Venus Remedies Limited
NSE Symbol VENUSREM
UPDATE DT 21 09 2010
Q1 FY 2011 REVIEW
Net Sales at Rs.82.17 Cr is higher by 1.71% compared to previous Qtr (Rs.80.78 Cr) and higher by 5.88% compared to corresponding Qtr of FY10 (Rs.77.60 Cr)
Raw Materials cost at Rs.42.27 Cr is down by 8.69% from previous Qtr (Rs.46.29 Cr) and down by 8.54% compared to corresponding Qtr (Rs.46.21 Cr).
Net Profit is Rs.10.93 Cr – down by 14.31% from previous Qtr (Rs.12.75CR) – and also down by 0.99% from corresponding Qtr (Rs.11.04 Cr). This, as we see, is basically due to higher depreciation and lower other Income.
Basic EPS is Rs.12.87 against a Face Value of Rs.10. Previous Qtr EPS was Rs.15.05 and corresponding Qtr of FY10 EPS was Rs.13.03.
As can be seen from the announcements of Venus Remedies to NSE and other news in Media, the company is getting periodical patents in all continents for its products. Hence, Future Profitability is likely to be a steep upward curve.
At the current rate of EPS, current annual EPS is likely to be around Rs.55.
At the current Market price of Rs.315, the PE Ratio comes to just 5.73 – which seems to indicate huge scope for price appreciation.
RESULTS IN FIGURES :
| Quarter Ended | 30-Jun-10 | 31-Mar-10 | Dif%1 | 30-Jun-09 | Dif%2 |
| Net Sales | 8216.7 | 8078.37 | 1.71 | 7760.15 | 5.88 |
| SIT & WIP | 443 | -103.79 | -526.82 | -120.7 | -467.03 |
| Raw Materials | 4226.6 | 4628.71 | -8.69 | 4621.17 | -8.54 |
| Employees Cost | 419.8 | 399.42 | 5.1 | 367.16 | 14.34 |
| Depreciation | 197.1 | 58.64 | 236.12 | 195.25 | 0.95 |
| Other Exp | 1230.6 | 1297.21 | -5.13 | 1152.36 | 6.79 |
| Total Expen | 6517.1 | 6280.19 | 3.77 | 6215.24 | 4.86 |
| Profit from Operations | 1699.6 | 1798.18 | -5.48 | 1544.91 | 10.01 |
| Other Income | 1.5 | 38.01 | -96.05 | 2.8 | -46.43 |
| Profit B I&EI | 1701.1 | 1836.19 | -7.36 | 1547.71 | 9.91 |
| Interest | 336.3 | 299.71 | 12.21 | 217.99 | 54.27 |
| Profit A I BB EI | 1364.8 | 1536.48 | -11.17 | 1329.72 | 2.64 |
| Profit before tax | 1364.8 | 1536.48 | -11.17 | 1329.72 | 2.64 |
| Tax expense | 272 | 261.12 | 4.17 | 225.99 | 20.36 |
| Net Profit after tax | 1092.8 | 1275.36 | -14.31 | 1103.73 | -0.99 |
| Net Profit | 1092.8 | 1275.36 | -14.31 | 1103.73 | -0.99 |
| Face Value (In Rs | 10 | 10 | 0 | 10 | 0 |
| Paid Up Equity Share Capital | 849.2 | 847.31 | 0.22 | 847.31 | 0.22 |
| Basic EPS A EI | 12.87 | 15.05 | -14.49 | 13.03 | -1.23 |
| Diluted EPS A EI | - | - | 13.03 | ||
| Basic EPS B EI | 12.87 | 15.05 | -14.49 | 13.03 | -1.23 |
| Diluted EPS B EI | - | - | 13.03 | ||
| Public holding (%) | 74.65 | 74.59 | 0.08 | 74.59 | 0.08 |
ANNOUNCEMENTS
TO THE NSE
14-09-2010 Venus Remedies Limited has informed the Exchange that "Venus Remedies Research Blockbuster "Sulbactomax" Gets European Union Patent"
24-08-2010 Venus Remedies Limited has informed the Exchange that the Board of Directors in its Meeting held on August 24, 2010 has inter alia approved issue of Fully Convertible warrants on a preferential basis to Sunev Pharma Solutions Ltd. a promoter group company upto 5% of the total capital in accordance with SEBI ( Substantial Acquisitions and Takeovers) Regulations, 1997. The same is also subject to applicable provisions of SEBI/Companies Act and approval of shareholders at the forthcoming Annual General Meeting.
05-08-2010 Venus Remedies Limited has informed the Exchange vide its letter dated August 05, 2010, regarding "Grant of another Market Authorization for its carbapenem injection in Portugal to German arm of Venus Remedies Limited".
31-07-2010 Venus Remedies Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on July 31, 2010, recommended a dividend @ of 30% i.e. Rs. 3/- per share for the financial year ended March 31, 2010 subject to approval of the same by shareholders at the Annual General Meeting.
