Lupin Ltd. Strong growth ahead, Upgrade to Buy ::Emkay

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Lupin Ltd.

Strong growth ahead, Upgrade to Buy

BUY

CMP: Rs 424                                        Target Price: Rs 501

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n     Lupin’s Q4FY11 results were above expectations with a) Revenues at Rs15.5bn (up 17%YoY), b) EBITDA at Rs3.1bn (up 6% YoY), and c) APAT at Rs2.3bn (up 3% YoY)

n     Revenues were largely driven by robust growth momentum in India, Japan and other emerging markets

n     Going forward, launch of 11 ANDA’s including 3-4 OCs and 2 FTFs, 41 new launches in India and 7 new launches in Japan imparts good revenue visibility for FY12

n     Upgrade to Buy with a target price of Rs501