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BUSINESS ANALYTICS - REVENUE AND PROFITABILITY
BUSINESS CRITICAL INVESTMENT
SHAREHOLDER VALUE GROWTH
BALANCE SHEET

As at March 31, 2018

Note As at 31.03.2018 in million As at 31.03.2017 in million
ASSETS
Non-Current Assets
a. Property, Plant and Equipment 2 30,272.3 29,929.8
b. Capital Work-in-Progress 8,499.9 4,807.6
c. Intangible Assets 3 3,134.3 195.4
d. Intangible Assets Under Development 3,210.5 -
e. Financial Assets
(i) Non-Current Investments
- In Subsidiaries 4 51,247.3 47,963.9
- In Others 4 55.3 55.3
(ii) Non-Current Loans 5 616.9 535.2
(iii) Other Non-Current Financial Assets 6 3.2 12.4
f. Non-Current Tax Assets (Net) 1,464.3 307.7
g. Other Non-Current Assets 7 1,131.5 2,167.4
99,635.5 85,974.7
Current Assets
a. Inventories 8 21,800.2 21,256.6
b. Financial Assets
(i) Current Investments 9 2,325.9 21,120.0
(ii) Trade Receivables 10 49,463.1 39,024.5
(iii) Cash and Cash Equivalents 11 1,056.7 1,580.1
(iv) Other Bank Balances 12 52.9 148.3
(v) Current Loans 13 176.3 150.0
(vi) Other Current Financial Assets 14 4,044.8 3,985.4
c. Current Tax Assets (Net) - 267.0
d. Other Current Assets 15 8,168.6 4,975.8
e. Assets Classified as Held for Sale 57 86.0 -
87,174.5 92,507.7
TOTAL 186,810.0 178,482.4
EQUITY AND LIABILITIES
Equity
a. Equity Share Capital 16 904.2 903.2
b. Other Equity 17 156,945.4 146,899.2
157,849.6 147,802.4
Liabilities
Non-Current Liabilities
a. Financial Liabilities
(i) Non-Current Borrowings 18 40.8 88.9
(ii) Trade Payables 19 31.6 45.4
(iii) Other Non-Current Financial Liabilities 20 48.3 56.4
b. Non-Current Provisions 21 2,062.9 1,678.6
c. Deferred Tax Liabilities (Net) 45 2,583.3 2,102.1
d. Other Non-Current Liabilities 22 831.4 1,052.5
5,598.3 5,023.9
Current Liabilities
a. Financial Liabilities
(i) Current Borrowings 23 82.1 5,796.2
(ii) Trade Payables 24 14,278.7 14,784.9
(iii) Other Current Financial Liabilities 25 6,031.3 2,653.8
b. Other Current Liabilities 26 1,231.9 597.2
c. Current Provisions 27 1,470.4 1,404.7
d. Current Tax Liabilities (Net) 267.7 419.3
23,362.1 25,656.1
TOTAL 186,810.0 178,482.4
See accompanying notes forming part of the financial statements
PROFIT & LOSS ACCOUNT

