Unichem
Laboratories Limited
Quarterly/annual results
Financial Highlights:
Quarter 1, 2012‐13:
REVENUE
• The company’s standalone
revenue from operations stood at Rs. 264.86 crs for quarter ended June, 2012 against Rs. 188.75
crs for q/e June,11, reflecting 40.3 % growth. On sequential quarter revenue grew
by 37.3 %.
• Domestic Branded
Formulations grew by 21.0 % compared to Q1 FY 12, while on sequential quarter
it grew by 51.4 %.
• The International
Formulation Business grew by 162.4 % compared to Q1FY12, while on sequential
quarter it grew by 20.7 %.
• Domestic API business
grew by 74.2 % during this quarter compared to Q1FY12, while on sequential
quarter it grew by 33.3 %. The International API business grew by
19.5 % during this quarter compared to Q1FY12, while on sequential quarter it
grew by 13.3%.
EBIDTA
• The company’s EBIDTA
margins for the quarter ended June 30, 2012 stood at 18.0 % compared 14.3 % in Q1FY12.
On sequential quarter EBITDA margins improved by 0.9 %.
PBT & PAT
• Profit before tax for the quarter ended June 30, 2012 stood at Rs.
45.52 crs (Q1FY12: Rs.21.52 crs) and consequently the net profit for the quarter stood at Rs. 33.14 crs (Q1FY12: Rs.
15.62 crs). On sequential quarter Profit before tax grew by 76.0 % and Net
profit by 42.6 %.
• The EPS‐Diluted
for the current quarter stood at Rs.3.65 (Q1FY12: Rs. 2.56).
The Performance for Q1 FY 13 is quite good. But, as we can see from the annual comparison between FY 12 and FY 11, FY11 profits went down due to Heavy
expenditure, though Sales were Good.
DIVIDEND
• Recommended dividend of
Rs 3 per equity share of Rs 2 for year ended March 31, 2012.
52 week high/low price : Rs.187.20/100.3
Current MP : Rs.172.55
OTHER DETAILS
Niche
Generics Limited, the 100% UK Subsidiary recorded sales of GBP 2.31 Million (corresponding
quarter previous year: GBP 2.62 Million) and Net Loss of GBP 0.05 Million (corresponding
quarter previous year: GBP 0.11 Million) for the quarter ended June 30, 2012.
Unichem
Pharmaceuticals USA Inc., the 100% US Subsidiary recorded sales of USD 1.98 Million
(corresponding quarter previous year: USD 0.7 Million) and Net Loss of USD 0.15
Million (corresponding quarter previous year: USD 0.35 Million) for the quarter
ended June 30, 2012.
Unichem
Pharmaceuticals Do Brasil Ltda, the 100% Brazilian Subsidiary recorded sales of
Brazilian Reals 0.35 Million (corresponding quarter previous year: Brazilian
Reals ‘NIL’ Million) and Net Loss of Brazilian Reals of 0.61 Million
(corresponding quarter previous year: Brazilian Reals 0.58 Million) for the quarter
ended June 30, 2012.
India
Formulation Business
Key
Highlights
Company
says - We have discontinued our subscription to IMS and effective April, 2011;
we are following the secondary sales market data of AWACS, which may be at
variance with IMS in terms of overall market size, representative market size
and accordingly the market share.
AWACS
Domestic
Formulation market on MAT June, 2012 is estimated at Rs. 65,143 crs by AWACS, reflecting
a growth of 16.7 % over MAT June, 2011.
Further,
for the quarter ended June, 2012 {April to June} the Domestic Formulation
Market stood at Rs. 16,709 crs reflecting a growth of 17.1 % over quarter ended
June, 2011.
Unichem
Laboratories revenue on MAT June, 2012 is estimated at Rs. 679 crs and growing at
3.5 % with a market share of 1.04 % (in covered market 2.23 %). For the quarter
ended June, 2012 {April to June} revenue is estimated at Rs. 174 crores
reflecting a growth of 7.5 % over quarter ended June, 2011.
