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Dolat Capital Report
Lupin Ltd.’s Q1 FY24 earnings were above our estimates on higher than expected growth across geographies, NCE income and better operating performance.
Lupin's sales stood at Rs 48 billion grew 28.6%/8.7% YoY/QoQ. Excluding milestone income of $25 million from Abbvie, sales were Rs 46.1 billion (above estimate).
Excluding forex and milestone income, Ebitda stood at Rs 6.5 billion (above estimate), increased by 297%/7.8% YoY/QoQ. Ebitda margins at 14.1% was inline with our estimate.
We upgrade our earnings per share estimates by 40%/30.4% in FY24E/FY25E assuming higher U.S. sales and Ebitda margin and lower tax rate.
On limited upside, maintain 'Reduce' with revised target price of Rs 1,050.
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