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BSE:500257
NSE:LUPIN
REUTERS:LUPIN.BO
BLOOMBERG:LPCIN
StrongGrowth,RecordProfits
QuarterIIIResults,FY201314
NetSalesup21%;EBITDAup28%;Netprofitup42%
DeclaresInterimDividendof150%
Mumbai,February03,2014:LupinLimitedreporteditsperformanceforthethirdquarterended31stDecember,
2013.TheseunauditedresultsweretakenonrecordbytheBoardofDirectorsatameetinginMumbaitoday.
Keyfinancial&performancehighlights
Netsalesgrewby21%toRs.29,830m.duringQ3,FY201314,upfromRs.24,659m.(Q3,FY201213)
9M,FY201314:YoYgrowthof16%toRs.80,351m.fromRs.69,243m.
EBITDAmargingrewby28%toRs.8,057m.duringQ3,FY201314,upfromRs.6,314m.(Q3,FY2012
13)
9M,FY201314:YoYgrowthof37%toRs.22,371m.fromRs.16,329m.
Profitbeforetaxgrewby33%toRs.7,379m.duringQ3,FY201314,upfromRs.5,550m.(Q3,FY2012
13)
9M,FY201314:YoYgrowthof45%toRs.20,360m.fromRs.14,020m.
Netprofitgrewby42%toRs.4,761m.duringQ3,FY201314,upfromRs.3,352m.(Q3,FY201213)
9M,FY201314:YoYgrowthof42%toRs.12,834m.fromRs.9,061m.
BoardofDirectorsapproveInterimDividendof150%
Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited, said We have had a robust
quarterwithrecordprofits,driveninparticularbystrongbusinessgrowthintheUS.OthermarketslikeIndiaare
getting back on track also. In addition, our consistent focus on ramping up operational efficiencies has led to
highermarginsandbetterprofitability."
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UnauditedconsolidatedfinancialresultsforthequarterendedDecember,2013(YoYcomparison)
FiguresinRs.M
Particulars
Netsales
Otheroperatingincome
Totalrevenue
Rawmaterialconsumed
Grossmargin(excl.other
operatingincome)
Employeescost
Manufacturing&other
expenses
Operatingmargin
Otherincome
EBITDA
Depreciation
EBIT
Interest&financecharges
PBT
Tax
PAT
Minorityinterest&shareofloss
inassociates
Netprofit
Q3201314
%ofnetsales
Q3201213
%ofnetsales
YoYgrowth%
29,830
100.0%
24,659
100.0%
21.0%
390
1.3%
352
1.4%
10.8%
30,220
101.3%
25,011
20.8%
11,210
18,620
37.6%
62.4%
9,357
15,302
101.4%
37.9%
62.1%
13.0%
26.0%
3,787
7,490
12.7%
25.1%
3,198
6,406
7,733
25.9%
6,049
324
8,057
1.1%
27.0%
265
6,314
637
7,420
2.1%
24.9%
688
5,626
41
7,379
0.1%
24.7%
76
5,550
2,542
4,837
8.5%
16.2%
2,116
3,434
76
0.3%
82
24.5%
1.1%
25.6%
2.8%
22.8%
0.3%
22.5%
8.6%
13.9%
0.3%
4,761
16.0%
3,352
13.6%
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19.8%
21.7%
18.4%
16.9%
27.8%
22.3%
27.6%
7.4%
31.9%
46.0%
33.0%
20.1%
40.9%
7.3%
42.0%
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Profit&losshighlights
Material cost decreased by 0.3% to 37.6% of net sales at Rs. 11,210 m. during Q3, FY 201314 as
comparedtoRs.9,357m.forQ3,FY201213.
Manufacturing&otherexpensesdecreasedby0.9%to25.1%ofnetsalesatRs.7,490m.duringQ3,FY
201314ascomparedtoRs.6,406m.forQ3,FY201213.
Personnel cost decreased by 0.3% to 12.7% of net sales, at Rs. 3,787 m. during Q3, FY 201314, as
againstRs.3,198m.(Q3,FY201213).
RevenueexpenditureonR&Dstoodat9.1%ofnetsalesatRs.2,710m.,ascomparedtoRs.2,382m.for
Q3,FY201213.
TheoverallimpactofforeignexchangeonnetprofitwasalossofRs.688m.,ofwhichRs.255m.forex
gain is reflected in other income, while the corresponding forex loss is captured across various other
P&Llines.
