Lupin - Lower Tax Saves Q4, Revenue Back Up Required For Sustained Margin Improvement: Dolat Capital
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Dolat Capital Report
Lupin Ltd. reported an-in line Q4 adjusted for one-off in employee costs and lower tax rate (10% versus normal run-rate of 30%).
Sales were tepid, fell 1% YoY (all geographies soft except India), reported Ebitda margin at 19% and profit after tax of Rs 4.6 billion (we saw Rs 2.6 billion).
Key notable trend in the company has been the gradual improvement in Ebitda margin since past six quarters led by cost optimisation drive but has not been supported by revenue growth.
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