ALEMBIC
PHARMACEUTICALS LIMITED
RESULTS FOR Q3 FY 2013-14
(DEC,2013)
Q3 FY2013-14 PERFORMANCE
· Alembic
Pharma has reported a 31% increase in revenues to Rs 486.74 Cr for Q3 FY 14
ended 31st December 2013, compared to Rs 372.05 Cr in Q3 FY 13.
· The
Company posted 48% growth in profit before tax at Rs. 88.83 Cr for Q3 FY 14 against
Rs 60.09 Cr posted in Q3 FY 13.
· The
net profit grew by 37% at Rs 65.93 Cr for Q3 FY 14 against Rs 48.27 Cr in Q3 FY 13.
· EBIDTA
margins for Q3 FY 14 up at 21% to Rs 102.23 Cr from 18.64% at Rs 69.36 Cr for Q3
FY 13.
· The
company also reported 22% increase in revenue for YTD Dec 13 to Rs 1403.19 Cr
against Rs 1147.64 Cr for Q3 FY 13.
· The
company also posted 52% growth in profit before tax at Rs. 229.82 Cr for YTD
Dec 13 against Rs. 151.17 Cr for corresponding period last year.
· The
Company also reported 43% growth in net profit for YTD Dec 13 at Rs. 174.21 Cr against
Rs. 121.60 Cr in corresponding period last year.
India Branded Formulations
Business
· India
Branded formulations business posted sales of Rs.229.57 Cr against Rs. 199.85 Cr
with a 15% growth over the corresponding quarter of the previous year.
· As
per ORG IMS, Alembic has market share of 1.76% (MAT-Nov 13). Gestofit has
featured as Company’s 5th brand in top 300 brands list of IMS-ORG.
· Specialty
and Acute segments grew by 22% and -2% respectively in current years (MAT-Nov
13) versus Industry growth rate of 11% and 2% respectively.
International Generics
· International
Generic Formulation posted growth of 112% and posted sales of Rs. 129.62 Cr
against Rs. 61.05 Cr over the corresponding quarter last year.
· During
the quarter 1 ANDA application were filed taking cumulative ANDA filings of the
Company to 60. 1 ANDA approval was received during the quarter. Cumulative ANDA
approvals now stand at 31 (including 4 tentative approvals).
· During
the quarter 2 DMF applications were filed taking cumulative DMF filings of the
Company to 64.
ABOUT ALEMBIC PHARMACEUTICALS :
· "We
have planned to focus more on areas like cardiology and respiratory in the
domestic market, and for the international market, we are looking at moving up
the value chain and launch more complex products, like anti-depressant pills,
anti-diabetic, dermatology etc. We are looking at more niche segments,"
informed R K Baheti, director, finance, Alembic Pharmaceuticals. “so far,
Indian companies have not been very successful in the dermatology segment in
the international market.”
· "It
is a complex segment, and we are trying to develop products for that. Indian
companies are usually good at oral solid dosage forms, and dermatology is not a
conventional segment," he explained.
· The
company is eyeing in the international market segments like cardiology and
central nervous system (CNS).
· Share
of branded formulations in domestic market in its overall sales has come down
from 51 % of sales to 47 % of sales in the period ended December 2013. But, share
of international generics has grown from 23 % of sales to 27 % of sales in same
period. International generics business has shown a growth of 108 % in the
April to December period this fiscal. Branded formulations exports have
registered a 48 % growth in the nine months of the current fiscal.
· Alembic
Pharma had made a strategic move to shift focus from the domestic bulk drug
(active pharmaceutical ingredients) last year, and instead focus more on the
regulated markets for its API business as that offered more margins. The move
has definitely paid off for the company, Baheti said.
· Nangra
explained that, "Focussing on high margin products has definitely improved
the company's profitability and margins. Margins have improved by around 18-19 %
during the fiscal, and revenues have grown by around 20 % in the nine month
period."
· For
new products planned in niche category, the company is planning to focus on the
regulated markets of US and European Union. "As such around 90 per cent of
our international revenues come from regulated markets at the moment,"
Baheti claimed, adding that Alembic has already made the major investments
required to come up with the new products. "Our new plant at Vadodara
which has a capacity of 5 billion tablets and capsules per annum has started
operating since August, and at the moment the entire production from the plant
is exported. We have invested close to Rs 120 crore to set up the plant,"
Baheti said.
· Looking
at the prospective launches in the future and the efficient marketing in
regulated markets, the company is bound to scale new heights in coming
quarters.
· Headquartered
in India, Alembic manufactures and markets generic pharmaceutical products all
over the world. Alembic's state of the art research and manufacturing facilities
are approved by regulatory authorities all over the world including the US FDA.
RESULTS
TABLE
|
ALEMBIC PHARMA
|
Q3
FY14
|
Q2
FY14
|
%Dif
QoQ
|
Q3
FY13
|
%Dif
YoY
|
|
Net
sales
|
48487
|
48590
|
-0.21
|
36880
|
31.47
|
|
Other
operating income
|
78
|
46
|
69.57
|
48
|
62.5
|
|
Total
income from operations
|
48565
|
48636
|
-0.15
|
36928
|
31.51
|
|
Cost
of materials
|
15144
|
13764
|
10.03
|
12420
|
21.93
|
|
stock-in-trade
|
4799
|
5930
|
-19.07
|
4866
|
-1.38
|
|
Changes
in inventories
|
-2424
|
-744
|
225.81
|
-2223
|
9.04
|
|
Employee
benefits
|
6418
|
5931
|
8.21
|
4952
|
29.6
|
|
Depreciation
|
1012
|
985
|
2.74
|
885
|
14.35
|
|
Other expenses
|
14405
|
14484
|
-0.55
|
9973
|
44.44
|
|
Total
expenses
|
39354
|
40350
|
-2.47
|
30873
|
27.47
|
|
Profit
from operations
|
9211
|
8286
|
11.16
|
6055
|
52.12
|
|
Other
income
|
20
|
20
|
0
|
342
|
-94.15
|
|
Finance
costs
|
348
|
257
|
35.41
|
388
|
-10.31
|
|
Profit
before tax
|
8883
|
8049
|
10.36
|
6009
|
47.83
|
|
Tax
expense
|
2290
|
1885
|
21.49
|
1182
|
93.74
|
|
Net
Profit
|
6593
|
6164
|
6.96
|
4827
|
36.59
|
|
Face
Value (Rs.)
|
2
|
2
|
0
|
2
|
0
|
|
Paid-up
equity
|
3770
|
3770
|
0
|
3770
|
0
|
|
Basic
EPS
|
3.5
|
3.27
|
7.03
|
2.56
|
36.72
|
* * *
E N D * * *
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