Lupin Financial Statements

Lupin Nine Monthly Results

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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)
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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
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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
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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
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Particulars ( Rupees In Crores.) Dec-2020 Dec-2019 Dec-2018 Dec-2017 Dec-2016
Gross Sales 11,168 11,352 10,511 11,581 12,958
Excise Duty -- -- -- -- --
Net Sales 11,168 11,352 10,511 11,581 12,958
Other Operating Income 213 177 267 216 283
Other Income 90.20 411 367 95.20 159
Total Income 11,470 11,940 11,145 11,892 13,400
Total Expenditure ** 9,532 10,538 9,387 9,446 9,620
PBIDT 1,939 1,403 1,758 2,446 3,780
Interest 109 256 218 146 112
PBDT 1,830 1,147 1,540 2,301 3,668
Depreciation 672 756 627 813 645
Minority Interest Before NP -- -- -- -- --
Tax 418 590 539 395 964
Deferred Tax (23) 462 54.40 56.80 (122)
Reported Profit After Tax 764 (661) 319 1,036 2,181
Minority Interest After NP 7.39 (2.10) 2.12 1.15 3.75
Net Profit after Minority Interest 756 (659) 317 1,035 2,177
Extra-ordinary Items -- 2,533 (105) -- --
Adjusted Profit After Extra-ordinary item 756 (3,192) 422 1,035 2,177
EPS (Unit Curr.) 16.90 (15) 7.05 22.90 48.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 90.70 90.60 90.50 90.40 90.30
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(%) 17.40 12.40 16.70 21.10 29.20
PBDTM(%) 16.40 10.10 14.60 19.90 28.30
PATM(%) 6.84 (5.80) 3.04 8.94 16.80
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