Lupin Q4 Review - Sharp Operating Miss; Recovery Remains Elusive: Prabhudas Lilladher
Lupin Q4 Review - Sharp Operating Miss; Recovery Remains Elusive: Prabhudas Lilladher
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Prabhudas Lilladher Report
We cut our FY23E earnings per share estimate of Lupin Ltd. by 46% and FY24E EPS by 35% to factor in lower margins.
Margins in base business continues to disappoint and recovery remains elusive.
Lupin’s FY22 profitability has been impacted, on account of low gross margins and high overheads along with subdued U.S. sales.
We believe Lupin’s recovery in U.S. sales will be gradual and may hinge on timely niche launches. Further margins will improve only from H2 FY23 with likely savings and niche launches, which may see delay.
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