Venus Remedies Limited
NSE Symbol VENUSREM
Venus Remedies is one of the
promising companies in the Pharma sector. Its Results for Q4 FY 12 and for FY
12 are analyzed below with the previous and corresponding periods :
Q4 FY 12 vs Q3 FY 12 vs Q4 FY 11
Net Sales
in Q4 FY 12 stands at Rs.114.63 Cr; compared to Rs.95.42 Cr in Q3 FY 12 (up by 20.13%);
and compared to Rs.96.46 Cr in Q4 FY 11 (Up by 18.83%).
Materials consumed
in Q4 FY 12 stands at Rs.64.65 Cr; compared to Rs.52.86 Cr in Q3 FY 12 (up by 22.31%);
and compared to Rs.57 Cr in Q4 FY 11 (Up by 13.41%).
Employee benefits
in Q4 FY 12 stands at Rs.6.09 Cr; compared to Rs.6.19 Cr in Q3 FY 12 (down by -1.63%);
and compared to Rs.5.66 Cr in Q4 FY 11 (Up by 7.47%).
Depreciation
in Q4 FY 12 stands at Rs.2.19 Cr; compared to Rs.2.65 Cr in Q3 FY 12 (down by -17.16%); and compared to Rs.2.53 Cr in Q4 FY 11 (down by -13.26%). It is not clear why depreciation is
coming down.
Other expenses
in Q4 FY 12 stands at Rs.19.9 Cr; compared to Rs.16.81 Cr in Q3 FY 12 (up by 18.36%); and compared to Rs.14.01 Cr
in Q4 FY 11 (Up by 42.06%).
Total expenses
in Q4 FY 12 stands at Rs.92.84 Cr; compared to Rs.78.21 Cr in Q3 FY 12 (up by 18.71%); and compared to Rs.74.35 Cr
in Q4 FY 11 (Up by 24.87%). The more than proportionate increase in total
expenses compared to net Sales is mainly due to OTHER EXPENSES.
Profit from operations in Q4 FY 12 stands at Rs.21.78 Cr; compared to Rs.17.21 Cr in Q3
FY 12 (up by 26.55%); and compared to Rs.22.11 Cr in Q4 FY 11 (down by -1.48%).
Due to more than proportionate increase in Expenses, Profit from operations is
down compared to the corresponding Quarter, though, it has increased handsomely
over the preceding Qttr.
Finance costs
in Q4 FY 12 stands at Rs.6.97 Cr; compared to Rs.6.68 Cr in Q3 FY 12 (up by 4.37%);
and compared to Rs.5.29 Cr in Q4 FY 11 (Up by 31.86%).
Profit before tax
in Q4 FY 12 stands at Rs.15.08 Cr; compared to Rs. 11.04 Cr in Q3 FY 12 (up by 36.55%); and compared to Rs.16.92
Cr in Q4 FY 11 (down by-10.91%). PBT also has fallen compared to corresponding
Qtr due to higher expenses and Higher Finance costs; though, the increase is
good compared to preceding Qtr.
Tax expense in Q4 FY 12 stands at Rs.-0.48 Cr; compared
to Rs.0.71 Cr in Q3 FY 12 (down by -168.27%);
and compared to Rs.3.37 Cr in Q4 FY 11 (down by -114.35%).
Net Profit
in Q4 FY 12 stands at Rs.15.56 Cr; compared to Rs.10.33 Cr in Q3 FY 11 (Up 50.6%);
and compared to Rs.13.55 Cr in Q4 FY 11 (Up 14.84%). Lower Tax Expense has
pushed up the Net profit handsomely over previous and corresponding Qtrs both.
Basic EPS
in Q4 FY 12 stands at Rs.15.97; compared to Rs.11.3 in Q3 FY 12; and Rs.14.84 in Q4 FY 11.
