Lupin Nine Monthly Results

Y/e 31 Mar	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Growth matrix (%)
Revenue growth	8.19	(1.40)	(2.70)	(9)
Op profit growth	(91)	9.01	(25)	(30)
EBIT growth	(168)	(2.80)	(16)	(40)
Net profit growth	(226)	(552)	(207)	(90)
Profitability ratios (%)
OPM	1.33	16.90	15.30	19.90
EBIT margin	(7.50)	12	12.20	14
Net profit margin	(9.30)	8.02	(1.80)	1.59
RoCE	(6.90)	9.48	9.31	10.30
RoNW	(2.90)	2.31	(0.50)	0.46
RoA	(2.10)	1.59	(0.30)	0.29
Per share ratios ()
EPS	(33)	27.10	(6)	5.71
Dividend per share	4	6.50	6	5
Cash EPS	(70)	7.25	(27)	(18)
Book value per share	267	304	277	300
Valuation ratios
P/E	(22)	37.70	(99)	129
P/CEPS	(11)	141	(22)	(40)
P/B	2.79	3.36	2.13	2.45
EV/EBIDTA	86.20	18.40	10.80	11.80
Payout (%)
Dividend payout	--	--	--	90
Tax payout	9.99	(27)	(77)	(14)
Liquidity ratios
Debtor days	97.20	119	126	110
Inventory days	97	90.90	84.50	84.40
Creditor days	(51)	(65)	(69)	(72)
Leverage ratios
Interest coverage	8.61	(13)	(5.10)	(11)
Net debt / equity	0.25	0.25	0.31	0.42
Net debt / op. profit	14	1.32	1.64	1.82
Cost breakup ()
Material costs	(40)	(35)	(35)	(33)
Employee costs	(18)	(19)	(19)	(18)
Other costs	(41)	(29)	(30)	(29)

Y/e 31 Mar( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	16,405	15,163	15,375	15,797
yoy growth (%)	8.19	(1.40)	(2.70)	(9)
Raw materials	(6,481)	(5,362)	(5,431)	(5,274)
As % of sales	39.50	35.40	35.30	33.40
Employee costs	(2,989)	(2,826)	(2,987)	(2,865)
As % of sales	18.20	18.60	19.40	18.10
Other costs	(6,716)	(4,408)	(4,603)	(4,510)
As % of sales	40.90	29.10	29.90	28.60
Operating profit	219	2,567	2,355	3,148
OPM	1.33	16.90	15.30	19.90
Depreciation	(1,659)	(887)	(970)	(1,086)
Interest expense	(143)	(141)	(363)	(204)
Other income	210	136	484	154
Profit before tax	(1,373)	1,675	1,505	2,011
Taxes	(137)	(449)	(1,157)	(288)
Tax rate	9.99	(27)	(77)	(14)
Minorities and other	(19)	(11)	130	(7.10)
Adj. profit	(1,528)	1,215	479	1,716
Exceptional items	--	--	(752)	(1,464)
Net profit	(1,528)	1,217	(269)	251
yoy growth (%)	(226)	(552)	(207)	(90)
NPM	(9.30)	8.02	(1.80)	1.59

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	11,772	11,056	11,026	10,081
yoy growth (%)	6.47	0.27	9.38	(20)
Raw materials	(4,467)	(4,182)	(4,207)	(3,474)
As % of sales	37.90	37.80	38.20	34.50
Employee costs	(1,918)	(1,696)	(1,703)	(1,442)
As % of sales	16.30	15.30	15.40	14.30
Other costs	(5,177)	(3,134)	(3,208)	(3,079)
As % of sales	44	28.30	29.10	30.50
Operating profit	209	2,044	1,908	2,086
OPM	1.78	18.50	17.30	20.70
Depreciation	(514)	(503)	(519)	(390)
Interest expense	(73)	(41)	(53)	(33)
Other income	217	129	475	131
Profit before tax	(162)	1,630	1,811	1,794
Taxes	(27)	(371)	(325)	(449)
Tax rate	16.80	(23)	(18)	(25)
Minorities and other	--	--	--	--
Adj. profit	(189)	1,259	1,487	1,345
Exceptional items	--	--	(759)	--
Net profit	(189)	1,259	728	1,345
yoy growth (%)	(115)	73	(46)	(57)
NPM	(1.60)	11.40	6.60	13.30

