IND-SWIFT LTD - RESULTS FOR - Q/E JUNE 2012 - NET SALES UP 63% YoY - NET LOSS - NEXT QTR TO WATCH

IND SWIFT LTD

FINANCIAL RESULTS

Q/E JUNE 2012

IND-SWIFT, a Chandigarh based pharmaceutical company, established in 1986, is ranked 35th among top Indian Pharmaceutical companies.

IND-SWIFT is ISO 9001-2008, WHO GMP certified and listed on BSE and NSE . It is developing innovative therapies and processes to produce safe, effective and consistent quality pharmaceutical products delivering across the globe.

IND-SWIFT is research driven pharma company with expertise in finished goods dosage and Active Pharmaceutical Ingredients (API’s) and herbal products and is the second largest drug manufacturers of North India.

IND-SWIFT’S multipurpose, multi-location facility layouts are spread across northern India. The facilities are built according to current guidelines of MHRA, EU, WHO, and accreditations with ISO 14000 series standards. It has strong network presence in more than 45 countries.

There are UNCONFIRMED NEWS REPORTS of efforts by Piramal Group to acquire INDSWIFT. The results for q/e June,2012 are as below :-

Net Sales for Q/E June 2012 stands at Rs.392.66 Cr; down by  (-)7.79% from the preceding Q/E March, 2012 (Rs.425.84 Cr); and up by 63.31% from the corresponding Q/e June, 2011 of preceding Year (Rs.240.43 Cr)

Total Expenditure    for Q/E June 2012 stands at Rs.435.23 Cr; up by 8.42% from the preceding Q/E March, 2012 (Rs.401.43 Cr); and up by     96.53% from the corresponding Q/e June, 2011 of preceding Year (Rs. 221.46 Cr).

Purchases of Stock  In Trade   amounts to Rs.202.50 Cr, which seems to have bloated the expenditure in this quarter and resulted in the loss.

Loss before Interest, Dep. & Taxes for q/e June 2012 stands at Rs.(-)42.57 Cr; compared to the preceding Q/E March, 2012 (Profit of Rs.24.41 Cr); and compared to the corresponding Q/e June, 2011 of preceding Year (Profit of Rs.18.97 Cr)

Net Loss   for Q/e June 2012 stands at Rs.(-)62.90 Cr; Compared to the preceding Q/E March, 2012 (Profit of Rs.4.14 Cr); and compared to the corresponding  Q/e June, 2011 of preceding Year (Profit of Rs.15.34 Cr)

Diluted EPS      against the Face value of Rs.2, for Q/e June 2012 stands at Rs.(-)12.79; compared to Rs.0.84 in Q/e March,2012 ; and compared to Rs.3.64 in Q/e June 2011.

For any meaningful comparison, the next quarter results need to be watched further.

52 week high/low price : 35.15/16.40

Current Market Price : Rs.18.50

QUARTERLY RESULTS – COMPARISON TABLE

The following table indicates (in lakhs of Rs) ; the P&L account figures for (1) Q/e June2012,(2) Q/e Mar,2012,(3)  QoQ & Difference; (4) Q/e June 2011 (5) YoY % difference (6) Q/e Dec,2011 and (7) Q/e Sep,2011

INDSWIFT LTD	30-Jun-12	31-Mar-12	QoQ % dif	30-Jun-11	YoY % dif	31-Dec-11	30-Sep-11
Net Sales	39266.18	42583.86	-7.79	24043.26	63.31	28837.37	24315.89
Total Expenditure	43523.04	40143.08	8.42	22146.02	96.53	26262.84	21714.89
Profit before Interest, Dep. & Taxes	-4256.86	2440.78		1897.24		2574.53	2601
Net Profit	-6290.15	414.34		1534.34		1147.76	1092.19
Diluted EPS	-12.79	0.84		3.64		2.33	2.59
Net Sales	39266.18	42583.86	-7.79	24043.26	63.31	28837.37	24315.89
Changes in FG / W I P / S I T	-	6513.92		-4709.49		-4331.13	-3246.99
Materials consumed	21086.94	29057.12	-27.43	23514.85	-10.33	26211.06	21387.37
Purchases of S I T	20250.09	-		-	!	-	-
Employee benefits	-324.17	1467.67	-122.09	717.58	-145.18	1133.12	953.88
Depreciation	566.79	458.37	23.65	440.11	28.78	454.82	404.84
Other expenses	1943.39	2646	-26.55	2182.97	-10.97	2794.97	2215.79
Total expenses	43523.04	40143.08	8.42	22146.02	96.53	26262.84	21714.89
Profit before tax	-6973.69	714.34		1584.34		1172.76	1117.19
Tax Expenses	-683.54	300	-327.85	50	-1467.08	25	25
Net Profit	-6290.15	414.34		1534.34		1147.76	1092.19
Face Value(Rs )	2	2	0	2		2	2
Paid-up Equity	923.57	923.67	-0.01	843.57	9.48	843.57	843.57
Basic EPS	-13.62	0.97		3.64		2.72	2.59
Diluted EPS	-12.79	0.84		3.64		2.33	2.59
Public holding (%)	51.52	51.52	0	56.4	-8.65	56.4	56.4

ANNUAL results

(from company)

INDSWIFT LTD	15m-jun 12	12m-Mar11
TOTAL INCOME FROM OPERATIONS	159046.6	87647.15
EXPENDITURE
COST OF MATERIAL CONSUMED	121257.3	78479.29
CHANGE IN INV./F.G/W.I.P	14476.39	-11092.6
EMPLOYEES BENEFIT	3948.08	2646.9
DEPRECIATION	2324.93	1551.39
OTHER EXPENSES	10260.46	6474.5
TOTAL EXPENDITURE	152267.2	78059.51
PROFIT FROM OPERATIONS	6779.36	9587.64
OTHER INCOME	2932.28	2057.33
PROFIT BEFORE FINANCE COST	9711.64	11644.97
FINANCE COST	12096.7	7164.1
PROFIT BEFORE TAX	-2385.06	4480.87
PROVISION FOR TAX	0	879.83
MAT CREDIT	0	-879.83
PROVISION FOR DEF.TAX	-283.54	147.21
NET PROFIT	-2101.52	4345.16
PAID UP EQ	923.57	843.57
RESERVE	29464.34	30017.29
EPS ON FV RS. 2/- EACH
BASIC	-4.84	11.13
DILUTED	-4.27	10.87
% of Publicholding	51.52	56.4

Notes:-

1  The figures of the last quarter for the current accounting period ending 30.06.2012 are the balancing figures between the audited    figures in respect of full financial period ending 30.06.12 and the unaudited published figures upto four quarter ending 31.03.2012.

2. Employees benefit cost for the quarter ending 30.06.12 being the balancing figurs is in negative due to transfer of employee   benefit cost to seed marketing expenses account amounting to Rs. 1612.28 Lacs.         

                     

3. High level of finished stock, slow movement of inventory, clearance of stocks at lower prices, low margin from generic products resulted in lower profit from operations. Further due to increase in rate of interest, the finance cost has increased substantially  during the period.

                               

4. Due to extension in accounting period from 12 months to 15 months, the present 15 M figures are not comparable with previous year figures.

5. The company is exclusively in Pharmaceutical segment.  

  

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