AUROBINDO PHARMA - Q1 FY 21 RESULTS REVIEW - DT 12 09 2020

 

AUROBINDO PHARMA

Q1 FY 21 RESULTS REVIEW

DT 12 09 2020

 

COMPANY OVERVIEW   

                      

Management             

K Ragunathan             Non Executive Chairman   

K Nithyananda Reddy  Vice Chairman & Whole Time Dir

N Govindarajan           Managing Director      

 

Aurobindo Pharma Ltd is engaged in manufacturing semi synthetic penicillin (SSPs), cephalosporins, antivirals, CNS, cardio-vascular, gastroenterology, etc.

They are the market leader in semi-synthetic penicillin drugs.

THe company`s product range includes Formulation- for cardio vascular, central nervous system, gastroenterologicals, anti-retrovirals and anti-infectives.

They have developed formulations namely Trandolapril, Captopril, Benazepril Hydrochloride, etc.;Active Pharmaceutical Ingredients (API) & Organic Intermediates namely Desmethyl Azithromycin, Methhanamine, Benzimidazole, ECPPA and many more.

COVID-19 vaccine: Aurobindo Pharma expects phase-I, II trials by end of 2020

Managing Director of Aurobindo Pharma, Narayanan Govindarajan in the recently held earnings call with analysts said the city-based pharma major has earmarked USD 150-200 million towards capex during the current fiscal.

Aurobindo Pharma has said it is expecting its proposed vaccine candidate for COVID-19 to undergo Phase I and II trials by the end of 2020, while Phase III may be undertaken during March-April next year.

He said the vaccine for COVID-19 is being developed by Profectus BioSciences Inc in US, which was acquired by Aurobindo Pharmas subsidiary Auro Vaccines LLC.

According to Govindarajan, the company's viral vaccine manufacturing capacity in India would be undertaken in two phases. The first phase would be ready by October and the commercial facility by March, next year.

"So on the VSV platform, they (Auro Vaccines) are already developing a COVID-19 vaccine as well and we are creating the capacity in India wherein there are two phases of capacity. The first set of capacity would be ready by October, where we would like to make the product and start the Phase-I and Phase-II by the end of the year."

"And our commercial facility, we are aiming to get it ready by around March-April timeline where we would like to make the product for even the Phase III trials. That is the timeline for the COVID-19 vaccine based on our current assumptions," Govindarajan said replying to a query on the vaccine.

Aurobindo Pharma is working on developing several viral vaccines including one for COVID-19 even as the candidate was approved for funding by the Department of BioTechnology, the company said in its annual report.

The COVID-19 vaccine candidate underwent an evaluation by BIRAC (Biotechnology Industry Research Assistance Council, Department of BioTechnology) and was shortlisted for funding initial development, the company had said.

First Published on Aug 14, 2020 01:27 pm

"Amidst challenging times, we have started the financial year by reporting a healthy performance," said N Govindarajan, managing director of the company.

Revenue from antiretroviral (ARV) segment grew by 33.6 percent YoY to Rs 425.5 crore. Active pharmaceutical ingredient (API) revenue increased 6.5 percent to Rs 780.2 crore in Q1 FY21.

The stock price has jumped over 100 percent in the last nine months .

The company in a filing to the exchanges said that it has received US FDA nod for low blood pressure drug Midodrine Hydrochloride. It also approved an interim dividend of Rs 1.25 per share for the FY21.

First Published on Aug 13, 2020 09:51 am

 

 

