External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line with estimates.</li><li>Growth was led by strong execution in the US business (+24.3% YoY, Rs 2,404 Cr / $282 Mn) and steady momentum in the India business (+7.8% YoY).</li><li>The EMEA region also witnessed healthy growth, while Other Developed Markets grew moderately.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line with estimates.Growth was led by strong execution in the US business (+24.3% YoY, Rs 2,404 Cr / $282 Mn) and steady momentum in the India business (+7.8% YoY).The EMEA region also witnessed healthy growth, while Other Developed Markets grew moderately.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd - Strong Results Led by New Launches

<ul><li>A strong set of results: Lupin reported a strong set of results that exceeded expectations.</li><li>Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.</li><li>The EMEA business also posted robust growth of 30% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A strong set of results: Lupin reported a strong set of results that exceeded expectations.Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.The EMEA business also posted robust growth of 30% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd - Lupin’s Vision: Growth, Innovation, & Market Leadership

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a> has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.</li>
<li>North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.</li>
<li>Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.</li>
</ul>



Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.


Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

<ul><li>A strong set of results: Lupin reported a strong set of results that exceeded our expectations.</li><li>Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.</li><li>However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A strong set of results: Lupin reported a strong set of results that exceeded our expectations.Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business, which grew by 20.9% YoY.However, the Emerging Markets business declined by 4.7% YoY, and API shows a gradual recovery with 4% YoY growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC IN)

Lupin Ltd - Strong Results Led by New Launches

A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line...

Axis Direct

Lupin Ltd - Lupin’s Vision: Growth, Innovation, & Market Leadership

Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.

Axis Direct

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business,...

Axis Direct

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

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Lupin Ltd - Strong Results Led by New Launches

A strong set of results: Lupin reported a robust performance for Q1FY26, with revenue of Rs 6,268 Cr, up 12% YoY and 10.6% QoQ, broadly in line...

Axis Direct

Lupin Ltd - Lupin’s Vision: Growth, Innovation, & Market Leadership

Reported revenue increased by 14% YoY, driven by solid growth in the India and US businesses, which rose 19% and 7% YoY, respectively.

Axis Direct

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

​Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

Lupin Ltd - Lupin’s Vision: Growth and Market Leadership

Reported revenue grew by 11% YoY, led by the India and US businesses, which grew by 11.9% and 12.3%, respectively, YoY, and the EMEA business,...

Axis Direct

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...