VENUS
REMEDIES LIMITED
FIRST
QUARTER RESULTS
Q1 FY 2013
VENUS
REMEDIES has declared its results for the first quarter ending June 2012. The
results are analysed here under :
HIGH LIGHTS
Net
Sales for Q1 FY 12 stands at Rs.112.03 Cr ;
down by a marginal -1.27% from Q4 FY 12 (Rs.113.47 Cr); up by 13.31% from Q1 FY
12 (Rs.98.87 Cr); and up proportionately ( Q1 FY 13 x 4 vs FY 12 total) by 11.57% from FY 12
(Rs.401.65 Cr).
Total
Income for Q1 FY 12 stands at Rs.112.57 Cr; down by a marginal -1.85% from Q4 FY 12
(Rs.114.69 Cr); up by 13.7% from
Q1 FY 12 (Rs.99.01 Cr); and up proportionately ( Q1 FY 13 x 4 vs FY 12 total) by 11.13% from FY 12 (Rs.405.19 Cr.). Thus, Net Sales and Total
Income Growth YoY and compared to previous year are reasonably Good.
Total
Expenditure for Q1 FY 12 stands at Rs.90.62 Cr; down
by a marginal -2.09% from Q4 FY
12 (Rs. 92.56 Cr); up by 17.75% from Q1 FY 12 (Rs. 76.96 Cr); and up proportionately ( Q1 FY 13 x
4 vs FY 12 total) by 12.17% from FY 12 (Rs.323.15 Cr).The
Expenditure has gone up mainly under Depreciation, other Expenses and Finance
Costs.
Profit
from Operations for Q1 FY 12 stands at Rs.21.95 Cr; down by a marginal -0.83% from Q4 FY 12 (Rs. 22.14 Cr); down by -0.45% from Q1 FY 12 (Rs. 22.05
Cr); and up proportionately ( Q1 FY 13 x 4
vs FY 12 total) by 7.03% from FY 12 (Rs. 82.04
Cr). Profit from Operations is almost flat despite Growth in sales, because of
Growth in expenditure. But, compared to previous year of FY 12, there is
reasonable Growth Proportionately.
Net
Profit for
Q1 FY 12 stands at Rs.14.05 Cr; down by -9.74%
from Q4 FY 12 (Rs.15.56 Cr); up by 3.14 % from Q1 FY 12 (Rs.13.62 Cr); and up
proportionately ( Q1 FY 13 x 4 vs FY 12
total) by 12.29% from FY 12 (Rs.50.03
Cr). Net Profit levels are also Flat due to increased expenditure, though,
compared to the total of FY 12, there is
improvement.
Diluted
EPS for Q1 FY 12 stands at Rs.14.42;
compared to Rs.15.97 in Q4 FY 12; Rs.14.92 in Q1 FY 12;
EPS
annualized stands at Rs.57.67 – compared to FY
12 EPS of Rs.51.35.On annualized basis,
there is good improvement over FY 12.
Paid-up
Equity has gone up to Rs.9.74 Cr in Q1 FY 13
compared to Rs.9.13 Cr in Q1 FY 12.
RESULTS TABLE
Quarter
Ended
|
30-Jun-12
|
QoQ %
dif
|
31-Mar-12
|
YoY %
dif
|
30-Jun-11
|
Prop.%
dif with FY 12
|
FY12
|
Net Sales
|
11203.4
|
-1.27
|
11347.1
|
13.31
|
9887.1
|
11.57
|
40165
|
ToTal Income
|
11257.2
|
-1.85
|
11469.2
|
13.7
|
9900.9
|
11.13
|
40519
|
Total Expenditure
|
9062.1
|
-2.09
|
9255.7
|
17.75
|
7695.8
|
12.17
|
32315
|
Profit from Operations
|
2195.1
|
-0.83
|
2213.5
|
-0.45
|
2205.1
|
7.03
|
8203.5
|
Net Profit
|
1404.5
|
-9.74
|
1556
|
3.14
|
1361.8
|
12.29
|
5002.9
|
Diluted EPS
|
14.42
|
-9.71
|
15.97
|
-3.35
|
14.92
|
349.22
|
12.84
|
EPS annualised
|
57.67
|
-9.72
|
63.88
|
-3.35
|
59.67
|
349.23
|
51.35
|
Cost of materials
|
6523.7
|
0.91
|
6464.8
|
4.82
|
6223.6
|
11.01
|
23507
|
Employee benefits
|
571
|
2.35
|
557.9
|
4.62
|
545.8
|
10.99
|
2057.8
|
Depreciation
|
776.9
|
26.72
|
613.1
|
27.95
|
607.2
|
29.12
|
2406.7
|
Other expenses
|
1488
|