Balancesheethighlights
OperatingworkingcapitalincreasedtoRs.27,695m.ason31stDecember,2013asagainstRs.26,743m.
ason30thSeptember,2013.Theworkingcapitalnumberofdaysstoodat94daysason31stDecember,
2013asagainst96dayson30thSeptember,2013.
CapitalExpenditurewasRs.1,041m.inthequarter.
TheCompanynowisdebtfreeatthenetdebtlevel.
BusinessSegmentsRevenueMix
Particulars
Q32013
Q32012
YOY
14
13
growth%
Formulations
US(including
IP)
Europe
India
Japan
SouthAfrica
Restofworld
API
Totalnetsales
26,857
13,567
22,306
10,390
20%
31%
661
6,504
3,720
983
1,422
2,973
29,830
598
5,708
3,658
831
1,121
2,353
24,659
11%
14%
2%
18%
27%
26%
21%
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Operationalhighlights
US&Europe
USformulationsales(includingIP)grewby31%toRs.13,567m.duringQ3,FY201314,asagainstRs.10,390m.
forQ3,FY201213,contributing45%ofoverallsales.USbrandsbusinessstoodat11%oftotalUSsales,whereas
thegenericsbusinesscontributed89%inQ3,FY201314.
Indollarterms,USformulationsrevenuesincreasedby12%toUSD215m.forQ3,FY201314.
TheCompanylaunched5productsintheUSduringthequarterandnowhas62productsinthemarket.
Lupinisthemarketleaderin26productsintheUSgenericmarketandisamongsttheTop3bymarket
sharein44products(IMSHealth,September2013).
Indiaformulations
The Indian formulations business contributed 22% of the Companys overall revenues for the quarter. The
CompanysIndiaformulationbusinessgrewby14%,recordingrevenuesofRs.6,504m.duringQ3,FY201314,
ascomparedtoRs.5,708m.forQ3,FY201213.
Japan
LupinsJapanSales(Kyowa+Irom)clockedinatRs.3,720m.duringthequarter.Japannowcontributes12%to
Lupinsconsolidatedrevenues.TotalrevenuesincreasedtoJPY6,046m.fromJPY5,497m.,agrowthof10%in
JPYterms.
Kyowa revenues (excluding Irom) stand at Rs. 2,787 m. for Q3, FY 201314. In JPY terms, Kyowa revenues
(excludingIrom)increasedtoJPY4,530mfromJPY3,910m.inthepreviousyear,agrowthof16%.
SouthAfrica
Lupins South African Business, Pharma Dynamics clocked in revenues of Rs. 983 m. during Q3, FY 201314,
representingagrowth of18%.Totalrevenues increasedtoZAR 161m.from ZAR131 m., a growthof23% in
localcurrencyterms.
API
APInetsalesgrewby26%toRs.2,973m.duringthequarterascomparedtoRs.2,353m.forQ3,FY201213
andcontributed10%toLupinsconsolidatedrevenues.
R&D
RevenueexpenditureonR&DforQ3,FY201314stoodatRs.2,710m.,9.1%tonetsalesasagainstRs.2,382m.,
9.7%tonetsalesforQ3,FY201213.RevenueexpenditureonR&Dfor9M,FY201314stoodatRs.6,838m.,
8.5%tonetsalesasagainstRs.5,099m.7.4%tonetsalesfor9M,FY201213.
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AboutLupinLimited
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and
developingawiderangeofbrandedandgenericformulationsandAPIs.TheCompanyisasignificantplayerin
the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, AntiInfective and NSAID space and holds global
leadershippositionsintheAntiTBandCephalosporinsegment.
Lupinisthe5thlargestandfastestgrowinggenericsplayerintheUS(5.3%marketsharebyprescriptions,IMS
Health)andthe3rdlargestIndianpharmaceuticalcompanybysales.TheCompanyisalsothefastestgrowingtop
10genericpharmaceuticalplayersinJapanandSouthAfrica(IMS).
ForthefinancialyearendedMarch2013,Lupin'sConsolidatedTotalIncomeandProfitafterTaxwereRs.94,616
million (USD 1.74 billion) and Rs. 13,142 million (USD 242 million) respectively. Please visit
http://www.lupinworld.comformoreinformation.
Forfurtherinformationorqueriespleasecontact
ShamsherGorawara
HeadCorporateCommunications
LupinLimited:
Ph:+919820338555
Email:shamshergorawara@lupinpharma.com
or
AlpeshDalal
HeadM&AandInvestorRelations
LupinLimited
Ph:+919820023511
Email:alpeshdalal@lupinpharma.com
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