Cadila Healthcare Limited
NSE Symbol CADILAHC
INTRODUCTION
Zydus Cadila (cadila healthcare Limited) is an innovative global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare products. The group’s operations range from API to formulations, animal health products and cosmeceuticals. Headquartered in the city of Ahmedabad in India, the group has global operations in four continents spread across USA, Europe, Japan, Brazil, South Africa and 25 other emerging markets.
Q1 RESULTS REVIEW OF ZYDUS CADILLA
(Extract from review by company)
For the Q1 OF FY 11 (Q/E June 30, 2010), Zydus Cadila reported a total income of Rs. 1137 crore, up by 25% from Rs. 908 crore in the corresponding Q 1 OF FY 10 on a consolidated basis.
Net profit is up by 60% to Rs. 199 crore from Rs. 125 crore (Q1 FY 10).
Continuing its robust performance in the U.S., the group posted sales of Rs. 223 crores, up by 51% y-y.
The group also announced the first day launch of Anasterazole Tablets, Tamsulosin Caps and Famotidine Suspension in the US market. API exports registered a growth of 75%.
India formulations business posted healthy growth of 17% with the launch of 30 new products, including line extensions, of which 8 were for the first time in India.
During the quarter, Zydus Cadila launched India’s first H1N1 vaccine – VaxiFlu-S. The launch marked the group’s strategic intent to emerge as a leading player in the vaccine market. The group is setting up a new Vaccine Technology Centre to develop a broad spectrum of vaccines against viral, bacterial and protozoal infections. The vaccine is being marketed by Zydus Vaxxicare. During the quarter, the group also launched new speciality divisions – Zydus Heptiza and Gynova to focus on hepatitis related therapies and gynaecology related therapies.
In yet another significant development, Zydus Cadila entered into a strategic pact with Abbott to license 24 branded generics in 15 key emerging markets. The deal allows the group to leverage its considerable IP strengths and opens up a new avenue for revenue generation.
In a major breakthrough, the group has designed and developed ZYOG1, a novel, oral, anti-diabetic molecule, using a unique platform technology. During the quarter, the group received approvals from the DCGI to conduct Phase I clinical trials on this novel GLP-1 agonist.
Further strengthening its regulatory pipeline, the group filed 7 ANDAs, taking the cumulative number of US ANDA filings to 113. The total number of ANDA approvals now stands at 56. The group also filed 2 DMFs with USFDA, taking cumulative filings to 92 DMFs. During the quarter, the group also received 8 new product approvals for the European market, taking the cumulative approvals to 42 approvals.
Cadila Healthcare Ltd
Consolidated Results - TABLE
The consolidated results are presented below for Q1 FY10, Q4 FY09 (Preceding Qtr), their difference in % terms, Q1FY09 and difference of Q1 FY10 with Q1 FY09 in % terms. This can be seen with reference to the review extract given above. There has been significant upmove in all important parameters like sales , operating profit, Net profit etc.
As can be seen from the table the Consolidated Net profit for Q1 FY10 is Rs.199.18 Cr, compared to Rs.118.76 Cr in the previous Qtr of Q4 FY2009, up by 67.72% and compared to Rs.124.79 Cr in Q1 FY09 , up by 59.61%.
Paid up equity has gone up to Rs.102.37 cr in current Qtr from Rs.68.24 cr due to a Bonus issue.
Even on the increased Equity, the EPS is 9.73 (9.73 x 4 = Rs.39 likely EPS for the year) against a face value of Rs.5, which reflects a very good performance. At a Market price of Rs.611, the P/E Ratio works out to 15.67. This appears to leave sufficient scope for future price appreciation in the scrip.