Public holding (%)in
Q4 FY 12 stands at 65.58%
FY 2012 vs FY 2011 vs FY 2010
vs FY 2009
Net Sales
in FY 2012 (on standalone basis) stands at Rs.405.19 Cr; compared to Rs.357.27
Cr in FY 11 (Up by 13.41%); compared to Rs.311.93 Cr in FY 10 (Up by 29.90%); and
compared to Rs.264.51 Cr in FY 09 (Up by 53.18%).
Thus, Net Sales has been registering gradual and consistent increase over the
last 3 years.
Consumption of Raw Materials in FY 2012 (on stand alone basis) stands at Rs.235.07 Cr;
compared to Rs. 203.79 Cr in FY 11 (Up
by 15.35%); compared to Rs.188.39 Cr in FY 10 (Up by 24.78%); and compared to
Rs.166.79 Cr in FY 09 (Up by 40.94%).
Employees Cost in FY 2012 stands at Rs.20.58 Cr; compared to
Rs.20.88 Cr in FY 11 (down by -1.45%); compared to Rs.17.92 Cr in FY 10 (Up by 14.86%);
and compared to Rs.11 Cr in FY 09 (Up by 87.09%).
Depreciation in
FY 2012 stands at Rs.10.11 Cr; compared to Rs.8.44 Cr in FY 11 (Up by 19.91%);
compared to Rs.11.69 Cr in FY 10 (down by -13.46%);
and compared to Rs.4.43 Cr in FY 09 (Up by 128.15%).
Other Expenditure in
FY 2012 stands at Rs.67.99 Cr; compared to Rs.54.93 Cr in FY 11 (Up by 23.77%); compared to Rs.37.33 Cr in FY
10 (Up by 82.10%); and compared to
Rs.32.16 Cr in FY 09 (Up by 111.38%).
Total Expenditure
in FY 2012 stands at Rs.324.72 Cr;
compared to Rs.284.13 Cr in FY 11 (Up by 14.28%); compared to Rs.249.14 Cr in
FY 10 (Up by 30.34%); and compared to Rs.206.16 Cr in FY 09 (Up by 57.5%).
Profit from Operations
in FY 2012 stands at Rs.80.85 Cr; compared to Rs.73.14 Cr in FY 11 (Up by 10.54%);
compared to Rs.62.79 Cr in FY 10 (Up by 28.76%);
and compared to Rs.58.35 Cr in FY 09 (Up by 38.56%). Total expenses has grown
more than proportionately compared to total sales. Therefore, growth in Profit
from operation has not been commensurate with Growth in Sales.
Interest in
FY 2012 stands at Rs.25.7 Cr; compared to Rs.18.71 Cr in FY 11 (Up by 37.38%);
compared to Rs.13.96 Cr in FY 10 (Up by 84.16%); and compared to Rs.9.34 Cr in
FY 09 (Up by 175.29%). Interest Costs have grown much more than proportionately.
Profit before tax
in FY 2012 stands at Rs.55.15 Cr; compared to Rs.54.76 Cr in FY 11 (Up by 0.72%); compared to Rs.48.95 Cr in FY
10 (Up by 12.66%); and compared to Rs.49.26
Cr in FY 09 (Up by 11.97%). The Growth
in Interest Costs has brought down the PBT considerably.
Tax Expense in
FY 2012 stands at Rs.5.12 Cr; compared to Rs.7.28 Cr in FY 11 (down by -29.63%);
compared to Rs.7.91 Cr in FY 10 (down by -35.21%);
and compared to Rs.3.73 Cr in FY 09 (Up by 37.5%).
Net Profit
in FY 2012 stands at Rs.50.03 Cr;
compared to Rs.47.48 Cr in FY 11 (Up by 5.37%); compared to Rs.41.05 Cr in FY
10 (Up by 21.88%); and compared to Rs.45.53
Cr in FY 09 (Up by 9.88%). Overall,
Net Profit growth over last 3 years has not been impressive.
