Detailed Report | Sector: Healthcare
th
13 Annual Global Investor Conference
BSE Sensex
32,401
S&P CNX
10,141
Lupin
TP: INR1,125 (+12%)
Mr Nilesh Gupta
MD
Lupin
CMP: INR1,002
Buy
CEO TRACK
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
Net Sales
174.9 169.1 198.6
EBITDA
44.9
36.2
46.5
Net Profit
25.6
18.7
25.4
EPS (INR)
56.6
41.4
56.3
EPS Gr.(%)
12.4 -26.9
36.0
BV/Sh. (INR)
298.9 329.8 375.5
RoE (%)
20.9
13.2
16.0
RoCE (%)
13.3
8.8
10.8
P/E (x)
17.5
24.2
17.8
P/BV (x)
3.4
3.0
2.7
Prepping for next wave of growth
Takeaways from CEO track
We hosted Mr Nilesh Gupta, Managing Director of Lupin (LPC), as part of ‘CEO Track’ at our
annual conference. Key takeaways:
Mr Gupta has categorized the evolution of the Indian pharmaceutical industry into
Wave 1, Wave 2 and Wave 3. According to him, the India pharma industry is at the end
of Wave 2. Although the next two years will pose challenges for LPC in the US, the
company will continue focusing on the complex generics, biosimilars and specialty
businesses over the medium term.
Mr Gupta believes that the domestic market can continue recording a 12% CAGR in
the medium term. However, the overhang related to 1) new draft policy, 2)
government’s focus on generic-generic and 3) Jan Aushadhi scheme can exert pressure
in the near term.
Over 1995-2015, India became a global generic powerhouse, as exports as % of total
revenues reached >45%.
India pharma – the road ahead: In the US, channel consolidation can continue exerting
additional pressure in the near term, as the last leg of consolidation will get over in
the next few months. Also, GDUFA -2 will lead to faster approvals (which, in turn, will
create more competition). Filing costs have also increased.
Quality and compliance: In 2015-16, Indian facilities were issued 20 warning letters
out of the total 52 (ex-US). A constantly evolving and holistic regulatory compliance
effort is a must today. According to Mr Gupta, good regulatory compliance does cost
money and not necessarily gets you a premium.
Focus areas for LPC in specialty business: ADHD, movement disorders, hormones, and
niche and small indications in women’s health.
Focus areas for LPC in complex generics: Inhalation and complex generics.
Existing model facing challenges in US
Over the last two decades, the Indian pharma companies have actively transformed
themselves from API manufacturers to finished dosage suppliers. Currently, ~40% of
generics volumes supplied in the US are from India. Notably, five out of the top-10
global generics companies are Indian. However, Mr Gupta believes that the existing
model is facing challenges, and not delivering the same kind of growth as before. In
Kumar Saurabh-Research analyst
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Ankeet Pandya-Research analyst
(Ankeet.Pandya@MotilalOswal.com)
September 2017
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Lupin
13 Annual Global Investor Conference
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the US, channel consolidation can continue exerting additional pressure in the near
term, as the last leg of consolidation will get over in the next few months. Also,
GDUFA -2 will lead to faster approvals (which, in turn, will create more competition).
Filing costs have gone up.
Cost of compliance increasing
In 2015-16, Indian facilities were issued 20 warning letters out of the total 52 (ex-
US). Data integrity has been the biggest reason for the issuance of warning letters in
the last two years. The other key issues, which have led to recent 483s and warning
letters, are: 1) procedures not being followed, 2) scientifically sound laboratory
controls, and 3) investigations of discrepancies, failures, etc. A constantly evolving
and holistic regulatory compliance effort is a must today. According to Mr Gupta,
good regulatory compliance does cost money and not necessarily gets you a
premium.
Execution – running on a treadmill
According to Mr Gupta, uncertainties in the business have increased multifold in the
recent past. Predictability of growth in the generics business has become a
challenge because of issues related to CRLs, price erosion and intensifying
competition. With a significant base, Indian companies (particularly SUNP, LPC,
DRRD, which have >USD1b base in the US) now need significant new product
launches each year to maintain their competitive position.
Exhibit 1:
Generics model
Source: Company, MOSL
Three key drivers for next wave of growth
1. Complex generics:
Indian companies have just 19% share in complex generics
v/s 34% in vanilla generics. LPC believes that companies focusing on products
that are difficult to manufacture will continue driving growth. In complex
generics, the focus areas for LPC are inhalation and complex injectables.
