Lupin Q3 Review - In-Line Sales Growth, Strong Margin Recovery: ICICI Direct
The Lupin Ltd. pharmaceutical plant stands in Salcette, Goa, India. (Photographer: Dhiraj Singh/Bloomberg)

Lupin Q3 Review - In-Line Sales Growth, Strong Margin Recovery: ICICI Direct

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ICICI Direct Report

Lupin Ltd.’s Q3 revenues grew 6.6% YoY to Rs 4,017 crore (our estimate Rs 3,961 crore).

U.S. revenues grew 4.8% YoY to Rs 1,442 crore whereas domestic formulations grew 5.4% YoY to Rs 1,367 crore.

Rest of world markets remained flattish at Rs 437 crore. Active pharmaceutical ingredient segment grew 8.4% YoY to Rs 344 crore.

Ebitda margins improved 797 basis points YoY to 19.4% (our estimate 16.5%) due to better gross margins amid ramp-up of complex generics segment and better operating leverage owing to cost control measures.

Click on the attachment to read the full report:

ICICI Direct Lupin Q3FY21 Result Update.pdf

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