Dear All,
Forwarding you the Result Flash on Lupin for 4QFY2011 with a Buy recommendation.
4QFY2011 Financials Snapshot:
| Y/E March (`cr) | 4QFY2011 | 3QFY2011 | % chg qoq | 4QFY2010 | % chg yoy |
| Net Sales | 1,512 | 1,467 | 3.0 | 1,286 | 17.5 |
| Other Income | 45 | 46 | (2.4) | 54 | (15.9) |
| Operating Profit | 269 | 254 | 5.7 | 250 | 7.4 |
| Interest | 8 | 8 | 0.5 | 8 | 0.1 |
| Net Profit | 227 | 224 | 1.4 | 221 | 3.0 |
4QFY2011 Financials Actuals v/s Estimates
| (` cr) | Actual | Estimates | Variation |
| Net Sales | 1,512 | 1,489 | 1.5 |
| Other Income | 45 | 54 | (16.1) |
| Operating Profit | 269 | 277 | (3.0) |
| Interest | 7.8 | 8 | (5.1) |
| Tax | 31 | 32 | (2.4) |
| Net Profit | 227 | 239 | (4.8) |
4QFY2011 Consolidated Financial Result Highlights-
· The Net Sales for the quarter under review for the company stood at `1,512cr (`1286cr) an increase of 17.5% yoy, higher than our estimates of `1489cr. This was backed by the growth in the domestic (grew by 20%) and advanced markets (grew by 10%) formulations segment. For the full year, the net sales increased by 19.5% yoy to `5707cr.
· The company reported gross margins of 59.3% compared to 62.0% in the same quarter last year. As a result OPM contracted to 17.8% (19.5%) for the quarter, lower than our estimates of 18.6%. For FY2011, the gross margins came in at 60.8% (58.7%), translating to OPM of 18.7% (18.6%).
· The net profit that came in at `227cr (`220.6cr), increase of 3%, lower than our estimates of `239cr for the quarter. For FY2011, PAT came in at `863cr (`682cr), growth of 26.5%.
· During the full year, the company filed 21ANDAs and 7 DMFs with 8 approvals received during the year.
4QFY2011 Consolidated Financial Performance:
| Y/E March (`cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) | FY2011 | FY2010 | % chg (yoy) |
| Net sales | 1,512 | 1,467 | 3.0 | 1,286 | 17.5 | 5,707 | 4,774 | 19.5 |
| Other income | 45 | 46 | (2.4) | 54 | (15.9) | 134 | 111 | 20.4 |
| Total income | 1,557 | 1,514 | 2.9 | 1,340 | 16.2 | 5,841 | 4,885 | 19.6 |
| Gross profit | 897 | 897 | (0.1) | 798 | 12.4 | 3,469 | 2,804 | 23.7 |
| Gross margins |
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