LAURUS LABS
Q1 FY 21 RESULTS REVIEW DATED 16 08 2020
Management
M Venu Gopala Roa Non Exe.Chairman&Ind.Director
C V Lakshmana Rao Executive Director
Satyanarayana Chava Executive Director & CEO
Ravi Kumar Venkata Vantaram Executive Director & CFO
RESULTS OF Q1 FY 21
|
Laurus Labs (in Rs. Cr.) |
Jun '20 |
Mar '20 |
Dec '19 |
Sep '19 |
Jun '19 |
YOY |
QOQ |
|
Net Sales |
974.32 |
839.14 |
729.59 |
712.42 |
550.57 |
76.97 |
16.11 |
|
Interest |
15.14 |
20.66 |
20.83 |
25.57 |
22.53 |
-32.8 |
-26.72 |
|
P/L Before Tax |
221.47 |
126.74 |
81.71 |
65.77 |
19.39 |
1042.19 |
74.74 |
|
Tax |
49.69 |
16.59 |
8.24 |
9.22 |
4.29 |
1058.28 |
199.52 |
|
Net Profit |
171.78 |
110.15 |
73.48 |
56.55 |
15.1 |
1037.62 |
55.95 |
|
Equity Share Capital |
106.91 |
106.91 |
106.91 |
106.91 |
106.44 |
0.44 |
0 |
|
Basic EPS |
16.07 |
10.32 |
6.88 |
5.31 |
1.42 |
1031.69 |
55.72 |
GENERICS API – 522 CR
GENERICS FDF -352
SYNTHESIS – 100 CR
ROCE = 32.3%
ROE = 37%
D/E RATIO = 0.6%
National lockdown has resulted in a temporary slow down of operations but Laurus Labs has quickly restored normalcy in production and services with rigorous safety, hygiene and cleaning protocols .
Manufacturing Facilities at Vizag
STRENGHTS
- Companies with strong financials
- Promoters increasing shareholding
- High TTM EPS Growth
- High Return on Equity (ROE) and EPS Growth
- Strong Annual EPS Growth
- Growth in Net Profit with increasing Profit Margin (QoQ) AND YOY
- Book Value per share Improving for last 2 years
- Company with decreasing Promoter pledge
- FII / FPI or Institutions increasing their shareholding
- Growth in Operating Profit with increase in operating margins (YoY)
- Strong Momentum in price rise
|
MP |
933.25 |
||||
|
PE |
14.52 |
||||
|
VOLUME |
10,629,191 |
||||
|
52 Wk L/H |
298 |
943.6 |
|||
|
CHART : FROM MARCH,20 - GRADUAL UPWARD CURVE |
|||||
|
FROM MAY,20, STEEP UPWARD CURVE |
|||||
|
MONTHLY |
|||||
|
TECHNICAL RATING : BULLISH |
|||||
|
Valuation |
|||||
|
Market Cap (Rs Cr.) : |
|||||
|
10,008 |
|||||
|
P/E |
|||||
|
37.46 |
|||||
|
Book Value (Rs) |
|||||
|
169.41 |
|||||
|
Dividend (%) |
|||||
|
25 |
|||||
|
Industry P/E |
|||||
|
33.11 |
|||||
|
EPS TTM |
|||||
|
24.91 |
|||||
|
Price/ BOok |
|||||
|
5.51 |
|||||
|
Dividend Yield.(%) |
|||||
|
0.27 |
|||||
|
Face Value (RS) |
|||||
|
10 |
|||||
|
Historical Prices |
|||||
|
1 YR |
Current Price |
%Gain / Loss |
|||
|
Open Price |
340.25 |
830 |
143.94 |
||
|
2 YR |
|||||
|
Open Price |
453.95 |
830 |
82.84 |
||
|
3 YR |
|||||
|
Open Price |
586.4 |
830 |
41.54 |
||
|
Actually current price is 933 |
|||||
|
Share Holding Pattern in (%) |
|||||
|
Standalone |
Jun-20 |
Mar-20 |
Dec-19 |
Sep-19 |
|
|
Promoters |
32.13 |
32.04 |
32.58 |
32.73 |
|
|
Pledged |
31.56 |
45.22 |
32.27 |
31.69 |
|
|
FII/FPI |
16.06 |
11.29 |
10.52 |
12.52 |
|
|
Total DII |
32.39 |
41.53 |
40.84 |
40.36 |
|
|
Fin.Insts |
0.17 |
0.06 |
0.08 |
0.08 |
|
|
Insurance Co |
0 |
0 |
0 |
0 |
|
|
MF |
4.15 |
3.86 |
4.92 |
4.9 |
|
|
Others DIIs |
28.07 |
37.61 |
35.84 |
35.38 |
|
|
Others |
19.42 |
15.13 |
16.05 |
14.39 |
|
|
Total |
100 |
99.99 |
99.99 |
100 |
|
•Commercialized 60+ products
•60 DMFs filed
•Filed 26 ANDAs with USFDA and 8 Final approvals and 5 tentative approvals
In addition completed 1 product validation
•Filed 11 dossiers in Canada, 9 in Europe, 8 with WHO, 2 in South Africa, 2 in India & 12 products filed in various ROW markets.
•API validation planned in Unit 05
•Custom development of ophthalmic portfolio initiated
•4 Manufacturing facilities, (3,403 KL) (1) (2)
•870 KL under expansion
•5bn Units / year capacity
•Capacity enhancement under progress
•Dedicated manufacturing (Unit –5) Capacity (137KL) for steroidal and hormonal intermediates
•Set up a dedicated block in Unit 4 for high potent phytochemicals APIs
•Incorporated Laurus Synthesis Pvt. Ltd
•Manufacturing facilities expanded
•Generic API division showcased a healthy growth of 40% YoY
•Anti Viral segment recorded growth of 19% YoY
•Generic FDF Revenue Showcased a robust growth of 232% YoY
•The growth was led by higher LMIC Market volumes and increased volumes from North America and EU
•Custom Synthesis division recorded a strong growth of 37%
Generic FDF
revenue showcased a robust growth of 232% YoY
•RoW Markets –Received approvals for TLE400 and TLE600 from the US FDA
•North America –Sales were driven by launch of HCQ in US and increased volumes in the US
•Europe –Entered into a long term partnership with a leading generic player in EU region for Contract Manufacturing Opportunities Two products marketed using own front end
SYNTHESIS
•Revenue from Custom Synthesis division showed a growth of 37% (YoY)
•Total Number of Active Projects in the CDMO division stood at 47 as on Q1 FY21
•Incorporated Wholly Owned Subsidiary to give increased focus and eventually dedicated R&D and Manufacturing
•Working with Large Global Innovator Pharmaceutical Companies, mid and small Biotech Companies
•Commercial supplies started for 4 products
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