Lupin’s 4QFY21 revenues were in line with our estimates and with strong cost controls, the company continued its impressive margin recovery in 4QFY21.

Chirag Batavia • 17 May 2021

Lupin Ltd

  • Lupin’s 4QFY21 revenues were in line with our estimates and with strong cost controls, the company continued its impressive margin recovery in 4QFY21.

  • The company’s focus now shifts to progress across various complex assets in the US over FY22-23. With FDA issuing guidance on remote inspections of overseas facilities, potential resolution of Goa/Indore units by 2HFY22 are additional triggers for the US.

  • With steady ramp-up in ProAir and revival of domestic growth in FY22, Lupin is well-positioned to deliver strong margin expansion over FY22-23E.

  • We revise our FY22-23E estimates by 1-3% to bake in lower tax rate guidance. Despite the recent rally, we derive comfort from Lupin’s strong medium-term growth visibility led by inhalers/biosimilars and other complex assets.

  • We maintain our BUY rating with revised Fair Value to Rs. 1320 based on 24X FY23E EPS.

Lupin Ltd: BUY

Dated: 17 th May 2021

CMP: Rs.1179

Fair Value: Rs.1320

Potential Upside: 12%
Market Cap: Rs.53,379 Cr
Time Frame: 12 months


Note: The above is a brief note on the company, based on the inputs of KIE research report dated 13 th May 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental .       Disclaimer: http://bit.ly/2n5AxIE


Looking to invest in Lupin Ltd and other Indian stocks? Open your demat & trading account with Lakshit Financial

Lakshit Financial Authorized Person of Kotak Securities Limited in cash segments of BSE & NSE and NSE F&O segments with NSE. Lakshit Financial registration number: BSE CASH AP0106730124228 | NSE CASH AP029177621 | NSE F&O AP029177621.Registered Office: Lakshit Financial, ASM 7, Ashwin Sector, Mumbai Agra Highway, CIDCO, Nasik 422009, Maharashtra, India. Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please refer the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Dont's issued by Stock Exchanges and Depositories before trading on the Stock Exchanges .

DID YOU KNOW, as an NRI , you can invest in IPOs and purchase shares, ETFs or convertible debentures of an Indian company through stock exchanges. All it takes is linking your NRO or NRE account to an active Demat account in India on a repatriable or non-repatriable basis, based on your requirements. Click here to learn more about NRI Demat & Trading Account.

OPEN YOUR ACCOUNT NOW !

Fill in your details and we will get in touch with you.

Products and services available only for People of Indian Origin

Note:  Please note that by submitting the above mentioned details, you are authorising Lakshit Financial to call you and send promotional communication even though you may be registered under DNC. Also, all calls with Lakshit Financial representatives may be recorded for internal quality & training purposes

Looking to invest in HOME FIRST FINANCE (HOMEFIRST) and other Indian stocks? Open your NRI Demat Acc

Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25

30 December 2024
Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
Looking to invest in SAMHI HOTELS LTD and other Indian stocks? Open your NRI Demat & Trading Account

SAMHI is among India's largest hotel ownership & asset management platforms.

4 December 2023
OPEN
Looking to invest in INFOSYS LTD and other Indian stocks? Open your NRI Demat & Trading Account

Infosys signed 21 large deals in Q2FY24

21 November 2023
OPEN
Looking to invest in Interglobe Aviation and other Indian stocks? Open your NRI Demat & Trading Acco

Pricing woes unlikely to continue much beyond Q2FY24 for lnterGlobe Aviation

9 October 2023
OPEN
Looking to invest in CANARA BANK and other Indian stocks? Open your NRI Demat & Trading Account

Canara Bank reported 75% yoy earnings growth

31 July 2023
OPEN
Macro opportunities are still quite large for even a large bank like HDFC Bank

Macro opportunities are still quite large for even a large bank like HDFC Bank

10 July 2023
OPEN
Looking to invest in CESC and other Indian stocks? Open your NRI Demat & Trading Account with ease

CESC's strong headline grows (28% yoy) primarily on the back of higher unit sales

12 September 2022
OPEN
ICICI Prudentials inexpensive valuation drive Buy rating with fair value of Rs. 650

ICICI Prudential's inexpensive valuation drive Buy rating with fair value of Rs. 650

25 July 2022
OPEN
Looking to invest in Lodha and other Indian stocks? Open your NRI Demat & Trading Account

Lodha clocked Rs9,020 cr (+51% yoy) pre-sales during FY2022

2 May 2022
OPEN
Looking to invest in HDFC Bank and other Indian stocks? Open your NRI Demat & Trading Account

HDFC Bank reported 23% yoy earnings growth.

25 April 2022
OPEN
More posts
Share by:
gtag('config', 'AW-634979631');