For the year ended March 31, 2018

  Note For the Current Year ended 31.03.2018 in million For the Previous Year ended 31.03.2017 in million
INCOME:
  Revenue from Operations 28 1,00,881.8 1,27,531.5
  Other Income 29 1,311.2 884.7
Total Income 102,193.0 128,416.2
EXPENSES:
  Cost of Materials Consumed 30 22,595.3 22,068.2
  Purchases of Stock-in-Trade 11,301.5 13,202.1
  Changes in Inventories 31 846.7 (1,852.6)
  of Finished Goods, Work-in-Process and Stock-in-Trade
  Employee Benefits Expense 32 14,416.4 14,030.3
  Finance Costs 33 332.4 294.2
  Depreciation and Amortisation Expense 2&3 3,898.1 3,661.1
  Other Expenses 34 30,863.3 35,222.3
Total Expenses 84,253.7 86,625.6
Profit before Tax 17,939.3 41,790.6
Tax Expense 45
  -  Current Tax (Net) 3,865.7 9,493.4
  -  Deferred Tax (Net) 627.0 883.9
Total Tax Expense 4,492.7 10,377.3
Profit for the year 13,446.6 31,413.3
Other Comprehensive Income / (Loss)
(A)  (i) Items that will not be reclassified subsequently to profit or loss:
(a)  Remeasurements of Defined Benefit Liability 1.2 (388.5)
        (ii) Income tax relating to items that will not be reclassified to profit or loss: 45 1.0 134.5
(B)  (i) Items that will be reclassified subsequently to profit or loss:
(a)  The effective portion of gain & losses on hedging instruments in a cash flow hedge (464.7) 275.3
      (ii) Income tax relating to items that will be reclassified to profit or loss: 45 144.8 (83.0)
Other Comprehensive Income / (Loss) for the year, net of tax (317.7) (61.7)
Total Comprehensive Income for the year 13,128.9 31,351.6
Earnings per equity share (in `) 42
  Basic 29.76 69.63
  Diluted 29.66 69.35
  Face Value of Equity Share (in `) 2.00 2.00
See accompanying notes forming part of the financial statements
CASH FLOW

For the year ended March 31, 2018

  For the Current Year ended 31.03.2018 in million For the Previous Year ended 31.03.2017 in million
A. Cash Flow from Operating Activities
Profit before Tax 17,939.3 41,790.6
Adjustments for:
Depreciation and Amortisation Expense 3,898.1 3,661.0
Loss / (Profit) on Sale / Write-off of Property, Plant and Equipment / Intangible Assets (net) 26.6 50.8
Net Gain on sale of Current Investments (383.9) (7.8)
Finance Costs 332.4 294.2
Interest on Deposits with Banks (7.5) (72.0)
Dividend on Current Investments (274.8) (488.6)
Dividend on Non-Current Investment from Subsidiary company (14.5) (30.5)
Provision for Doubtful Trade Receivables /Advances/ Deposits (net) (12.5) (161.6)
Bad Trade Receivables / Advances / Deposits written off 7.0 4.0
Expenses on Employees Stock Options / Stock Appreciation Rights 643.2 738.0
Unrealised Exchange loss / (gain) on revaluation (net) 345.7 987.8
Operating Cash flows before Working Capital Changes 22,499.1 46,765.9
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories (543.6) (2,117.0)
Trade Receivables (10,889.4) 5,311.9
Current Loans (26.3) (30.1)
Non-Current Loans (81.7) (145.1)
Other Current Financial Asset (318.3) (3,033.2)
Other Current Asset (3,464.4) 1,854.5
Other Non-Current Assets 47.7 198.1
Other Non-Current Financial Assets 9.2 (12.4)
Adjustments for increase / (decrease) in operating liabilities:
Current Trade Payable (391.5) 3,574.6
Non-Current Trade Payable (13.8) (11.6)
Other Current Financial Liabilities (475.8) 329.3
Other Current Liabilities 634.7 (104.9)
Other Non-Current Liabilities (221.1) 120.4
Other Non-Current Financial Liabilities (7.4) (8.5)
Current Provisions 65.7 297.2
Non-Current Provisions 229.4 347.8
Cash Generated from Operations 7,052.5 53,336.9
Net Income tax paid (4,902.3) (9,816.0)
Net Cash Flow from Operating Activities 2,150.2 43,520.9
B. Cash Flow from Investing Activities
Capital expenditure, including capital advances (9,103.8) (9,626.4)
Proceeds from sale of Property, Plant and Equipments / Intangible Assets 13.2 216.6
Purchase of Non-Current Investment in subsidiaries (3,283.4) (10,610.5)
Purchase of Non-Current Investment in others - (5.0)
Sale of Non-Current Investment - Others - 4.5
Net Gain on sale of Current Investments 383.9 7.8
Bank balances not considered as Cash and Cash Equivalents (net) 95.4 16.4
Dividend on Current Investments 274.8 488.6
Dividend on Non-Current Investment from Subsidiary company 14.5 30.5
Interest on Deposits with Banks 7.5 72.0
Net Cash Used in Investing Activities (11,597.9) (19,405.5)