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13 Annual Global Investor Conference
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Exhibit 2:
Opportunity in complex generics
Source: Company, MOSL
2. Biosimilars:
The world-wide biologics market is valued at USD240b, of which
biosimilars account for just USD4-6b. However, this market has the potential to
reach USD20-25b in the next few years. LPC believes that capabilities required
here are different. All of these qualities need to be either acquired or built,
which will take time. LPC is filing Etanercept in Japan and EU in FY18. It is also
actively looking to partner (financial investors for developed markets) for some
key products.
Exhibit 3:
Biosimilar market still evolving; Uptake has been mixed across products and markets
Source: Company, MOSL
September 2017
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13 Annual Global Investor Conference
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3) Specialty/branded business:
LPC believes that a focus here is a must in the
current scenario. Companies focusing on target areas with unmet needs and
requirement of clinical trials will succeed, according to LPC. It believes that
companies need to 'own a therapy area' to succeed in the specialty business. Focus
areas for LPC in the specialty business: ADHD, movement disorders and hormones.
Exhibit 4:
Focus areas for LPC in specialty segment
Source: Company, MOSL
Lupin’s strategic direction – to have significant contribution from complex
generics and specialty business
Over 2017-20, LPC wants to become a leading generics player with a larger complex
generics mix. The company is already working on strengthening its specialty
business portfolio. In inhalation (targeting USD19b market), the first MDI product
has already been filed. The company is targeting two DPI developments in late
stages and five other programs in early stages. In biosimilars, LPC will file Etanercept
in Japan and EU in FY18. The company will be looking for financial partners who can
help it bring down the cost of development. LPC is also setting up a complex
injectables facility by end-2017. First filing from this facility is expected by 2019. In
the specialty segment, LPC is targeting niche areas in neurology, pediatrics and
women’s healthcare (market size: USD17-18b). The company plans to increase
spend on the specialty business. This will be funded by reducing spend on vanilla
generics and via financial partners. By 2020, LPC plans to have significant
contribution coming from the complex generics and specialty businesses.
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Exhibit 5:
Lupin’s strategic direction
Source: Company, MOSL
Exhibit 6:
Lupin at beginning of Wave 3; expect full transition by FY20
Source: Company, MOSL
Mr Gupta has categorized the evolution of the Indian pharmaceutical industry into
Wave 1, Wave 2 and Wave 3. The Indian pharma industry is now one of the leading
suppliers of generic drugs, evolving from almost being non-existent in this area.
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13 Annual Global Investor Conference
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Wave 1 (1970-2000) – foundation of Indian pharma
Earlier in 1970s, the domestic formulations space was dominated by MNCs, with a
68% market share. However, after the 1972 Patent Act, which allowed reverse
engineering, the share of Indian pharma companies increased as they were able to
make cheaper drugs. Formulation sales in India increased from INR1.5cr in 1965 to
INR79.4b 1995. The share of exports in total production increased from 3% in 1980-
81 to 24% in 1994-95. 90% of exports catered to the developing markets.
Exhibit 7:
Number of DMFs filed by Indian companies
233
Exhibit 8:
Export/domestic volume share in 2002
Exports
Domestic
91
21
92
40%
85%
60%
15%
1969-1985
1956-1990
1991-1995
1996-2001
Formulations
API
Source: MOSL, Company
Source: MOSL, Company
Exhibit 9:
Domestic market composition
MNC
Indian companies
32%
40%
50%
60%
68%
77%
68%
60%
1978
50%
1980
40%
1991
32%
1998
23%
2004
1970
Source: MOSL, Company
Wave 2 (2000-2012) – dominance of generics
After the Patents (Amendments) Act 2005 (which re-instituted product patents)
became effective, the Indian pharma companies aggressively started looking for
other opportunities. Indian companies moved up the value chain to develop
formulations for the US market and capitalized on P4 and blockbuster
opportunities.
By 2005, the share of Indian companies in the domestic market increased to
~70%. For growth opportunities, the Indian companies entered markets like
Japan and Brazil.
Growth of the Indian pharma companies in generics was primarily driven by
forward integration and expansion into the developed markets. Indian
companies shifted from being API manufacturers to becoming finished dosage
suppliers. With manufacturing capabilities and experience in adhering to
regulations of the developed markets, companies significantly expanded their
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13 Annual Global Investor Conference
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footprint in the regulated markets, and in a short time, emerged as leaders in
the global generics segment.
Exhibit 10:
Forward integration and expansion to developed markets led to value creation
Source: Company, MOSL
Exhibit 11:
Formulations market evolution (USDb)
Source: Company, MOSL
India at cusp of Wave 3
According to Mr Gupta, the Indian pharma industry is at the end of Wave 2, and
Wave 3 is yet to kick in. As companies invest in Wave 3, the next two years will be
critical.
