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Dolat Capital Report
Lupin Ltd.'s revenue declined by 12.3% YoY to Rs 37.4 billion in Q1 FY23 (below our estiamte) mainly due to lower than expected Indian and U.S. business.
Ebitda stood at Rs 1.6 billion (below our estimate) declined by 82.3%YoY/27.6% YoY/QoQ, and Ebitda margin contracted by 1730 basis points/145 bps YoY/QoQ to 4.4% on higher operating cost and lower gross margins which contracted by 720 bps/100 bps YoY/QoQ impacted by higher input cost, inventory de-stocking and U.S. price erosion.
Lupin has reported loss of Rs 890.8 million in Q1 FY23. After adjusting forex, loss was at Rs 1.4 billion versus profit of Rs 5 billion in Q1 FY22.
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