Notes :

  • The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard 7 (Ind AS -7) "Statement of Cash Flow".
  • Cash comprises cash on hand and current accounts with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), current investments that are convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
TEN YEARS FINANCIAL SUMMARY

TEN YEARS FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEET (₹ in million)

As at March 31, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
SOURCES OF FUNDS
Shareholders’ funds
Equity Share Capital 828.2 889.4 892.4 893.3 895.1 896.8 899.0 901.2 903.2 904.2
Reserves & Surplus 13,420.0 24,788.9 31,918.4 39,235.6 51,146.7 68,418.9 90,833.3 110,732.5 134,072.5 134,866.4
14,248.2 25,678.3 32,810.8 40,128.9 52,041.8 69,315.7 91,732.3 111,633.7 134,975.7 135,770.6
Non-Controlling Interest 142.5 254.9 515.1 722.9 594.5 669.4 241.0 320.8 345.2 400.8
Loans 12,232.7 11,398.5 11,623.9 16,391.0 11,644.9 6,537.4 5,371.2 71,775.2 79,660.9 71,428.0
Deferred Tax Liabilities (net) 1,387.2 1,630.4 1,791.8 1,910.1 2,336.8 2,486.6 1,527.5 3,266.8 3,948.5 2,855.3
Other Liabilities (incl. Provisions) 12,161.9 11,892.5 14,502.0 20,669.3 22,520.6 23,051.2 33,737.7 39,252.1 47,142.5 52,599.1
TOTAL 40,172.5 50,854.6 61,243.6 79,822.2 89,138.6 102,060.3 132,609.7 226,248.6 266,072.8 263,053.8
APPLICATION OF FUNDS
Fixed Assets
Net Block 12,012.0 15,864.9 17,313.4 22,456.6 24,928.5 26,977.3 27,200.3 64,515.2 87,229.2 79,135.0
Capital Work-in-Progress (incl. Capital Advances) 2,239.7 3,578.7 5,319.3 4,973.7 3,909.0 4,110.2 6,745.3 32,145.5 24,639.0 26,555.6
14,251.7 19,443.6 22,632.7 27,430.3 28,837.5 31,087.5 33,945.6 96,660.7 111,868.2 105,690.6
Goodwill on Consolidation 3,173.7 3,196.8 3,254.9 5,040.0 5,073.2 6,578.7 16,252.8 22,654.4 23,100.1 24,484.9
Investments 215.6 264.3 31.5 28.0 20.6 20.6 55.4 143.3 220.0 267.1
Deferred Tax Assets (net) 222.8 195.4 380.5 467.8 704.4 708.1 2,561.7 3,358.5 5,076.4 7,165.6
Other Assets
Inventories 9,571.6 9,714.9 11,999.6 17,326.7 19,489.3 21,294.5 25,036.1 32,736.5 36,422.8 36,624.9
Receivables 9,179.7 11,265.7 12,556.4 17,800.1 21,869.9 24,641.0 26,475.2 45,487.6 43,073.4 51,922.1
Cash & Bank Balances (incl. Current Investments) 777.7 2,015.3 4,201.4 4,024.7 4,348.8 9,739.1 21,304.7 8,237.7 28,135.4 16,431.7
Others 2,779.7 4,758.6 6,186.6 7,704.6 8,794.9 7,990.8 6,978.2 16,969.9 18,176.5 20,466.9
22,308.7 27,754.5 34,944.0 46,856.1 54,502.9 63,665.4 79,794.2 103,431.7 125,808.1 125,445.6
TOTAL 40,172.5 50,854.6 61,243.6 79,822.2 89,138.6 102,060.3 132,609.7 226,248.6 266,072.8 263,053.8

