Lupin posted strong results for the quarter ended September 30, with revenue growing by 18 per cent to Rs 2631.5 crore, led by the rupee depreciation, recovery in India and strong performance in rest of the world (RoW).
However, the company's branded business was hit this quarter due to low sales of Antara and Aerochambers. While Aerochamber sales were affected since a contract finished in Q1, Suprax suspension sales also came in at low single digits.
Going forward Swaminathan expects Suprax sales to pick up and says the company will look at other products within the branded formulation segment. Overall, he expects second half of the year to be better for India business and margin expansion to continue.
Below is an edited transcript of the interview on CNBC-TV18
Q: For you the US and the European formulations business has grown quite steadily. For the second half of the year are you working with any kind of internal guidance as to what the growth could look like from these geographies?
A: Actually our growth markets are essentially America, India and Japan. Europe is not so big for us. If you look at the first half year we have looked at pretty good growth in America. In fact in dollar terms also it is very good. Last quarter alone in fact the rupee growth was close to about 31 percent. If you look at the brand sales in America has come down a bit. The generics bit have continued to do pretty well. Europe has always been a pretty small base for us. It is a pretty large block but it is not so big in terms of the size of market itself for us at least.
Japan continues to do well, it is the second largest market in the world but it has got its own nuances. India continues to do well for us.
Q: For FY14 as a whole are you working with any kind of topline growth target for Lupin?
A: We don't give guidance of any kind but if you look at the past it is prescriptive of what we could achieve in the future as well. So the first half year we saw 9 percent growth in the first quarter. Second half we saw about 18 percent and traditionally the third and fourth quarters have always been better than the first two quarters. So we would expect this kind of momentum to continue for the next two quarters.
Q: You indicated that the branded business was a bit subdued. Are you expecting a bounce back in the second half from the branded side?
A: The brands business actually was a little muted the first two quarters principally because it is off season for one principle brand of ours, which is suprax. The next two quarters you would see the flue season, so we would expect Suprax to do pretty well. We had a couple of other brands in the market, which actually got phased like Antara and Aerochamber. We have also introduced a couple of other products in the market and those are new introductions.
We don't expect wonders from them but they would continue to gain momentum over a period of time. But that said we are looking at other products in the market, we could see these things turning up in the next few quarters.
On November 05, 2013, at 14:10 hrs Lupin was quoting at Rs 871.65, down Rs 15.5, or 1.75 percent. The 52-week high of the share was Rs 946.35 and the 52-week low was Rs 557.10.
The company's trailing 12-month (TTM) EPS was at Rs 40.19 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 21.69. The latest book value of the company is Rs 108.17 per share. At current value, the price-to-book value of the company was 8.06.
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