What helped improve the operating margin?
Our product mix has played a significant role in the improvement of our operating margins. The new additions to the product portfolio across geographies have yielded better margins and realisations and more revenues for the company. These higher value-add products have improved our EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins sizably. Cost reduction is, of course, our constant endeavour. We have done a detailed cost-benefit analysis. We resolved to better sourcing, centralise purchases and reduce other administrative, selling and distribution expenses. A host of measures have helped us improve our EBITDA margins. Going forward, we would still be looking at various measures to cut costs. Exports formed 66 per cent of the company’s sales in 2008-09 compared to 58.33 per cent last year. Considering that the forex market saw some volatility with wide fluctuations in the US dollar and rupee exchange rates recently, how is Lupin hedging its receivables to