Exhibit 12:
Key indicator for companies in transition to Wave 3
Complex generics
Continued filing on P4 and semi-exclusive
generic products
Delivery on R&D development milestones for
complex generics products
Biosimilars
Key filing and approval milestones for
biosimilars
Commercialization capability build or
partner
Specialty / Branded
Pipeline build through acquisitions and internal
development
Companies must OWN their therapeutic area
Source:
September 2017
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Valuation
For LPC, we expect the US business to decline ~15% YoY in FY18 due to new
competition in the metformin portfolio, deferral of key launches, and pricing
pressure in the base business due to further channel consolidation. EBITDA margin is
expected to shrink to 21-23% in FY18 as it will be difficult to compensate for the loss
of the high-margin US business.
Recovery expected only from 2H; stock already factors in most concerns
Although pricing pressure in the base business and new competition in Metformin
portfolio will keep exerting pressure on the US business, we believe that sales will
bottom by 2QFY18. The recent fall in the stock price already factors in these
concerns. Resolution of Goa and Indore plant inspection over the next two months,
coupled with key upcoming launches, will help drive growth from 2H. We maintain
Buy
with a TP of INR1,125 @ 20x FY19E PER.
September 2017
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13 Annual Global Investor Conference
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Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT before EO item
EO Expense/(Income)
PBT after EO item
Tax
Tax Rate (%)
Less: Minority Interest
Reported PAT
PAT Adj for EO items
Change (%)
Margin (%)
2014
112,866
17.1
30,028
26.6
2,610
27,418
267
165
27,317
-1,000
28,317
9,622
34.0
331
18,364
17,364
32.1
15.4
2015
127,700
13.1
36,196
28.3
4,347
31,849
98
2,398
34,148
0
34,148
9,704
28.4
412
24,032
24,032
38.4
18.8
2016
142,085
11.3
37,534
26.4
4,635
32,899
446
1,877
34,330
0
34,330
11,536
33.6
88
22,707
22,707
-5.5
16.0
2017
174,943
23.1
44,931
25.7
9,122
35,809
1,525
1,065
35,349
0
35,349
9,785
27.7
-11
25,574
25,574
12.6
14.6
2018E
169,110
-3.3
36,190
21.4
10,451
25,738
1,689
1,500
25,550
0
25,550
6,771
26.5
85
18,694
18,694
-26.9
11.1
2019E
198,564
17.4
46,464
23.4
11,749
34,715
1,266
1,500
34,948
0
34,948
9,436
27.0
85
25,427
25,427
36.0
12.8
(INR Million)
2020E
229,664
15.7
57,646
25.1
12,273
45,372
1,266
1,500
45,606
0
45,606
12,086
26.5
85
33,435
33,435
31.5
14.6
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Deferred liabilities
Secured Loan
Unsecured Laon
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Goodwill & Intangibles
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
(INR Million)
2014
897
68,419
69,316
669
1,779
1,968
4,024
5,992
77,756
45,638
19,283
26,355
3,041
1,785
7,202
62,970
21,295
24,641
7,975
9,060
23,597
18,818
4,779
39,374
77,756
2015
899
87,842
88,741
241
1,182
1,018
3,692
4,710
94,874
45,445
19,174
26,271
5,760
16,584
17,411
64,510
25,036
26,566
4,814
8,095
35,662
28,299
7,363
28,848
94,874
2016
901
108,943
109,844
321
1,239
53,739
17,454
71,193
182,596
55,887
23,262
32,625
9,812
75
73,586
107,473
31,787
45,498
8,379
21,808
40,975
32,318
8,658
66,498
182,596
2017
903
134,072
134,975
345
-1,128
61,243
23,183
84,426
218,619
55,265
8,902
46,363
7,150
220
78,147
129,117
36,423
43,073
27,994
21,626
42,378
34,576
7,801
86,739
218,619
2018E
903
148,011
148,914
430
-1,128
61,243
23,183
84,426
232,643
68,285
24,075
44,210
6,925
220
82,869
142,056
31,954
44,266
44,096
21,741
43,637
31,310
12,327
98,419
232,643
2019E
903
168,683
169,586
515
-1,128
61,243
23,183
84,426
253,400
81,192
35,824
45,368
6,812
220
82,869
166,721
36,939
51,976
55,939
21,867
48,590
35,996
12,594
118,131
253,400
2020E
903
197,363
198,267
600
-1,128
61,243
23,183
84,426
282,165
94,043
48,098
45,945
6,756
220
82,869
199,659
41,650
60,117
75,886
22,006
53,284
40,425
12,859
146,375
282,165
September 2017
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Financials and Valuations
Ratios
Y/E March
EPS (Fully Diluted)
Cash EPS (Fully Diluted)
BV/Share
DPS
Payout (%)
Valuation (x)
P/E (Fully Diluted)
Cash P/E (Fully Diluted)
P/BV
EV/Sales
EV/EBITDA
Return Ratios (%)
RoE
RoCE
RoIC
Leverage Ratio
Current Ratio
Interest Cover Ratio
Debt/Equity (x)
2014
38.7
44.5
154.6
6.0
16.0
25.9
22.5
6.5
4.0
14.9
2015
53.5
63.1
197.4
7.5
16.9
18.7
15.9
5.1
3.5
12.4
2016
50.4
60.7
243.8
7.5
17.9
19.9
16.5
4.1
3.6
13.6
2017
56.6
76.8
298.9
9.0
18.6
17.5
12.9
3.4
2.9
11.2
2018E
41.4
64.5
329.8
9.0
25.4
24.2
15.5
3.0
2.9
13.5
2019E
56.3
82.3
375.5
9.0
18.7
17.8
12.2
2.7
2.4
10.3
2020E
74.0
101.2
439.1
9.0
14.2
13.5
9.9
2.3
2.0
7.9
28.6
26.5
29.7
2.7
102.9
0.1
30.4
29.1
34.4
1.8
324.7
0.1
22.9
16.8
18.8
2.6
73.7
0.7
20.9
13.3
14.9
3.0
23.5
0.6
13.2
8.8
10.4
3.3
15.2
0.6
16.0
10.8
13.6
3.4
27.4
0.5
18.2
12.8
17.1
3.7
35.8
0.4
Cash Flow Statement
Y/E March
