Lupin has posted excellent results with 100% growth in core profits. While consolidated revenues at Rs8.6bn are in line with estimates, EBITDA margins at 17.7% are ahead of estimates. Further aided by lower than expected forex losses, PAT at Rs1120mn is ahead of estimates of Rs860mn.
There is continued momentum across all business segments led by the US markets where sales have grown 56% partially driven by Ramipril launch during the quarter. Domestic formulations have grown at a sedate 16% for the quarter after the sharp growth in Q4FY08.
Lupin is all set to file ANDAs for oral contraceptive, an extremely attractive generic space, from Q4FY09 onwards. Lupin is looking to file 30 ANDAs during FY09, nearly 2x its historical filing rate.
Lupin is expected to report revenues of Rs 34.4bn and a PAT of Rs 4.2bn for FY09.