Centrum Broking has add call on Lupin with a target price of Rs 1275. The current market price of Lupin is Rs 1185.95. Lupin Ltd., incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 54035.57 Crore) operating in Pharmaceuticals sector. Financials For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 3841.32 Crore, down -4.88 % from last quarter Total Income of Rs 4038.53 Crore and down -5.25 % from last year same quarter Total Income of Rs 4054.34 Crore. Company reported net profit after tax of Rs 464.20 Crore in latest quarter. The brokerage believes the major launches in US would be driving FY23E. Management has guided for 9% R&D spend for FY22E despite of complex injectables and biosimilars filings including higher expected number of filings in FY22E. The growth recovery in India and other markets would continue to support earnings in FY22E along with niche launches in EU like gFostair and bEtarnacept. Also, compliance clearance for the OAI status plants should see positive resolution at-least in 2H FY22E. The brokerage maintains ADD rating. At CMP of Rs 1,176 trades at 30.5x FY22E EPS of Rs 38.6 and 22.5x FY23E EPS of Rs 52.2.