Company Update : Lupin Ltd By Motilal Oswal Financial Services Ltd
Largely in-line performance for the quarter
* Lupin's (LPC) 4QFY25 revenue grew 14.2% YoY to INR56.7b. (our est. INR54.7b).
* US sales grew 19% YoY to INR22.6b (up 17% YoY in CC to USD245m; 41% of sales).
* Domestic formulation (DF) sales grew 6.9% YoY to INR17.1b (31% of sales).
* Other developed markets sales grew 30.9% YoY to INR6.9b (12% of sales).
* Emerging markets sales grew 10.4% YoY to INR 6.7b (12% of sales).
* API sales decreased 10.3% YoY to INR2.3b (4% of sales).
* Gross margin (GM) expanded 200bp YoY to 70.2% due to a better product mix.
* EBITDA margin expanded 270bp YoY to 22.8%, largely due to better GM, supported by decreased other expenses (-110bp YoY as % of sales).
* As a result, EBITDA grew 29.6% YoY to INR12.9b (vs our est: INR12.4b).
* Adj. PAT grew 47% YoY INR7.5b (our est: INR7.45b).
* In FY25, revenue/EBITDA/PAT grew 14%/47%/73% YoY to INR225b/ INR52.7b/INR32.7b.
Other highlights
* LPC received 7 ANDA approvals from the USFDA, and launched 2 products in the quarter in the US market.
* Net debt at the end of 4QFY25: INR3.1b.
* In 4QFY25, R&D expense was INR5.3b (9.6% of sales).
* CAPEX for the quarter was INR1.4b.
* Operating working capital as on 31st Mar’25 was INR68.2b.
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