Aurobindo Pharma	Jun '20	Mar '20	Jun '19	YOY	QOQ
Net Sales	3,337.25	3,534.28	2,997.03	11.35	-5.57
Other Operating Income	82.45	86.04	81.8	0.79	-4.17
Total Income	3,419.70	3,620.32	3,078.83	11.07	-5.54
EXPENDITURE
Raw Materials	1,791.43	1,792.76	1,615.40	10.9	-0.07
Traded Goods	5.14	0.68	2.38	115.97	655.88
Increase/Decrease in Stocks	-380.86	-126.92	-75.72	402.98	200.08
Employees Cost	424.69	424.94	377.56	12.48	-0.06
depreciat	119.79	118.85	115.15	4.03	0.79
Other Expenses	614.47	680.27	608.8	0.93	-9.67
P/L Before Other Inc. , Int., Excpt. Items & Tax	845.04	729.74	435.26	94.15	15.8
Other Income	125.58	160.61	30.14	316.66	-21.81
P/L Before Int., Excpt. Items & Tax	970.62	890.35	465.4	108.56	9.02
Interest	10.43	17.46	31.95	-67.36	-40.26
P/L Before Tax	960.19	872.89	433.45	121.52	10
Tax	245.51	147.85	102.95	138.47	66.05
Net Profit	714.68	725.04	330.5	116.24	-1.43
Equity	58.59	58.59	58.59	0	0
Basic EPS FV 1	12.2	12.37	5.64	116.31	-1.37

 

MP  802.7    

PE   16.45491803

VOLUME 22,39,995    

52 Wk L/H     281.15   967.6

BUY 3285.00       

SELL 2815.00

 

Annual	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16	16 TO 20	19 TO 20
Sales	23,098	19,563	16,463	14,909	13,794	67.45	18.07
Other Income	191	155	101	115	203	-5.91	23.23
Total Income	23,290	19,718	16,565	15,025	13,998	66.38	18.12
Total Expenditure	19,227	16,367	13,249	11,902	10,998	74.82	17.47
EBIT	4,063	3,351	3,315	3,122	2,999	35.48	21.25
Interest	305	262	77	66	256	19.14	16.41
Tax	913	726	818	759	720	26.81	25.76
Net Profit	2,844	2,361	2,419	2,296	2,022	40.65	20.46

 

Share Holding Pattern in (%)
Standalone	Jun-20	Mar-20	Dec-19	Sep-19
Promoters	52.01	52.01	51.87	51.87
Pledged	6.17	6.17	4.99	4.2
FII/FPI	22.63	22.26	21.42	21.95
Total DII	17.06	16.38	17.36	17.61
Fin.Insts	0.08	0.07	0.16	0.12
Insurance Co	0.28	0.54	0.24	0.21
MF	12.2	11.95	12.78	12.66
Others DIIs	4.5	3.82	4.18	4.62
Others	8.29	9.34	9.35	8.56
Total	99.99	99.99	100	99.99

 

MONTHLY TECHNICAL RATING  Very Bullish 

Valuation

Market Cap (Rs Cr.)    47,036.22

P/E         20.85

Book Value (Rs)   222.3

Dividend (%)       300

Industry P/E         35.8

EPS (TTM)            38.52

P/C                      17.25

Price/Book           3.61

Dividend Yield.(%)            0.37

Face Value (RS)          1

Deliverables (%)        19.63

Per Share Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Basic EPS (Rs.)	48	40	41	39	35
Diluted Eps (Rs.)	48	40	41	39	35
Book Value [Excl. Reval Reserve]/Share (Rs.)	287	237	199	160	125
Dividend/Share (Rs.)	3	3	3	3	3
Face Value	1	1	1	1	1
Margin Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Gross Profit Margin (%)	22	21	24	24	25
Operating Margin (%)	18	18	20	21	22
Net Profit Margin (%)	12	12	15	15	15
Return Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Return on Networth / Equity (%)	17	17	21	25	28
ROCE (%)	23	24	27	32	25
Return On Assets (%)	10	9	11	14	13
Leverage Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
Debt to Equity (x)	0	0	0	0	1
Interest Coverage Ratios (%)	13	13	43	47	12
Valuation Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
P/E (x)	4	8	6	7	6
P/B (x)	1	3	3	4	6
EV/EBITDA (x)	5	12	9	12	14
P/S (x)	1	2	2	3	3
Growth Ratios	Mar-20	Mar-19	Mar-18	Mar-17	Mar-16
3 Yr CAGR Sales (%)	14	13	6	9	14
3 Yr CAGR Net Profit (%)	2	-5	6	6	18

 

Historical Prices
	3M BEF	Current Price	%Gain / Loss
Open Price	793	805	1.51
	1YR BEF
Open Price	627	805	28.39
	2BR BEF
Open Price	797.7	805	0.92
	3YR BEF
Open Price	743.9	805	8.21