Lupin Ltd

Lupin is an innovation led Transnational Pharmaceutical Company producing, developing and marketing a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The Company has significant presence in the Cardiovascular, Diabetology, Asthama, Pediatrics, Central Nervous System, Gastro-Intestinal, Anti-Infectives and Nonsteroidal Anti Inflammatory Drug therapy segments and is a global leader in the Anti-TB and Cephalosporins segments.

Pros:
Company has been maintaining a healthy dividend payout of 39.39%
Cons:
The company has delivered a poor growth of 10.38% over past five years.
Company might be capitalizing the interest cost

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
4,468 4,291 4,483 4,253 3,870 3,952 3,976 4,034 3,856 3,951 4,505 4,406
3,157 3,260 3,264 3,472 3,103 3,099 3,287 3,325 3,329 3,401 3,752 3,534
Operating Profit 1,311 1,031 1,219 781 766 853 688 709 527 550 753 872
OPM % 29% 24% 27% 18% 20% 22% 17% 18% 14% 14% 17% 20%
Other Income 83 31 106 47 32 78 29 -1,318 185 231 -298 90
Interest 35 29 48 41 44 48 54 59 69 74 80 86
Depreciation 203 211 231 267 261 272 280 273 259 265 280 281
Profit before tax 1,156 822 1,045 520 494 611 383 -941 384 441 95 596
Tax % 24% 19% 39% 26% 28% 25% 42% 17% 47% 39% 260% 50%
Net Profit 882 662 633 380 357 455 222 -784 203 266 -152 290
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
2,005 2,686 3,776 4,774 5,819 7,083 9,641 11,286 12,770 14,256 17,367 15,797 16,718
1,713 2,250 3,124 3,887 4,634 5,621 7,356 8,272 9,146 10,570 12,866 12,712 14,017
Operating Profit 292 436 652 887 1,185 1,461 2,284 3,014 3,624 3,685 4,501 3,085 2,701
OPM % 15% 16% 17% 19% 20% 21% 24% 27% 28% 26% 26% 20% 16%
Other Income 199 206 92 111 15 -2 13 105 236 190 107 -1,248 209
Interest 37 37 50 38 34 35 41 27 10 59 153 204 308
Depreciation 47 65 88 124 171 228 332 261 435 487 912 1,086 1,085
Profit before tax 407 540 606 836 994 1,196 1,925 2,832 3,415 3,329 3,543 547 1,517
Tax % 24% 24% 16% 16% 12% 26% 30% 34% 28% 32% 28% 53%
Net Profit 309 408 502 682 863 868 1,314 1,836 2,403 2,261 2,557 251 607
EPS in Rs 7.51 9.61 11.68 14.85 18.80 18.86 28.68 40.40 51.94 48.65 56.63 5.56
Dividend Payout % 13% 20% 21% 18% 16% 18% 14% 15% 14% 15% 13% 90%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.38%
5 Years:10.38%
3 Years:7.35%
TTM:5.60%
Compounded Profit Growth
10 Years:-1.35%
5 Years:-26.63%
3 Years:-51.09%
TTM:142.57%
Return on Equity
10 Years:21.13%
5 Years:18.75%
3 Years:14.21%
Last Year:2.08%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
80 82 83 89 89 89 90 90 90 90 90 90 90
Reserves 793 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 865 1,203 1,223 1,140 1,162 1,639 1,164 654 537 7,178 7,966 7,143 8,222
533 887 1,369 1,378 1,706 2,330 2,599 2,690 3,816 4,458 5,144 5,586 5,985
Total Liabilities 2,271 3,370 4,017 5,085 6,150 7,982 8,968 10,275 13,227 22,799 26,607 26,305 27,949
715 1,203 1,519 1,906 2,057 2,750 3,000 3,356 4,368 8,717 11,033 10,362 9,328
CWIP 83 96 224 358 490 444 311 304 576 2,702 2,133 2,598 1,019
Investments 3 6 22 26 3 3 2 178 1,658 16 2,136 262 2,295
1,471 2,064 2,253 2,795 3,599 4,786 5,655 6,437 6,625 11,363 11,305 13,084 15,308
Total Assets 2,271 3,370 4,017 5,085 6,150 7,982 8,968 10,275 13,227 22,799 26,607 26,305 27,949

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
178 259 470 676 798 559 1,251 2,004 2,733 -382 4,114 1,751
-159 -456 -505 -683 -520 -741 -522 -851 -1,034 -6,769 -2,527 -1,407
-111 82 -167 136 -163 110 -663 -857 -197 5,836 433 -1,492
Net Cash Flow -92 -115 -203 130 116 -72 66 296 1,502 -1,315 2,019 -1,148

Ratios Consolidated / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 20% 22% 26% 27% 25% 25% 33% 41% 40% 24% 19% 10%
Debtor Days 74 101 89 86 79 92 83 80 76 116 91 120
Inventory Turnover 5.19 4.41 4.32 4.95 5.36 4.83 5.24 5.53 5.51 4.94 5.02 4.32

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