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Dolat Capital Report
FY21 has been a year of many firsts for Lupin Ltd. - launch of its first inhalation product -gProAir and gBrovana AG in the U.S., launch of first biosimilar - Etanercept in the Europe, first generic launch of Fostair in the UK.
Besides, company has exhibited sharp improvement in its U.S. subsidiaries (converged into profits versus loss YoY).
This we believe is due to cost optimisation and reduction in branded specialty portfolio promotions.
Profitability of the standalone business grew 72% YoY to Rs 13 billion and with overall subsidiary losses narrowing to Rs 451 million, profits are equivalent to FY18 levels.
While Lupin's effective tax rate has lowered to 26%, the cash tax paid remains high at 43%.
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