TEN YEARS FINANCIAL SUMMARY

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (₹ in million)

Year ended March 31,

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

INCOME

Sales

38,428.9

48,009.5

57,421.7

70,017.2

95,235.3

111,671.2

126,932.2

137,578.7

171,198.0

155,598.4

Other Operating Income

637.1

762.5

1,121.5

1,232.1

1,796.7

1,999.3

1,703.0

4,976.7

3,745.3

2,443.1

Other Income

125.5

351.1

221.9

143.5

278.5

1,164.8

2,397.5

1,851.9

1,065.1

1,503.5

Total Revenue

39,191.5

49,123.1

58,765.1

71,392.8

97,310.5

114,835.3

131,032.7

144,407.3

176,008.4

159,545.0

EXPENSES

Cost of Materials

16,043.1

19,694.2

22,379.3

26,039.0

35,485.0

38,173.8

41,570.4

43,325.7

50,014.3

52,744.0

Employee Benefits

Expense

4,871.3

5,871.5

7,675.6

9,695.3

12,666.2

14,646.5

17,473.4

21,416.2

28,495.2

28,647.1

Manufacturing and Other

Expenses

10,838.2

13,576.5

16,709.9

21,067.9

26,181.9

30,822.3

33,395.5

40,960.0

51,502.4

45,175.3

Total Expenses

31,752.6

39,142.2

46,764.8

56,802.2

74,333.1

83,642.6

92,439.3

105,701.9

130,011.9

126,566.4

Profit before Interest,

Depreciation & Tax

7,438.9

9,980.9

12,000.3

14,590.6

22,977.4

31,192.7

38,593.4

38,705.4

45,996.5

32,978.6

Finance Cost

498.6

384.9

344.8

354.7

409.5

266.5

98.1

594.7

1,525.3

2,043.5

Depreciation and

Amortisation

879.9

1,239.1

1,711.8

2,275.2

3,321.9

2,609.7

4,347.0

4,871.3

9,122.3

10,858.7

Profit before Exceptional

Item & Tax

6,060.4

8,356.9

9,943.7

11,960.7

19,246.0

28,316.5

34,148.3

33,239.4

35,348.9

20,076.4

Exceptional Item  (Impairment of

Intangible Assets)

-

-

-

-

-

-

-

-

-

14,643.5

Profit before Tax

6,060.4

8,356.9

9,943.7

11,960.7

19,246.0

28,316.5

34,148.3

33,239.4

35,348.9

5,432.9

Current Tax

876.8

1,109.8

1,176.3

2,756.2

5,829.0

9,536.0

10,041.6

11,433.5

10,882.1

5,349.8

Deferred Tax

106.2

250.4

(26.5)

329.4

12.6

85.5

(337.6)

(840.1)

(1,097.0)

(2,465.2)

Net Profit before Share of Profit from Jointly Controlled Entity, NonControlling Interest and Share of Loss in

Associates

5,077.4

6,996.7

8,793.9

8,875.1

13,404.4

18,695.0

24,444.3

22,646.0

25,563.8

2,548.3

Share of Profit from

Jointly Controlled Entity

-

-

-

-

-

-

-

49.0

82.5

35.2

Share of Profit attributable to NonControlling Interest

28.6

111.6

148.4

198.6

262.8

331.3

411.9

87.6

71.7

70.9

Share of Loss in

Associates

33.4

68.8

20.0

-

-

-

-

-

-

-

Net Profit

5,015.4

6,816.3

8,625.5

8,676.5

13,141.6

18,363.7

24,032.4

22,607.4

25,574.6

2,512.6

FINANCIAL RESULT
Date
Quarter/ halfyear/ annual 
Full year (April-March)
30-09-2018 Q2 2018-2019 Consolidated

Standalone
Unaudited
30-06-2018 Q1 2018-2019 Consolidated

Standalone
Unaudited
31-03-2018 FY 2018 Consolidated

Standalone
Audited
31-12-2017 Q3 2017-2018 Consolidated

Standalone
Unaudited
30-10-2017 Q2 2017-2018 Consolidated

Standalone
Unaudited

Legend:

