LUPIN Results: Quarterly Results of Lupin

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(1.40)	(2.70)	(9)	22.90
Op profit growth	9.01	(25)	(30)	21.90
EBIT growth	(2.80)	(16)	(40)	8.83
Net profit growth	(552)	(207)	(90)	13.10
Profitability ratios (%)
OPM	16.90	15.30	19.90	25.90
EBIT margin	12	12.20	14	21.20
Net profit margin	8.02	(1.80)	1.59	14.70
RoCE	9.57	9.31	10.30	18.10
RoNW	2.31	(0.50)	0.46	5.19
RoA	1.60	(0.30)	0.29	3.14
Per share ratios ()
EPS	27.10	(6)	5.71	56.80
Dividend per share	6.50	6	5	7.50
Cash EPS	7.25	(27)	(18)	36.40
Book value per share	304	277	300	299
Valuation ratios
P/E	37.70	(99)	129	25.40
P/CEPS	141	(22)	(40)	39.70
P/B	3.36	2.13	2.45	4.83
EV/EBIDTA	18.30	10.80	11.80	15.80
Payout (%)
Dividend payout	--	--	90	13.20
Tax payout	(27)	(77)	(14)	(28)
Liquidity ratios
Debtor days	119	126	110	93.10
Inventory days	90.90	84.50	84.40	72.70
Creditor days	(65)	(69)	(72)	(40)
Leverage ratios
Interest coverage	(13)	(5.10)	(11)	(24)
Net debt / equity	0.22	0.31	0.42	0.54
Net debt / op. profit	1.18	1.64	1.82	1.62
Cost breakup ()
Material costs	(35)	(35)	(33)	(29)
Employee costs	(19)	(19)	(18)	(16)
Other costs	(29)	(30)	(29)	(29)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	15,163	15,375	15,797	17,367
yoy growth (%)	(1.40)	(2.70)	(9)	22.90
Raw materials	(5,362)	(5,431)	(5,274)	(5,001)
As % of sales	35.40	35.30	33.40	28.80
Employee costs	(2,826)	(2,987)	(2,865)	(2,850)
As % of sales	18.60	19.40	18.10	16.40
Other costs	(4,408)	(4,603)	(4,510)	(5,023)
As % of sales	29.10	29.90	28.60	28.90
Operating profit	2,567	2,355	3,148	4,493
OPM	16.90	15.30	19.90	25.90
Depreciation	(887)	(970)	(1,086)	(912)
Interest expense	(141)	(363)	(204)	(153)
Other income	136	484	154	107
Profit before tax	1,675	1,505	2,011	3,535
Taxes	(449)	(1,157)	(288)	(979)
Tax rate	(27)	(77)	(14)	(28)
Minorities and other	(11)	130	(7.10)	(7.20)
Adj. profit	1,215	479	1,716	2,549
Exceptional items	--	(752)	(1,464)	--
Net profit	1,217	(269)	251	2,557
yoy growth (%)	(552)	(207)	(90)	13.10
NPM	8.02	(1.80)	1.59	14.70

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	11,056	11,026	10,081	12,626
yoy growth (%)	0.27	9.38	(20)	12.50
Raw materials	(4,182)	(4,207)	(3,474)	(3,342)
As % of sales	37.80	38.20	34.50	26.50
Employee costs	(1,696)	(1,703)	(1,442)	(1,403)
As % of sales	15.30	15.40	14.30	11.10
Other costs	(3,134)	(3,208)	(3,079)	(3,395)
As % of sales	28.30	29.10	30.50	26.90
Operating profit	2,044	1,908	2,086	4,486
OPM	18.50	17.30	20.70	35.50
Depreciation	(503)	(519)	(390)	(366)
Interest expense	(41)	(53)	(33)	(29)
Other income	129	475	131	88.50
Profit before tax	1,630	1,811	1,794	4,179
Taxes	(371)	(325)	(449)	(1,038)
Tax rate	(23)	(18)	(25)	(25)
Minorities and other	--	--	--	--
Adj. profit	1,259	1,487	1,345	3,141
Exceptional items	--	(759)	--	--
Net profit	1,259	728	1,345	3,141
yoy growth (%)	73	(46)	(57)	11
NPM	11.40	6.60	13.30	24.90

