HDFC Securities' research report on Lupin
Post a disappointing 1QFY18, Lupin’s (LPC) management has guided for a flat-to-low single-digit decline in the top-line in FY18, and revised EBITDA margin guidance down to 21-23% from 24-26%. However, they are also confident that the worst is now behind them, with the US business likely to resume a sequential upward trajectory from 2HFY18.
Outlook
It is the only company amongst its Indian peers to have successfully ventured into all sizable complex generic markets. Maintain BUY rating with a revised TP of Rs. 1,650 (22x Jun19E).
For all recommendations report, click here
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