Lupin Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (2.70) (9) 22.90 10.70
Op profit growth (25) (30) 21.90 1.82
EBIT growth (16) (40) 8.83 (1.10)
Net profit growth (207) (90) 13.10 (5.90)
Profitability ratios (%)        
OPM 15.30 19.90 25.90 26.10
EBIT margin 12.20 14 21.20 24
Net profit margin (1.80) 1.59 14.70 16
RoCE 9.31 10.30 18.10 23.70
RoNW (0.50) 0.46 5.19 5.64
RoA (0.30) 0.29 3.14 3.95
Per share ratios ()        
EPS -- 5.71 56.80 48.80
Dividend per share 6 5 7.50 7.50
Cash EPS (27) (18) 36.40 39.40
Book value per share 277 300 299 248
Valuation ratios        
P/E -- 129 25.40 30.30
P/CEPS (22) (40) 39.70 37.60
P/B 2.13 2.45 4.83 5.97
EV/EBIDTA 10.80 11.80 15.80 18.90
Payout (%)        
Dividend payout -- 90 13.20 18
Tax payout (77) (14) (28) (32)
Liquidity ratios        
Debtor days 126 110 93.10 93.10
Inventory days 84.50 84.40 72.70 74.60
Creditor days (69) (72) (40) (48)
Leverage ratios        
Interest coverage (5.10) (11) (24) (57)
Net debt / equity 0.31 0.42 0.54 0.57
Net debt / op. profit 1.64 1.82 1.62 1.72
Cost breakup ()        
Material costs (35) (33) (29) (31)
Employee costs (19) (18) (16) (15)
Other costs (30) (29) (29) (28)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 15,375 15,797 17,367 14,132
yoy growth (%) (2.70) (9) 22.90 10.70
Raw materials (5,431) (5,274) (5,001) (4,333)
As % of sales 35.30 33.40 28.80 30.70
Employee costs (2,987) (2,865) (2,850) (2,142)
As % of sales 19.40 18.10 16.40 15.20
Other costs (4,603) (4,510) (5,023) (3,972)
As % of sales 29.90 28.60 28.90 28.10
Operating profit 2,355 3,148 4,493 3,685
OPM 15.30 19.90 25.90 26.10
Depreciation (970) (1,086) (912) (487)
Interest expense (363) (204) (153) (59)
Other income 484 154 107 190
Profit before tax 1,505 2,011 3,535 3,329
Taxes (1,157) (288) (979) (1,059)
Tax rate (77) (14) (28) (32)
Minorities and other 130 (7.10) (7.20) (8.80)
Adj. profit 479 1,716 2,549 2,261
Exceptional items (752) (1,464) -- --
Net profit (269) 251 2,557 2,261
yoy growth (%) (207) (90) 13.10 (5.90)
NPM (1.80) 1.59 14.70 16
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 1,505 2,011 3,535 3,329
Depreciation (970) (1,086) (912) (487)
Tax paid (1,157) (288) (979) (1,059)
Working capital 6,502 5,169 2,983 2,831
Other operating items -- -- -- --
Operating cashflow 5,880 5,806 4,627 4,613
Capital expenditure 11,196 9,668 7,711 3,928
Free cash flow 17,076 15,474 12,338 8,541
Equity raised 15,909 17,386 16,304 15,992
Investments 2,371 259 2,134 (162)
Debt financing/disposal 6,027 7,255 7,892 7,616
Dividends paid -- 226 339 337
Other items -- -- -- --
Net in cash 41,383 40,600 39,007 32,325
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 90.70 90.50 90.40 90.30
Preference capital -- -- -- --
Reserves 12,446 13,652 13,487 13,407
Net worth 12,537 13,742 13,577 13,498
Minority interest
Debt 6,305 8,496 7,143 7,966
Deferred tax liabilities (net) 200 288 286 395
Total liabilities 19,086 22,573 21,045 21,893
Fixed assets 8,878 12,726 12,960 13,166
Intangible assets
Investments 2,374 2,295 262 2,136
Deferred tax asset (net) 174 734 717 508
Net working capital 5,205 5,830 5,699 5,385
Inventories 3,457 3,837 3,662 3,642
Inventory Days 82.10 -- 84.60 76.50
Sundry debtors 5,446 5,150 5,192 4,307
Debtor days 129 -- 120 90.50
Other current assets 2,200 2,220 2,104 2,150
Sundry creditors (2,388) (2,195) (2,529) (2,446)
Creditor days 56.70 -- 58.40 51.40
Other current liabilities (3,510) (3,181) (2,731) (2,269)
Cash 2,454 987 1,408 698
Total assets 19,086 22,573 21,045 21,893
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 15,143 14,318 15,560 17,120 13,758
Excise Duty -- -- -- -- --
Net Sales 15,143 14,318 15,560 17,120 13,758
Other Operating Income 232 347 244 375 498
Other Income 618 431 154 115 185
Total Income 15,993 15,096 15,958 17,609 14,441
Total Expenditure ** 13,772 12,444 14,121 13,001 10,570
PBIDT 2,221 2,652 1,837 4,608 3,871
Interest 363 302 204 153 59.50
PBDT 1,858 2,349 1,633 4,455 3,811
Depreciation 970 846 1,086 912 487
Minority Interest Before NP -- -- -- -- --
Tax 687 850 535 1,088 1,143
Deferred Tax 470 38.30 (247) (110) (84)
Reported Profit After Tax (270) 615 258 2,565 2,265
Minority Interest After NP (0.40) 8.93 7.09 7.17 8.76
Net Profit after Minority Interest (269) 607 251 2,557 2,261
Extra-ordinary Items 397 (126) (32) -- --
Adjusted Profit After Extra-ordinary item (667) 732 283 2,557 2,261
EPS (Unit Curr.) (6) 13.60 5.56 56.70 50.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 300 250 250 375 375
Equity 90.60 90.50 90.40 90.30 90.10
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(%) 14.70 18.50 11.80 26.90 28.10
PBDTM(%) 12.30 16.40 10.50 26 27.70
PATM(%) (1.80) 4.30 1.66 15 16.50