Lupin (500257) Q4 00/01 earnings summary

Executive summary

• Amalgamation of Lupin Laboratories and Lupin Chemicals took effect from 1 Apr 2000; the Bombay High Court sanctioned the scheme on 13 Jun 2001, with expected technology, operating, distribution and tax synergies.

• FY 2000-01 turnover was Rs 902.85 crore, 10% above the prior-period combined turnover on an annualised basis; net profit rose 36% on the same comparison basis.

Financial highlights

• Revenue was Rs 911.44 crore, including manufacturing income of Rs 902.85 crore and other income of Rs 8.59 crore; sales comprised Rs 678.41 crore domestic and Rs 224.43 crore exports.

• Operating profit was Rs 143.25 crore; interest was Rs 59.70 crore, depreciation Rs 18.52 crore, PBT Rs 65.02 crore and PAT Rs 60.02 crore.

• Exports were Rs 224.43 crore, up 28% against the prior-period combined figure on an annualised basis; export revenue was 26.72% of total income.

• Comparative FY 1999-2000 financial statements cover eight months of Lupin Chemicals alone and are not directly comparable with the 12-month amalgamated period.

Outlook and guidance

• FY 2001-02 outlook called for robust topline growth through higher domestic and global share, specialty bulk actives, innovative finished doses and entry into diabetes, arthritis, anti-psychotic and chest/lung therapies.

• Planned substantial ANDA filings and continued NCE and NDDS research; four to five ANDAs were expected in 2001-02.

• Q1 FY 2001-02 turnover was Rs 233.10 crore and PAT Rs 16.11 crore after Rs 1.60 crore tax provision, including Rs 0.55 crore deferred tax; exports were Rs 61.26 crore.

• Q1 operating profit before R&D costs was Rs 46 crore, or 19.7% of sales, reflecting investment in NCE, NDDS and advanced-market ANDAs.