Q = Quarterly, H = Half-yearly, FY = Full year
TRANSCRIPTS – EARNINGS CALL

Earnings Call (Q2 FY 2018-19)

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Earnings Call (Q1 FY 2018-19)

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Earnings Call (FY 2018)

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Earnings Call (Q3 FY 2017-18)

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Earnings Call (Q2 FY 2017-18)

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SUBSIDIARIES
Name of the Subsidiary Date from which it became Subsidiary
Lupin Pharmaceuticals, Inc., USA. 30.06.2003
Kyowa Pharmaceutical Industry Co., Ltd., Japan 18.10.2007
Pharma Dynamics (Proprietary) Ltd., South Africa 01.03.2008
Hormosan Pharma GmbH, Germany 25.07.2008
Multicare Pharmaceuticals Philippines, Inc., Philippines 26.03.2009
Generic Health Pty Ltd., Australia 27.09.2010
Kyowa CritiCare Co., Ltd., Japan 18.05.2011
Lupin Holdings B.V., Netherlands 30.03.2007
Lupin Atlantis Holdings SA, Switzerland 05.06.2007
Lupin Healthcare (UK) Ltd 05.06.2009
Lupin Australia Pty Ltd., Australia 01.12.2004
Lupin Pharma Canada Ltd., Canada 18.06.2009
Lupin Mexico S.A. de C.V., Mexico 23.08.2010
Bellwether Pharma Pty Ltd., Australia 27.09.2010
Lupin Philippines, Inc., Philippines 20.12.2010
Lupin Healthcare Ltd., India 17.03.2011
Generic Health SDN. BHD., Malaysia 18.05.2011
Lupin Middle East FZ-LLC, Dubai 13.06.2012
Lupin Inc., USA. 27.06.2013
Lupin GmbH, Switzerland 15.08.2013
Nanomi B.V., the Netherlands 30.01.2014
Laboratorios Grin, S.A. de C.V., Mexico 30.09.2014
Medquimica Industria Farmaceutica LTDA, Brazil. 24.06.2015
Gavis Pharmaceuticals, LLC, USA. 08.03.2016
Novel Laboratories, Inc., USA. 08.03.2016
Lupin Research Inc., USA. 08.03.2016
Lupin Pharma LLC, Russia 11.02.2016
Lupin Ukraine LLC, Ukraine 13.07.2016
Lupin Latam Inc., USA 15.12.2016
Lupin Japan & Asia Pacific K.K. Japan 13.03.2017
Lupin IP Ventures Inc., USA 10.10.2017
Sybiomix Therapeutics, LLC, USA 10.10.2017
Lupin Europe GmbH, UK 05.02.2018
YL Biologics Ltd., Japan (Joint Venture). 23.04.2014
   
POLICY - PRESERVATION OF DOCUMENTS AND ARCHIVAL
POLICY - RELATED PARTY TRANSACTIONS
POLICY ON MATERIAL SUBSIDIARIES
POLICY - DISCLOSURES OF EVENTS OR INFORMATION
POLICY ON DIVIDEND DISTRIBUTION
TAX STRATEGY : LUPIN HEALTHCARE (UK) LTD. (FORMERLY LUPIN (EUROPE) LTD.)
EVENTS

ANNUAL GENERAL MEETING

The 36th Annual General Meeting of Lupin Limited
Rang Sharda Natyamandir, Bandra Reclamation, Bandra West, Mumbai 400050
8th August 2018 (Wednesday) at 2.30 pm
FINANCIAL CALENDAR
Q2 FY 2019 (31 October, 2018) - EARNINGS CALL
Q1 FY 2019 (8 August, 2018)

INVESTOR MEETS/EARNINGS CALL

FY 2017-18
Q2 FY 2019 (31 October, 2018) - EARNINGS CALL
Q1 FY 2019 (8 August, 2018)