| Q1FY10 | Dif%1 | Q1FY09 | Dif%2 | ||||
| Net Sales | 105509 | 81589 | 29.32 | 88031 | 19.85 | ||
| Other Operating Income | 7869 | 3068 | 156.49 | 2323 | 238.74 | ||
| SIT&WIP | -1692 | -5044 | -66.46 | -2619 | -35.4 | ||
| Raw Materials | 26464 | 27952 | -5.32 | 22065 | 19.94 | ||
| Traded goods | 7822 | 6151 | 27.17 | 8832 | -11.44 | ||
| Employees Cost | 12767 | 10821 | 17.98 | 10246 | 24.6 | ||
| Depreciation | 3139 | 3979 | -21.11 | 2962 | 5.98 | ||
| Other Expenditure | 39197 | 25953 | 51.03 | 31598 | 24.05 | ||
| Total Expenditure | 87697 | 69812 | 25.62 | 73084 | 19.99 | ||
| O P T | 25681 | 14845 | 72.99 | 17270 | 48.7 | ||
| Other Income | 287 | 512 | -43.95 | 422 | -31.99 | ||
| P B I & EI | 25968 | 15357 | 69.1 | 17692 | 46.78 | ||
| Interest | 2240 | 1575 | 42.22 | 2294 | -2.35 | ||
| P A I B B EI | 23728 | 13782 | 72.17 | 15398 | 54.1 | ||
| Exceptional items | - | - | | 92 | |||
| P B T | 23728 | 13782 | 72.17 | 15306 | 55.02 | ||
| Tax Expense | 3377 | 677 | 398.82 | 2424 | 39.32 | ||
| P A T | 20351 | 13105 | 55.29 | 12882 | 57.98 | ||
| Extraor. Items | - | - | | - | |||
| Net Profit | 20351 | 13105 | 55.29 | 12882 | 57.98 | ||
| Minority Interest | - | - | | - | |||
| Shares of Associates | - | - | | - | |||
| Other Related Items | 433 | 1229 | -64.77 | 403 | 7.44 | ||
| Consolidated N P T | 19918 | 11876 | 67.72 | 12479 | 59.61 | ||
| Dividend (%) | - | - | | - | |||
| Face Value (in Rs.) | 5 | 5 | 0 | 5 | 0 | ||
| Paid-up Equity | 10237 | 6824 | 50.01 | 6824 | 50.01 | ||
| Reserves | - | - | | - | |||
| Basic EPS B EI | 9.73 | 8.7 | 11.84 | 9.14 | 6.46 | ||
| Diluted EPS B EI | 9.73 | 8.7 | 11.84 | 9.14 | 6.46 | ||
| Basic EPS A EI | 9.73 | 8.7 | 11.84 | 9.14 | 6.46 | ||
| Diluted EPS A EI | 9.73 | 8.7 | 11.84 | 9.14 | 6.46 | ||
| Public holding | 51610474 | 34406982 | 50 | 34506982 | 49.57 | ||
| Public holding (%) | 25.21 | 25.21 | 0 | 25.28 | -0.28 | ||
STAND ALONE RESULTS
COMPARISON
Stand Alone Results of Cadila Healthcare also are given below – which are on the same lines as consolidated Results – as can be seen from the numbers and percentages below:.
| CADILAHC STAND ALONE | Jun-10 | Mar-10 | DIF%1 | Dec-09 | Sep-09 | Jun-09 | DIF%2 |
| Net Sales | 55423 | 42575 | 30.18 | 46040 | 48151 | 46527 | 19.12 |
| Other Optg Income | 22914 | 14602 | 56.92 | 15302 | 16245 | 13047 | 75.63 |
| SIT & WIP | -330 | -1870 | -82.35 | -1230 | 2279 | -259 | 27.41 |
| Raw Materials | 19021 | 20805 | -8.57 | 17182 | 16744 | 15817 | 20.26 |
| Traded Goods | 3053 | 118 | 2487.3 | 2578 | 2309 | 2314 | 31.94 |
| Employees Cost | 8528 | 7526 | 13.31 | 7051 | 6724 | 6489 | 31.42 |
| Depreciation | 2404 | 2464 | -2.44 | 2239 | 2204 | 2097 | 14.64 |
| Other Expen | 24024 | 15736 | 52.67 | 20605 | 21208 | 19420 | 23.71 |
| Total Expen | 56700 | 44779 | 26.62 | 48425 | 51468 | 45878 | 23.59 |
| O P T | 21637 | 12398 | 74.52 | 12917 | 12928 | 13696 | 57.98 |
| Other Income | 1574 | 847 | 85.83 | 1130 | 1110 | 1264 | 24.53 |
| P B I & EI | 23211 | 13245 | 75.24 | 14047 | 14038 | 14960 | 55.15 |
| Interest | 1437 | 906 | 58.61 | 1035 | 968 | 1354 | 6.13 |
| P A I B B EI | 21774 | 12339 | 76.46 | 13012 | 13070 | 13606 | 60.03 |
| P B T | 21774 | 12339 | 76.46 | 13012 | 13070 | 13606 | 60.03 |
| Tax expense | 1910 | -760 | -351.3 | 480 | 630 | 1350 | 41.48 |
| N P T after tax | 19864 | 13099 | 51.65 | 12532 | 12440 | 12256 | 62.08 |
| Net Profit | 19864 | 13099 | 51.65 | 12532 | 12440 | 12256 | 62.08 |
| Dividend (%) | - | - | | - | - | - | |
| Face Value | 5 | 5 | 0 | 5 | 5 | 5 | 0 |
| Paid Up Equity | 10237 | 6824 | 50.01 | 6824 | 6824 | 6824 | 50.01 |
| Reserves | - | - | | - | - | - | |
| Basic EPS A EI | 9.7 | 9.6 | 1.04 | 9.18 | 9.11 | 8.98 | 8.02 |
| Diluted EPS A EI | 9.7 | 9.6 | 1.04 | 9.18 | 9.11 | 8.98 | 8.02 |
| Basic EPS B EI | 9.7 | 9.6 | 1.04 | 9.18 | 9.11 | 8.98 | 8.02 |
| Diluted EPS B EI | 9.7 | 9.6 | 1.04 | 9.18 | 9.11 | 8.98 | 8.02 |
| Public holding (%) | 25.21 | 25.21 | 0 | 25.21 | 25.21 | 25.28 | -0.28 |
ANNOUNCEMENTS
TO THE NSE
27-07-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated July 27, 2010 , titled " Zydus Cadila Q1 Net Profit up by 60%".
