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Lupin: Another insipid quarter - Views on News from Equitymaster
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Lupin: Another insipid quarter
Nov 16, 2015

Lupin has announced its 2QFY16 results. Net sales have grown by 2% YoY, while net profits declined by 35.1% YoY. Here is our analysis of the results.
Performance summary
  • Topline, including other operating income, grew by 4.7% YoY. The sales were impacted by subdued performance of its export business.
  • Consequently, operating margins declined sharply by 6% to 20.2% in 2QFY16.
  • Net profits too plunged by 35.1% YoY for the quarter.

Financial performance: A snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 31,168 31,783 2.0% 64,008 62,526 -2.3%
other operating income 566 1,430 152.7% 1,134 2,189 93.0%
Expenditure 23,408 26,492 13.2% 45,668 49,994 9.5%
Operating profit (EBDITA) 8,326 6,721 -19.3% 19,474 14,721 -24.4%
EBDITA margin (%) 26.2% 20.2%   29.9% 22.7%  
Other income 1,102 415 -62.3% 1,391 1,418 1.9%
Interest (net) 21 102 385.7% 47 45 -4.3%
Depreciation 1,087 1,068 -1.7% 2,173 2,094 -3.6%
Profit before tax 8,320 5,966 -28.3% 18,645 14,000 -24.9%
Minority Interest 94 27   143 91  
Tax 1,926 1,851 -3.9% 5,955 4,570 -23.3%
Profit after tax/(loss) 6,300 4,088 -35.1% 12,547 9,339 -25.6%
Net profit margin (%) 20.2% 12.9%   19.6% 14.9%  
No. of shares (m)         447.1  
Diluted earnings per share (Rs)         46.0  
Price to earnings ratio (x)*         38.6  

*based on trailing 12 months earnings

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