RESULTS TABLE
Indicates - itemwise details for Q1 FY 13; QoQ %
difference compared to Q4 FY 12; Q4 FY 12 figures; YoY % difference between Q1
FY13 & Q1 FY 12; Q1 FY 12 figures; Q3FY 12 figures; Q2 FY 12 figures
|
unichem
lab
|
30-Jun-12
|
QoQ %
dif
|
31-Mar-12
|
YoY %
dif
|
30-Jun-11
|
31-Dec-11
|
30-Sep-11
|
|
Net
Sales
|
26329.95
|
38.31
|
19036.48
|
41.04
|
18667.85
|
21977.65
|
19708.98
|
|
Total
Expenditure
|
22533.44
|
34.15
|
16796.71
|
33.7
|
16854.27
|
19251.88
|
17527.69
|
|
Profit before Interest, Dep. & Taxes
|
3796.51
|
69.5
|
2239.77
|
109.34
|
1813.58
|
2725.77
|
2181.29
|
|
Net
Profit (+)/Loss (-) after Tax
|
3314.22
|
42.64
|
2323.55
|
112.21
|
1561.79
|
2446.65
|
1914.21
|
|
Diluted
EPS
|
3.65
|
42.58
|
2.56
|
112.21
|
1.72
|
2.7
|
2.11
|
|
Net Sales
|
26329.95
|
38.31
|
19036.48
|
41.04
|
18667.85
|
21977.65
|
19708.98
|
|
Materials
consumed
|
7222.82
|
15.1
|
6275.12
|
80.77
|
3995.56
|
5286.18
|
3871.69
|
|
Purchases
of SIT
|
3356.73
|
48.09
|
2266.63
|
3.85
|
3232.44
|
2464.71
|
2327
|
|
Employee
benefits
|
3378.59
|
17.66
|
2871.41
|
13.58
|
2974.68
|
3016.89
|
3029.06
|
|
Depreciation
|
827.61
|
4.54
|
791.67
|
22.79
|
674.03
|
672.4
|
690.71
|
|
Other
expens
|
8041.58
|
33.88
|
6006.52
|
29.05
|
6231.19
|
7281.78
|
6673.46
|
|
Total expens
|
22533.44
|
34.15
|
16796.71
|
33.7
|
16854.27
|
19251.88
|
17527.69
|
|
P B T
|
4552.22
|
75.96
|
2587.14
|
111.19
|
2155.54
|
3179.66
|
2602.48
|
|
Tax
Expens
|
1238
|
365.47
|
265.97
|
108.51
|
593.75
|
733.01
|
688.27
|
|
Net Profit
|
3314.22
|
42.64
|
2323.55
|
112.21
|
1561.79
|
2446.65
|
1914.21
|
|
Face
Value
|
2
|
0
|
2
|
0
|
2
|
2
|
2
|
|
Paid-up
Equity
|
1806.64
|
0.01
|
1806.43
|
0.04
|
1805.98
|
1806.38
|
1806.07
|
|
Basic
EPS
|
3.67
|
42.8
|
2.57
|
112.14
|
1.73
|
2.71
|
2.12
|
|
Diluted
EPS
|
3.65
|
42.58
|
2.56
|
112.21
|
1.72
|
2.7
|
2.11
|
|
Public holding
(%)
|
50.41
|
-0.02
|
50.42
|
-1.89
|
51.38
|
50.76
|
50.75
|
ANNUAL RESULTS COMPARISON
We can see
from the table below that the annual net profit has actually fallen compared to
previous year.
While the
face value has come down from Rs.5 to Rs.2; and net sales have gone up by 27%;
the expenditure also has gone up steeply ovr the year by 48%; thus bringing
down the net profit considerably.
|
UNICHEM LAB
|
FY 12(Lakhs)
|
FY11 (LAKHS)
|
YoY % Dif
|
|
Net Sales
|
86618.53
|
68383.54
|
26.67
|
|
Other Operating Income
|
927.77
|
676.13
|
37.22
|
|
Increase in SIT/WIP
|
-588.56
|
256.65
|
-329.32
|
|
Raw Materials
|
21452.44
|
12913.8
|
66.12
|
|
Traded goods
|
10661.25
|
10167.05
|
4.86
|
|
Employees Cost
|
15409.97
|
8596.23
|
79.26
|
|
Depreciation
|
3043.45
|
2146.85
|
41.76
|
|
Other Expenditure
|
28777.02
|
19180.82
|
50.03
|
|
Total Expenditure
|
78755.57
|
53261.4
|
47.87
|
|
Profit from Operations
|
8790.73
|
15798.27
|
-44.36
|
|
Other Income
|
1020.07
|
658.36
|
54.94
|
|
Profit before Intt
& Exceptional Items
|
9810.8
|
16456.63
|
-40.38
|
|
Interest
|
407.83
|
50.97
|
700.14
|
|
Profit after Intrst
but before Exceptional Items
|
9402.97
|
16405.66
|
-42.68
|
|
Profit before tax
|
9402.97
|
16405.66
|
-42.68
|
|
Tax Expense
|
2281
|
3043
|
-25.04
|
|
Net Profit
|
7125.75
|
13361.8
|
-46.67
|
|
Face Value (in Rs.)
|
2
|
5
|
-60
|
|
Paid-up Equity
|
1806.43
|
1803.15
|
0.18
|
|
Reserves
|
64248.45
|
59261.29
|
8.42
|
|
Basic EPS (in Rs.)
|
7.89
|
37.14
|
-78.76
|
|
Diluted EPS (in Rs.)
|
7.86
|
36.92
|
-78.71
|
|
Public Shareholding
(NO)
|
45537639
|
18595885
|
144.88
|
|
Public eholding (%)
|
50.24
|
51.56
|
-2.56
|
ABOUT UNICHEM LABS:
Promoted by Mr. Amrut Mody, Unichem Laboratories has grown to
become one of India’s most respected pharmaceutical companies. It is committed
to delivering better health through superior products. By combining strategic
research and in-depth industry knowledge, Unichem aims to transform itself into
a global pharmaceutical drug company with an increasing focus on cutting-edge
research and developed markets.
With formulations forming the core of Unichem’s business, the
company also manufactures active pharmaceutical ingredients (APIs or bulk
actives). In addition, it has several pharma products that address relevant and
growing therapeutic areas like gastroenterology, cardiology, diabetology,
psychiatry, neurology, anti-bacterials, anti-infectives and pain management
among others.
* * *
E N D * * *
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