27-07-2010 Cadila Healthcare Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 55423 lacs for quarter ending on 30-JUN-2010 against Rs. 46527 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 19864 lacs for the quarter ending on 30-JUN-2010 against Rs. 12256 lacs for the quarter ending on 30-JUN-2009. -
27-07-2010 Cadila Healthcare Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 105509 lacs for quarter ending on 30-JUN-2010 against Rs. 88031 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 19918 lacs for the quarter ending on 30-JUN-2010 against Rs. 12479 lacs for the quarter ending on 30-JUN-2009. -
29-06-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated June 29, 2010 titled "Zydus Cadila launches Anastrazole Tablets in the US market on receiving USFDA approval".
21-06-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated June 21, 2010 titled "Zydus' novel orally administered GLP-1 agonist - 'ZYOG1' to treat Diabetes and Obesity enters Phase I clinical trial".
25-05-2010 Cadila Healthcare Limited had informed the Exchange regarding Zydus Cadila and Abbott had entered a strategic agreement to enhance their competitiveness in the emerging markets. The company has now informed the Exchange vide its letter dated May 25, 2010 that : "As per this agreement, Zydus Cadila has received today from Abbott a milestone payment of US$ 10 mio (Rs. 47.36 Crores)."
12-05-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated May 12, 2010, titled "Zydus Cadila to launch India's 1st H1N1 vaccine".
29-04-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated April 29, 2010, titled "Zydus Cadila's Net Profit zooms by 67% in FY'10”
29-04-2010 Cadila Healthcare Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 29, 2010 have recommended a dividend of Rs.5/- per equity share (@ 100%) on the increased capital of 204,748,520 equity shares (including 69,249,507 Bonus equity shares) of Rs.5/- each for the financial year ended on March 31, 2010.
29-04-2010 Cadila Healthcare Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 183293 lacs for year ending on 31-MAR-2010 against Rs. 169852 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50327 lacs for the year ending on 31-MAR-2010 against Rs. 26591 lacs for the year ending on 31-MAR-2009.
29-04-2010 Cadila Healthcare Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 42575 lacs for quarter ending on 31-MAR-2010 against Rs. 43061 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13099 lacs for the quarter ending on 31-MAR-2010 against Rs. 4257 lacs for the quarter ending on 31-MAR-2009.
29-04-2010 Cadila Healthcare Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 357418 lacs for year ending on 31-MAR-2010 against Rs. 286240 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50514 lacs for the year ending on 31-MAR-2010 against Rs. 30308 lacs for the year ending on 31-MAR-2009.
29-04-2010 Cadila Healthcare Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 81589 lacs for quarter ending on 31-MAR-2010 against Rs. 70255 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 11876 lacs for the quarter ending on 31-MAR-2010 against Rs. 5800 lacs for the quarter ending on 31-MAR-2009.
28-04-2010 Cadila Healthcare Limited has informed the Exchange regarding a press release dated April 28, 2010, titled "Zydus receives approval for Tamsulosin capsules".
12-04-2010 Cadila Healthcare Limited has informed the Exchange that:"The Bonus Committee of the Board of Directors at its meeting held to-day i.e. 9th April, 2010 made allotment of 6,82,49,507 equity shares of Rs.5/- each fully paid-up as Bonus Shares in the ratio 1 (One) new Bonus Equity Shares for every 2 (Two) Equity Shares to the members holding physical shares as on the 'Record Date' i.e. 6th April, 2010 and to the members holding shares in electronic form as per the details of beneficiaries furnished by NSDL/CDSL for the purpose, in accordance with the approval of the members at the Extra Ordinary General Meeting held on 22nd March 2010".
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