822	1,045	520	494	611	383	-941	384	441	95	596	531
Tax %	19%	39%	26%	28%	25%	42%	17%	47%	39%	260%	50%	43%
Net Profit	662	633	380	357	455	222	-784	203	266	-152	290	303
EPS in Rs	14.69	14.04	8.42	7.93	10.07	4.91	-17.33	4.48	5.88	-3.36	6.40	6.70
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	2,686	3,776	4,774	5,819	7,083	9,641	11,286	12,770	14,256	17,367	15,797	16,718	17,281
	2,250	3,124	3,887	4,634	5,621	7,356	8,272	9,146	10,570	12,866	12,712	13,860	14,246
Operating Profit	436	652	887	1,185	1,461	2,284	3,014	3,624	3,685	4,501	3,085	2,858	3,035
OPM %	16%	17%	19%	20%	21%	24%	27%	28%	26%	26%	20%	17%	18%
Other Income	206	92	111	15	-2	13	105	236	190	107	-1,248	52	97
Interest	37	50	38	34	35	41	27	10	59	153	204	308	325
Depreciation	65	88	124	171	228	332	261	435	487	912	1,086	1,085	1,143
Profit before tax	540	606	836	994	1,196	1,925	2,832	3,415	3,329	3,543	547	1,517	1,664
Tax %	24%	16%	16%	12%	26%	30%	34%	28%	32%	28%	53%	59%
Net Profit	408	502	682	863	868	1,314	1,836	2,403	2,261	2,557	251	607	707
EPS in Rs	9.61	11.68	14.85	18.80	18.86	28.68	40.40	51.94	48.65	56.63	5.56	13.40	15.62
Dividend Payout %	20%	21%	18%	16%	18%	14%	15%	14%	15%	13%	90%	37%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	82	83	89	89	89	90	90	90	90	90	90	90
Reserves	1,198	1,342	2,479	3,192	3,924	5,115	6,842	8,784	11,073	13,407	13,487	13,652
Borrowings	1,203	1,223	1,140	1,162	1,639	1,164	654	537	7,178	7,966	7,143	8,496
	887	1,369	1,378	1,706	2,330	2,599	2,690	3,816	4,458	5,144	5,586	5,711
Total Liabilities	3,370	4,017	5,085	6,150	7,982	8,968	10,275	13,227	22,799	26,607	26,305	27,949
	1,203	1,519	1,906	2,057	2,750	3,000	3,356	4,368	8,717	11,033	10,362	11,087
CWIP	96	224	358	490	444	311	304	576	2,702	2,133	2,598	1,640
Investments	6	22	26	3	3	2	178	1,658	16	2,136	262	2,295
	2,064	2,253	2,795	3,599	4,786	5,655	6,437	6,625	11,363	11,305	13,084	12,927
Total Assets	3,370	4,017	5,085	6,150	7,982	8,968	10,275	13,227	22,799	26,607	26,305	27,949

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	259	470	676	798	559	1,251	2,004	2,733	-382	4,114	1,751	1,666
	-456	-505	-683	-520	-741	-522	-851	-1,034	-6,769	-2,527	470	-3,282
	82	-167	136	-163	110	-663	-857	-197	5,836	433	-1,492	744
Net Cash Flow	-115	-203	130	116	-72	66	296	1,502	-1,315	2,019	729	-872

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	22%	26%	27%	25%	25%	33%	41%	40%	24%	19%	10%	10%
Debtor Days	101	89	86	79	92	83	80	76	116	91	120	112
Inventory Turnover	4.41	4.32	4.95	5.36	4.83	5.24	5.53	5.51	4.94	5.02	4.32	4.46