Lupin Q4 Review – Seasonality Led De-Growth In U.S., Muted Domestic Performance Due To Covid-19: KRChoksey

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KRChoksey Research Report

Lupin Ltd. reported a marginal decline in revenue at 1.6% YoY (down 5.8% QoQ) to Rs 37,831 million in Q4 FY21 due to 5.3% YoY (up 3.7% QoQ) decline in the North America revenue to Rs 14,952 million.

The QoQ decline in total revenue, however, can be attributed to a 5.9% QoQ decline in India revenue to Rs 12,866 million.

Ebitda margin expanded by 504 basis points YoY to 18.7% in Q4 FY21 (from 13.7% in Q4 FY20) due to improved gross margins YoY.

However, Ebitda margin contracted by 68 bps QoQ, due to lower gross margins, partially offset by, stable other expenses QoQ.

Click on the attachment to read the full report:

KRChoksey Lupin Q4FY21 Result Update.pdf


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