20-07-2010 Venus Remedies Limited has informed the Exchange vide its letter dated July 20, 2010 that "Venus Remedies gets GMP accreditation from Sudan for its seven super specialty injectable manufacturing facilities".
28-06-2010 Venus Remedies Limited has informed the Exchange vide its letter dated June 28, 2010, regarding "Venus Remedies enters Australasia region with grant of patent for Potentox from New Zealand".
15-06-2010 Venus Remedies Limited has informed the Exchange vide its letter dated June 15, 2010 regarding "US based Lockheed Martin Foundation, Texas University to assist Venus Remedies to market Ampucare a miraculous wound healing product of the Company in US."
10-06-2010 Venus Remedies Limited has informed the Exchange that the Company and the bondholders had arrived at a Settlement Agreement dated March 3, 2010 with the FCCB holders for settlement of FCCBs of USD 12m. The Settlement was arrived at USD 14m (including interest component) against a cash payment of USD 9m and rollover of USD 5m of FCCBs for a period of 5 years, until February 15, 2015. In accordance with the said Agreement, the Company has made full and final payment of USD 9m and also received approval of Reserve Bank of India for rollover of FCCBs of USD 5m. With this, the entire issue of FCCB has been fully and finally settled with the FCCB holders.
22-05-2010 Venus Remedies Limited has informed the Exchange that the Company has received approval from the Reserve Bank of India for rollover of FCCB USD 5mn with YTM @ 4% with maturity till February 15, 2015.
18-05-2010 Venus Remedies Limited has informed the Exchange vide its letter dated May 17, 2010 regarding "Venus Remedies to launch the world's first once-a-day pain killer injection. Aceclofenac OD gets patent from Indian patent office".
03-05-2010 Venus Remedies Limited has informed the Exchange vide its letter dated May 03, 2010 that "Venus Remedies ties up with IMTECH and Panjab Univ to develop Typhoid detection kits".
24-04-2010 Venus Remedies Limited has informed the Exchange regarding the outcome of Board Meeting held on April 24, 2010.
09-04-2010 Venus Remedies Limited has informed the Exchange vide its letter dated April 09, 2010 tha " Venus Remedies receives GMP Certification from Botswana
NEWS IN THE MEDIA
16.09.2010 : Venus Remedies has obtained the European Union patent for its researched anti-infection product “Sulbactomax”. The patent granted by European Patent organisation (EPO) will cover the entire European Union including the United Kingdom, France, Germany, Italy, Spain, and Switzerland.
14.09.2010 : Venus Remedies has received European Union patent for its researched anti-infection product 'Sulbactomax'. According to a company announcement, the patent granted by European Patent Organisation (EPO) covers the entire EU region.
20.07.2010 : Venus Remedies today said that seven units at its Baddi plant in Himachal Pradesh have received the Good Manufacturing Practices (GMP) accreditation from Sudan's National Medicine and Poison Board.
28.07.2010: Venus Remedies Ltd, has marked its presence in Australasia by receiving a patent from Commissioner of Patents , Trademarks & Design, Intellectual Property office of New Zealand for its antibiotic Potentox, a fixed dose combination of cefepime and amikacin. This unique combination of a cephalosporin with aminoglycoside is a super specialty product indicated for the treatment of Hospital acquired pneumonia, community acquired pneumonia and Febrile Neutropenia.
28.06.2010: Venus Remedies today said that it has received patent for its anti-pneumonia drug in New Zealand and hopes to generate handsome revenues there following the grant.
18.05.2010: The company, which claimed that the drug is the world's first once-in-a-day injectable painkiller, aims a 10 per cent market share in the segment with this product.
04.05.2010 : Venus Remedies Ltd has tied up with the Institute of Microbial Technology (Imtech), a renowned research centre of the Council of Scientific and Industrial Research (CSIR), and Department of Microbiology, Panjab University, to jointly develop a diagnostic kit for typhoid.
18.03.2010: Drug maker Venus Remedies is planning to foray into the European drug market with its innovative generic injectables and cancer drugs.
12.11.2009 : Venus Remedies has bagged patent for Potentox drug from South African patent controller. This is the company’s third product patent in South Africa this year. Companies Intellectual Property Registration Office, South Africa, has granted the company patent of two more drugs – Sulbactomax and Tobracef.
23.09.2010: Drug firm Venus Remedies today said it has signed an out-licensing deal with a Korean firm for selling Sulbactomax drug, used in the treatment of pre or post-surgical infection and also for respiratory infections, in South Korea.
01.09.2009: Drug manufacturer Venus Remedies today said its research product 'Mebatic', useful in treatment of waterborne diseases, has got sales and manufacturing approvals from the Drugs Controller General of India (DCGI).
06.05.2009 :Venus Remedies’ stock surged 10.5 per cent to close the day at Rs 188.65 on getting nod from the Drugs Controller General of India’s (DCGI) for a cancer drug.
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Hi Sir,
ReplyDeleteIn yuor comments, your are providing fundamental details. But your are not givng your comments like its good/strong company to give returns or its cheap compared to its peers.
so Can you please include your comments also.
Its usefull for layman like me.
Thanks
Sreenivas M.