-8.02
|
1617.8
|
34.89
|
1103.1
|
13.44
|
5246.9
|
Total expenses
|
9062.1
|
-2.09
|
9255.7
|
17.75
|
7695.8
|
12.17
|
32315
|
Finance Costs
|
761.5
|
4.89
|
726
|
24.86
|
609.9
|
11.72
|
2726.4
|
Profit before tax
|
1446.2
|
-4.07
|
1507.6
|
-9.57
|
1599.3
|
4.89
|
5515.1
|
Tax Expenses
|
41.7
|
-186.16
|
-48.4
|
-82.44
|
237.5
|
-67.43
|
512.2
|
Net Profit
|
1404.5
|
-9.74
|
1556
|
3.14
|
1361.8
|
12.29
|
5002.9
|
Face Value
(Rs. )
|
10
|
0
|
10
|
0
|
10
|
10
|
|
Paid-up Equity
|
974.2
|
0
|
974.2
|
6.71
|
912.9
|
974.2
|
|
Diluted EPS
|
14.42
|
-9.71
|
15.97
|
-3.35
|
14.92
|
12.84
|
|
Public Shareholding (%)
|
65.58
|
0
|
65.58
|
-6.1
|
69.84
|
65.58
|
ANNUAL RESULTS – A COMPARISON
Venus Remedies
|
Y.E.Mar'12
|
Y.E.Mar'11
|
Y.E.Mar'10
|
Y.E.Mar'09
|
Y.E.Mar'08
|
INCOME:
|
|||||
Net
Sales
|
404.92
|
357.27
|
311.93
|
264.51
|
213.61
|
Other
Income
|
1.1
|
0.3
|
0.12
|
0.22
|
0.35
|
Total Income
|
406.02
|
357.57
|
312.05
|
264.74
|
213.96
|
EXPENSES
|
|||||
Raw
Material
|
232.12
|
199.86
|
188.39
|
158.43
|
128.8
|
Employee
Expenses
|
24.4
|
19.45
|
17.92
|
11.24
|
7.48
|
Other
Expenses
|
67.87
|
52.73
|
37.33
|
40.31
|
25.8
|
Provisions
Made
|
0
|
0
|
0
|
0
|
0
|
TOTAL EXPENSES
|
315.36
|
268.14
|
237.45
|
202.56
|
157.58
|
Operating
Profit
|
89.56
|
89.14
|
74.48
|
61.95
|
56.03
|
EBITDA
|
90.66
|
89.43
|
74.6
|
62.18
|
56.38
|
Depreciatn
|
10.11
|
9.62
|
11.69
|
6.41
|
4.22
|
Interest
|
25.61
|
18.53
|
13.96
|
7.64
|
4.56
|
Taxes
|
3.67
|
12.21
|
7.9
|
5.4
|
5.39
|
Profit
|
51.27
|
49.06
|
41.05
|
42.73
|
42.2
|
KEY ITEMS
|
|||||
Equity
capital
|
9.74
|
9.13
|
8.47
|
8.45
|
8.45
|
Public
share Holding (%)
|
65.58
|
69.04
|
74.59
|
74.53
|
74.53
|
EPS
(Rs.)
|
52.62
|
53.13
|
48.45
|
50.55
|
49.92
|
As can be seen,
Venus has improved its Net sales Gradually over the years but steadily. Profit
also has improved though more slowly. Interest, Depreciation, Raw material
expenses have all grown during the years. At EBITDA level, the Growth is still
very impressive. If Interest income comes down in future, the Profit Growth
will be impressive.
OTHER DETAILS
The Company has several Patents to
its credit. But the Sales are improving Gradually, Not spectacularly. Likewise,
Profitability is also improving steadily.
In the latest quarter also, the
company has been successful in obtaining several valuable Patents - all of which should result in Good
Improvement in sales and Profits in future (from Q2 /Q3 onwards.
The MEDIUM TO LONG TERM Prospects of
the company appear to be quite promising.
The current Market price of the share
is around Rs.220. On a EPS of Rs.58, the PE is hardly 3.79 – which indicates sufficient
Scope for future price prospects.
During the Quarter-
1. The research Product CSE 1034 wins
US Patent, this novel antribiuotic adjuvant entity (AAE) is found effective
against a wide range of drug resistant infections including the superbugs
like carbapenemase resistant Matallobetalactamses
(MBL) strains.
2. Co. has received its first Patent
for a novel antibiotic combination of Carlapenem and aminoglycoside from South
Adfrica.