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Profit before tax	(1,373)	1,675	1,505	2,011
Depreciation	(1,659)	(887)	(970)	(1,086)
Tax paid	(137)	(449)	(1,157)	(288)
Working capital	5,293	5,600	5,308	3,800
Other operating items	--	--	--	--
Operating cashflow	2,125	5,939	4,686	4,437
Capital expenditure	13,026	10,535	9,476	8,576
Free cash flow	15,151	16,474	14,162	13,013
Equity raised	16,784	16,421	17,831	20,304
Investments	897	2,452	2,372	83.10
Debt financing/disposal	3,880	5,241	6,231	7,581
Dividends paid	--	--	--	226
Other items	--	--	--	--
Net in cash	36,711	40,588	40,597	41,207

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Equity capital	90.90	90.80	90.70	90.50
Preference capital	--	--	--	--
Reserves	12,062	13,712	12,446	13,652
Net worth	12,153	13,803	12,537	13,742
Minority interest
Debt	4,158	5,129	6,305	8,496
Deferred tax liabilities (net)	241	230	200	288
Total liabilities	16,621	19,217	19,086	22,573
Fixed assets	8,528	8,947	8,878	12,726
Intangible assets
Investments	900	2,455	2,374	2,295
Deferred tax asset (net)	170	180	174	734
Net working capital	5,925	5,892	5,205	5,830
Inventories	4,631	4,092	3,457	3,837
Inventory Days	103	98.50	82.10	--
Sundry debtors	4,262	4,474	5,446	5,150
Debtor days	94.80	108	129	--
Other current assets	2,233	1,720	2,200	2,220
Sundry creditors	(2,367)	(2,126)	(2,388)	(2,195)
Creditor days	52.70	51.20	56.70	--
Other current liabilities	(2,833)	(2,267)	(3,510)	(3,181)
Cash	1,098	1,742	2,454	987
Total assets	16,621	19,217	19,086	22,573

Select Period

Particulars ( Rupees In Crores.)	Dec-2021	Dec-2020	Dec-2019	Dec-2018	Dec-2017
Gross Sales	12,328	11,168	11,352	10,511	11,581
Excise Duty	--	--	--	--	--
Net Sales	12,328	11,168	11,352	10,511	11,581
Other Operating Income	194	213	177	267	216
Other Income	127	90.20	411	367	95.20
Total Income	12,650	11,470	11,940	11,145	11,892
Total Expenditure **	12,504	9,532	10,538	9,387	9,446
PBIDT	146	1,939	1,403	1,758	2,446
Interest	101	109	256	218	146
PBDT	44.30	1,830	1,147	1,540	2,301
Depreciation	1,332	672	756	627	813
Minority Interest Before NP	--	--	--	--	--
Tax	74.90	418	590	539	395
Deferred Tax	(365)	(23)	462	54.40	56.80
Reported Profit After Tax	(998)	764	(661)	319	1,036
Minority Interest After NP	12.40	7.39	(2.10)	2.12	1.15
Net Profit after Minority Interest	(1,010)	756	(659)	317	1,035
Extra-ordinary Items	--	--	2,533	(105)	--
Adjusted Profit After Extra-ordinary item	(1,010)	756	(3,192)	422	1,035
EPS (Unit Curr.)	(22)	16.70	(15)	7.05	22.90
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	90.80	90.70	90.60	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(%)	1.18	17.40	12.40	16.70	21.10
PBDTM(%)	0.36	16.40	10.10	14.60	19.90
PATM(%)	(8.10)	6.84	(5.80)	3.04	8.94

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Equity capital	90.90	90.80	90.70	90.50
Preference capital	--	--	--	--
Reserves	18,059	18,475	17,383	17,027
Net worth	18,150	18,566	17,473	17,117
Minority interest
Debt	951	485	5.83	5.76
Deferred tax liabilities (net)	187	217	355	407
Total liabilities	19,288	19,268	17,834	17,530
Fixed assets	4,638	4,590	4,336	4,572
Intangible assets
Investments	9,511	9,563	7,456	7,388
Deferred tax asset (net)	--	--	162	141
Net working capital	5,075	4,832	4,574	5,367
Inventories	3,177	2,708	2,485	2,306
Inventory Days	98.50	89.40	82.30	--
Sundry debtors	2,722	3,191	3,616	3,724
Debtor days	84.40	105	120	--
Other current assets	2,201	1,524	1,481	1,638
Sundry creditors	(1,344)	(1,233)	(1,544)	(1,185)
Creditor days	41.70	40.70	51.10	--
Other current liabilities	(1,682)	(1,357)	(1,464)	(1,116)
Cash	64.60	284	1,306	61.40
Total assets	19,288	19,268	17,834	17,530

LUPIN Financial Statements