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	1,675	1,505	2,011	3,535
Depreciation	(887)	(970)	(1,086)	(912)
Tax paid	(449)	(1,157)	(288)	(979)
Working capital	6,080	5,934	4,544	2,239
Other operating items	--	--	--	--
Operating cashflow	6,419	5,312	5,181	3,883
Capital expenditure	11,762	9,969	9,176	7,111
Free cash flow	18,182	15,280	14,356	10,995
Equity raised	15,689	16,640	18,577	18,031
Investments	2,452	2,372	260	1,958
Debt financing/disposal	4,504	6,417	7,069	8,405
Dividends paid	--	--	226	339
Other items	--	--	--	--
Net in cash	40,827	40,709	40,488	39,727

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	90.80	90.70	90.50	90.40
Preference capital	--	--	--	--
Reserves	13,712	12,446	13,652	13,487
Net worth	13,803	12,537	13,742	13,577
Minority interest
Debt	4,783	6,305	8,496	7,143
Deferred tax liabilities (net)	230	200	288	286
Total liabilities	18,871	19,086	22,573	21,045
Fixed assets	8,947	8,878	12,726	12,960
Intangible assets
Investments	2,455	2,374	2,295	262
Deferred tax asset (net)	180	174	734	717
Net working capital	5,546	5,205	5,830	5,699
Inventories	4,092	3,457	3,837	3,662
Inventory Days	98.50	82.10	--	84.60
Sundry debtors	4,474	5,446	5,150	5,192
Debtor days	108	129	--	120
Other current assets	1,720	2,200	2,220	2,104
Sundry creditors	(2,126)	(2,388)	(2,195)	(2,529)
Creditor days	51.20	56.70	--	58.40
Other current liabilities	(2,613)	(3,510)	(3,181)	(2,731)
Cash	1,742	2,454	987	1,408
Total assets	18,871	19,086	22,573	21,045

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Dec-2021	Sep-2021	Jun-2021	Mar-2021
Gross Sales	3,865	4,087	4,003	4,237	3,759
Excise Duty	--	--	--	--	--
Net Sales	3,865	4,087	4,003	4,237	3,759
Other Operating Income	18.50	73.50	87.90	32.80	23.80
Other Income	15.80	34.10	72.80	28	48.80
Total Income	3,899	4,195	4,164	4,298	3,832
Total Expenditure **	3,615	3,791	5,415	3,305	3,066
PBIDT	284	404	(1,251)	993	766
Interest	41.50	33.40	34.40	33.50	31.80
PBDT	242	371	(1,285)	959	734
Depreciation	327	203	919	209	216
Minority Interest Before NP	--	--	--	--	--
Tax	86.20	142	(295)	228	20.70
Deferred Tax	341	(524)	185	(26)	33.40
Reported Profit After Tax	(512)	549	(2,095)	548	464
Minority Interest After NP	6.25	3.56	3.17	5.70	4.01
Net Profit after Minority Interest	(518)	546	(2,098)	542	460
Extra-ordinary Items	--	--	--	--	--
Adjusted Profit After Extra-ordinary item	(518)	546	(2,098)	542	460
EPS (Unit Curr.)	(11)	12	(46)	12	10.20
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	90.90	90.80	90.80	90.80	90.70
Public Shareholding (Number)	--	--	--	--	--
Public Shareholding (%)	--	--	--	--	--
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	--
Non Encumbered - % in Total Promoters Holding	--	--	--	--	--
Non Encumbered - % in Total Equity	--	--	--	--	--
PBIDTM(%)	7.34	9.88	(31)	23.40	20.40
PBDTM(%)	6.27	9.06	(32)	22.60	19.50
PATM(%)	(13)	13.40	(52)	12.90	12.40

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	90.80	90.70	90.50	90.40
Preference capital	--	--	--	--
Reserves	18,475	17,383	17,027	15,695
Net worth	18,566	17,473	17,117	15,785
Minority interest
Debt	299	5.83	5.76	17.10
Deferred tax liabilities (net)	390	355	407	405
Total liabilities	19,255	17,834	17,530	16,207
Fixed assets	4,590	4,336	4,572	4,512
Intangible assets
Investments	9,563	7,456	7,388	5,363
Deferred tax asset (net)	173	162	141	147
Net working capital	4,646	4,574	5,367	6,075
Inventories	2,708	2,485	2,306	2,180
Inventory Days	89.40	82.30	--	78.90
Sundry debtors	3,191	3,616	3,724	4,946
Debtor days	105	120	--	179
Other current assets	1,524	1,481	1,638	1,569
Sundry creditors	(1,233)	(1,544)	(1,185)	(1,719)
Creditor days	40.70	51.10	--	62.20
Other current liabilities	(1,544)	(1,464)	(1,116)	(902)
Cash	284	1,306	61.40	111
Total assets	19,255	17,834	17,530	16,207

LUPIN Financial Statements