Lupin Q4 Review - Medium Term Triggers Adequately Priced: Motilal Oswal
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Motilal Oswal Report
Lupin Ltd.’s Q4 FY21 operational performance was slightly below our estimates, led by a weak flu season in the U.S. and YoY decline in active pharmaceutical ingredient sales.
In addition to the ongoing exercise to control opex, it remains on track for the review process of limited competition products for developed markets.
We have raised our FY22E/FY23E earnings per share by 2%/9% to factor in:
outperformance in the domestic formulation segment,
niche launches in the U.S. and European market,
extended benefit of cost savings in domestic formulation, and
lower effective tax rate.
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