3. Co has established Pre-clinical
proof of concept for its drug – Protein
– Polymer – conjugate (DPPC), an innovative solution for alleviating cancer and
receptor diseases by a specific and selective targeting.
4. The Co has added another Patent to
its kitty for “ vancoplus® from Australia.
Other News about the Company are
extracted and placed below in Brief . As we can see from the List, Venus has
been producing new formulations / medicines and getting Patents and awards
regularly, indicating its competence in
research and Innovation.
However, its Marketing success does
not seem to be that praise worthy. Given more energetic Marketing, hopefully,
the company could emerge as one of the Front runners in the Indian Pharma
sector soon. Its Sales and Profits are no doubt rising gradually – but not
commensurate with its Research effort.
NEWS
Date Headline
26 July 2012 Gets
US patent for POTENTOX...
9 July 2012 Introduces
“Ready-to-Use” Single Vial Taxedol in India ...
5 June 2012 Venus
drug to fight resistant superbugs wins US Patent...
22 May 2012 Bbags
another patent grant from South Africamore...
24 April 2012 Comes
up with an Innovative Solution for alleviating cancer...
10 April 2012 Venus
Remedies “Vancoplus®” gets Patent from Australia...
19 Mar 2012
: Venus ACHNIL receives
BioSpectrum Product of the Year 2012 award...
6 Feb 2012 : To enter Japan market with patent approval
for its novel research product ‘Vancoplus’...
14 Dec 2011 Wins
“Emerging company of the year 2011” award...
6 Dec 2011 Wins
India Manufacturing Excellence Award 2011 ...
15 Nov 2011 Receives
Market Authorisation approval for Meropenem in UK & New Zealand...
2 Nov 2011 Venus
wins 2011 Spotlight Award for its Annual Report in San Diego, USAmore...
5 Oct 2011 : Pharmexcil felicitates Venus Remedies with
patent award in Gold category.
29 Aug 2011 : Anti
cancer product DOCETAXEL receives market authorisation in Europe...
3 Aug 2011 : NOVEL
RESEARCH PRODUCT VANCOPLUS RECEIVES US PATENT...
11 July 2011 Launches
patented research product “ACHNIL” in India...
24 May 2011 Venus’ “achnil”, once-a-day painkiller, gets EU
patent .
11 May 2011 Wins
gold medal for trois under dst- Lockheed more...
26 April 2011 Venus
remedies successfully completes phase i & ii clinical trials of...
4 April 2011 Wins
QC-100 tqm (total quality management) ...
17 Mar-2011 Spreads its wings in GCC. first Indian company
to receive GCC...
24 Feb- 2011 sulbactomax”
patent from Mexico strengthens Venus’ presence in Latin America...
2 Feb- 2011 Venus’
anti-cancer drug “gemcitabine” gets UK MHRA approval...
27 Dec 2010 To
expand innovations basket with sulbactomax patent from Russia & Ukraine.
8 Dec 2010 Successfully
completed phase iii clinical trials of new aminoglycoside molecule.
29 Nov 2010 Bagged
vancoplus patent from South Africa & Newzealand...
3 Nov 2010 Becomes
first India company to get GMP certification from..
18 Oct 2010 Secures
patents from Australia and Ukraine for its research product “potentox”.
28 Sep 2010 Bags
compulsory license from Thai government for the….
14 Sep 2010 Research
blockbuster “sulbactomax“ gets European union patent...
5 Aug- 2010
: Grant of another market
authorization for its carbapenem injection in Portugal to German arm of Venus.
20 July 2010 Gets
GMP accreditation from Sudan for its seven super specialty injectable
manufacturing facilities..
28 June 2010 Enters
Australasia region with grant of patent
for potentox from new zealand.
15 June 2010 US-based
lockheed martin foundation, Texas university to assist Venus to market ampucare
a miraculous wound healing product of the company in US ampucare receives FICCI
gold medal for best innovation.
3 May 2010 Ties
up with imtech and punjab univ to develop typhoid detection kits revolutionary
kit to bring down typhoid detection time from 48 hours to few minutes..
9 April 2010 Receives
GMP certification from botswana...
15 Mar 2010 sulbactomax
a ceftriaxone sulbactam combination patent granted ...
22 Feb 2010 Venus
‘german arm gets approval to market carbapenem injection in portugal.
4 Feb 2010 ReceivesGMP
certification from Ethiopia..
12 Nov 2009 Bags
another product patent from South Africa for potentox.
23 Sep 2009 Venus
outlicensed “sulbactomax “ to South Korea..
8 Sep 2009 First
Indian product patent granted to venus
for potentox..
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