LUPIN Limited

Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The company is a significant player in Cardiovascular, Diabetology, Asthama, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.

LUPIN Limited- Potential Catalysts

• Growth in US and sales of generic drug to drive revenue with 20% CAGR for FY16-FY18

• Old ANDAs approval momentum to sustain in the near-term

• Gavis acquisition: A step to expand capacity and pipeline size

• Move from Generics to Specialty improve margins

LUPIN Limited- Recommendation

With Superior project management skills, focus on measuring and monitoring quality and its planned expansion LUPIN Technologies will be able to grow with revenue CAGR 20% and Margins improving 200-300 bps. We recommend BUY on the stock at CMP of Rs. 1450 to target of Rs. 1720 (EPS of 59.34x FY17).

LUPIN Limited- Financial Summary

BUSINESS DISCRIPTION

Lupin Ltd., incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 66516.09 Cr.) operating in Pharmaceuticals and health care sector.

Lupin Limited is an India-based transnational pharmaceutical company. The Company is engaged in the producing, developing and marketing of branded and generic formulations, and active pharmaceutical ingredients (APIs). The Company's brands include Gluconorm, Tonact, Rablet, Budamate, Telekast, Rcinex, Clopitab, Telista, Ramistar and Akt. The Company manufactures products in the therapy areas, such as anti-TB, cardiovascular, anti-asthma, diabetology, central nervous system, gynecology, gastro-intestinal (GI), anti-infective and others. The Company's subsidiaries include Lupin Pharmaceuticals Inc., Kyowa Pharmaceutical Industry Co., Ltd., Pharma Dynamics (Proprietary) Ltd., Hormosan Pharma GmbH, Multicare Pharmaceuticals Philippines, Inc., Generic Health Pty Ltd., Kyowa CritiCare Co., Ltd., Lupin Holdings B.V., Lupin Atlantis Holdings SA and Lupin Pharma Canada Ltd., among others.

Lupin Limited is 6th largest and fasting growing top 10 generics player in the US (5.5% market share by prescriptions, IMS Health) and 3rd largest Indian pharmaceutical company by sales globally. The company is also the fastest growing top 10 generic pharmaceutical player in Japan (ranked 8th) and South Africa (ranked 4th).

Lupin Ltd. key Products/Revenue Segments include

• Tablets which contributed Rs 4819.16 Cr to Sales Value (48.94% of Total Sales)

• Capsules which contributed Rs 1758.64 Cr to Sales Value (17.86% of Total Sales)

• Bulk Drugs (Intermediates) which contributed Rs 1156.69 Cr to Sales Value (11.74% of Total Sales)

• Liquids (Formulations) which contributed Rs 747.77 Cr to Sales Value (7.59% of Total Sales)

• Injectible Vials which contributed Rs 529.93 Cr to Sales Value (5.38% of Total Sales)

• Other Services which contributed Rs 376.61 Cr to Sales Value (3.82% of Total Sales)

• Others which contributed Rs 154.18 Cr to Sales Value (1.56% of Total Sales)

• Export Incentives which contributed Rs 127.27 Cr to Sales Value (1.29% of Total Sales)

• Creams & Powders which contributed Rs 67.47 Cr to Sales Value (0.68% of Total Sales)

• Inhalers which contributed Rs 62.47 Cr to Sales Value (0.63% of Total Sales)

• Liquids (Injectables) which contributed Rs 32.13 Cr to Sales Value (0.32% of Total Sales)

• Other Operating Revenue which contributed Rs 13.66 Cr to Sales Value (0.13% of Total Sales)

for the year ending 31-Mar-2015.

MANAGEMENT & GOVERNANCE

Shareholding pattern as on March 31st, 2016