Face Value
is Rs.10. per share. Paid-up Equity stands at Rs.9.74 Cr
Reserves
in FY 2012 stands at Rs.300.35 Cr;
compared to Rs.233.27 Cr in FY 11 (Up by 28.76%); compared to Rs.171.47 Cr in
FY 10 (Up by 75.16%); and compared to Rs.134.73 Cr in FY 09 (Up by 122.93%).
Public Shareholding at
the end of FY 2012 stands at 65.58%.
Basic EPS
in FY 2012 stands at Rs.54.43; compared to Rs.52.01 in FY 11; Rs.48.45 in FY
10; and Rs.53.86 in FY 09. Improvement in annual EPS over last 3 years has not
been very impressive. Growth in Sales has been quite good.
PE RATIO :
The 52 week high price is Rs.276 and the
52 week low price is Rs.149 (on FV of Rs.10) and the Last Price is Rs.218.00.
The last year Basic EPS was Rs.54.43. Hence, PE Ratio works out to 4.01.
The company has been successful in
its research for drugs – and in securing Product Patents. Its future can be
excellent – if only, it can succeed on the marketing front as well. But so far,
success on marketing front has been SLOW. Given the nature of its Patents, if
the marketing efforts succeed, the results could move to a much higher level.
At current PE Ratio, it appears to
be a GOOD BUY for medium to long term investors.
ANNOUNCEMENTS TO NSE
22-06-2012 Date of Annual General Meeting is fixed as September 28,
2012. Register of Members and Share Transfer Books shall remain closed from
September 24, 2012 to September 28, 2012 .
21-06-2012 Recommended a dividend of 30% i.e. Rs. 3/- per share for the
financial year ended March 31, 2012.
12-06-2012 "Venus Remedies bags
another patent grant from South Africa".
24-04-2012 "Innovative Solution for alleviating Cancer".
10-04-2012 "Venus Remedies "Vancoplus®" gets Patent from
Australia".
19-03-2012 "Venus's ACHNIL,BioSpectrum Product of the Year
2012".
06-02-2012 "Venus Remedies to enter Japan market with patent
approval for its novel research product 'Vancoplus'".
13-12-2011 "Emerging Company of the year 2011, Venus Remedies
Limited".
07-12-2011 "Venus Remedies wins "India Manufacturing
Excellence Award 2011".
15-11-2011 "Venus Remedies receives Market Authorisation for Meropenem
in UK & New Zealand".
05-10-2011 "Pharmexcil felicitates Venus Remedies with "Patent
Award" in Gold Category".
29-08-2011 "Venus Remedies' anti cancer product DOCETAXEL receives
market authorisation in Europe".
26-07-2011 recommended a dividend @ of 30% i.e. Rs. 3/- per share for
the financial year ended March 31, 2011
11-07-2011 "Venus launches its patented research product
"ACHNIL" in India".
24-05-2011 "Venus Remedies' 'ACHNIL', once-a-day painkiller, gets
EU Patent".
11-05-2011 "Venus Remedies Limited wins Gold Medal for TROIS under
DST-Lockheed Martin India Innovation Growth Program 2011".
26-04-2011 "Venus Remedies successfully completes Phase I & II
Clinical Trials of TUMATREK (VRP1620), cancer detection molecule".
04-04-2011 "Venus Remedies Limited Wins QC-100 TQM (Total Quality
Management) Award in Gold Category From Geneva".
What the
company says :-
From Chairman’s Statement : we have filed for more than 341
patent applications and we received 75 product patent approvals (from
international and domestic regulatory bodies).
Besides this, we have entered into the
exclusive marketing of products in select geographies. We have also capitalised
on significant industrial opportunities through agreements with reputed
pharmaceutical companies.
As a result of all this, today we are enjoying
global visibility and respect that I am sure will translate into enhanced
returns.
Much of what we expect to achieve has
been enshrined in our The Mission 2015:
- We wish to grow our team from 1,500 to 4,000 members.
- We wish to graduate every department into an independent profit centre.
- We wish to generate IPR-led wealth of US$1 billion.
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