Oper. Profit before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Op. incl EO Exp.
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
Change in Net Worth
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2014
30,028
165
-9,475
-4,368
17,349
-6,098
10,251
-1,764
-7,862
1,593
-4,248
-267
-2,939
-5,861
3,626
4,349
7,975
2015
36,196
2,398
-10,300
7,364
35,657
-17,191
18,466
-14,799
-31,991
-1,389
-1,282
-98
-4,058
-6,828
-3,161
7,975
4,814
2016
37,534
1,877
-11,479
-34,084
-6,152
-71,217
-77,369
16,509
-54,708
2,459
66,483
-446
-4,071
64,425
3,565
4,814
8,379
2017
44,931
1,065
-12,152
-626
33,219
-24,759
8,460
-145
-24,904
4,348
13,233
-1,525
-4,755
11,300
19,615
8,379
27,994
2018E
36,190
1,500
-6,771
4,421
35,340
-12,795
22,545
0
-12,795
0
0
-1,689
-4,755
-6,444
16,101
27,994
44,095
2019E
46,464
1,500
-9,436
-7,868
30,660
-12,795
17,865
0
-12,795
0
0
-1,266
-4,755
-6,021
11,844
44,096
55,939
2020E
57,646
1,500
-12,086
-8,297
38,764
-12,795
25,969
0
-12,795
0
0
-1,266
-4,755
-6,021
19,947
55,939
75,886
September 2017
10

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13 Annual Global Investor Conference
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NOTES
September 2017
11

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
th
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Lupin
13 Annual Global Investor Conference
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a)
from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and
earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other
potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s),
as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the
research report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in
the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
SRCM is likely to add grinding capacity by ~16mt over FY17-FY20 with ~43% of
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure
incremental capacity would be added in east in Bihar,
seek to do business
WB/Jharkhand.
of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and
Odisha and
including investment banking with
companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research
Additionally ~23% of the grinding capacity would be added in North to reduce
Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
Terms & Conditions:
freight cost while ~32% of the incremental capacity would be in South and West
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to,
copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered
markets. Hence over the next 2-3 years SRCM would have presence across all the
true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not
been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice.
markets as against the current exposure to North and East market. SRCM would
The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
have total capacity of ~6-7mt in Bihar and adjoining market with capacity market
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
share of ~25- 30%.
report.
indirectly related to the specific recommendations and views expressed by research analyst(s) in this
This could bode really well for SRCM given the strong growth in
Disclosure of Interest Statement
Lupin
Bihar market on back of strong push towards infrastructure and low cost housing.
Analyst ownership of the stock
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
Deserves premium valuations; reiterate Buy
SRCM is the most cost-efficient
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their
player in the industry. Its superior execution capability enables it to achieve RoIC of
views.
Regional Disclosures (outside India)
over ~50% (FY19E). SRCM’s
or any jurisdiction, where such distribution, publication, availability use would be contrary to
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country
gross-block-to-capacity (GB/capacity)
or
– currently at
law,
regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
~USD53/tonne – has been structurally trending downward, as the proportion of
For Hong Kong:
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brownfield expansion has increased. Its GB/capacity is at 28% discount to peers,
pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with
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which is also reflected in its superior RoCE profile
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
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registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
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For Singapore
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the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
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information due to any errors and delays.
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Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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