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.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 7,250 7,507 7,636 6,653 7,666
Excise Duty -- -- -- -- --
Net Sales 7,250 7,507 7,636 6,653 7,666
Other Operating Income 112 108 124 205 141
Other Income 69.20 332 286 17.60 414
Total Income 7,432 7,947 8,046 6,875 8,221
Total Expenditure ** 6,294 6,860 6,912 5,716 6,728
PBIDT 1,138 1,086 1,134 1,159 1,493
Interest 77.90 196 167 160 143
PBDT 1,061 891 967 999 1,350
Depreciation 427 467 503 322 524
Minority Interest Before NP -- -- -- -- --
Tax 333 455 232 519 331
Deferred Tax (22) 417 53.50 15.30 23
Reported Profit After Tax 322 (449) 179 144 471
Minority Interest After NP 4.29 (3.70) 3.31 6.20 2.73
Net Profit after Minority Interest 318 (445) 176 138 469
Extra-ordinary Items -- (206) (123) (340) --
Adjusted Profit After Extra-ordinary item 318 (240) 299 478 469
EPS (Unit Curr.) 7.11 -- 3.96 3.05 10.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 90.70 90.60 90.50 90.50 90.40
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(%) 15.70 14.50 14.90 17.40 19.50
PBDTM(%) -- -- -- -- --
PATM(%) 4.44 (6) 2.35 2.16 6.15