Lupin drops after reporting Q3 earnings

Lupin fell 0.86% to Rs 1,542 at 13:25 IST on BSE after consolidated net profit rose 26.32% to Rs 601.45 crore on 6.76% rise in total income to Rs 3261.04 crore in Q3 December 2014 over Q3 December 2013.

The Q3 result was announced during market hours today, 3 February 2015.

Meanwhile, the BSE Sensex was down 151.74 points, or 0.52%, to 28,970.53.

On BSE, so far 1.24 lakh shares were traded in the counter, compared with an average volume of 44,674 shares in the past one quarter.

The stock hit a high of Rs 1,576 and a low of Rs 1,523.55 so far during the day. The stock hit a record high of Rs 1,606 on 2 February 2015. The stock hit a 52-week low of Rs 885 on 3 February 2014.

The stock had outperformed the market over the past one month till 2 February 2015, rising 8.58% compared with 4.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.63% as against Sensex's 4.51% rise.

The large-cap pharma company has an equity capital of Rs 89.87 crore. Face value per share is Rs 2.

Lupin's earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 19.9% to Rs 966.30 crore in Q3 December 2014 over Q3 December 2013. Profit before tax (PBT) grew by 15.7% to Rs 853.40 crore in Q3 December 2014 over Q3 December 2013.

Material cost decreased by 5.1% to 32.5% of net sales, at Rs 1023.50 crore during Q3 December 2014 as compared to Rs 1121 crore during Q3 December 2013. Manufacturing and other expenses increased by 2.1% to 27.2% of net sales at Rs 855.30 crore Q3 December 2014 as compared to Rs 749 crore during Q3 December 2013. Personnel cost increased by 0.5% to 13.2% of net sales, at Rs 415.90 during Q3 December 2014, as against Rs 378.70 crore during Q3 December 2013. Revenue expenditure on R&D stood at 8.3% of net sales at Rs 260.50 crore during Q3 December 2014, as compared to Rs 271 crore during Q3 December 2013. The overall impact of foreign exchange on net profit is Rs 16.90 crore (gain), of which Rs 63.80 crore forex gain is reflected in other income, while a corresponding forex loss is captured across various other P&L line items.

Operating working capital increased to Rs 3151 crore as on 31 December, 2014 as against Rs 3063 crore as on 30 September, 2014. The working capital number of days stands at 90 days as on 31 December 2014 as against 87 days on 30 September 2014. The capital expenditure stood at Rs 173.90 crore during the quarter. The company continues to enjoy Debt Free status.

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