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.
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