Aditya Birla Chemicals (India) Ltd - First Quarter Results - Q1 FY 2013 - Net Sales up 76% YoY; Net Profits up 14% YoY

Aditya Birla Chemicals (India) Limited

First Quarter Results

Q1 fy 2013

ADITYA BIRLA CHEMICALS (INDIA) LIMITED – has released its first quarter results for q/e June 2012.

HIGH LIGHTS

Net Sales for Q1 FY 13 stands at Rs.178.15 Cr; up by  7.1% from Q4 FY 12(Rs.166.34 Cr); and up by 76.45% from Q1 FY 12 (Rs.100.97 Cr).

Total Expenditure for Q1 FY 13 stands at Rs. 144.33 Cr; down by -3.27% from Q4 FY 12(Rs.          149.22 Cr); and up by 89.17% from Q1 FY 12 (Rs.76.30 Cr).

Profit before Interest, Dep. & Taxes        for Q1 FY 13 stands at Rs.33.81 Cr; up by 97.49% from Q4 FY 12(Rs.17.12 Cr); and up by 37.1% from Q1 FY 12 (Rs.24.66 Cr).

Net Profit  for Q1 FY 13 stands at Rs.7.77 Cr; up by 153.76% from Q4 FY 12 (Rs.3.06 Cr); and up by          13.57% from Q1 FY 12 (Rs.6.84 Cr).

Diluted EPS      for Q1 FY 13 stands at Rs.3.32 –against Rs.1.31 for Q4 FY 12; and Rs.2.92 for q1 FY 12.

2 week high/low price : Rs.109.75/63.00

Current MP : RS.81.55

QUARTERLY RESULTS TABLE

AB CHMICALS	30-Jun-12	QoQ % dif	31-Mar-12	YoY % dif	30-Jun-11	31-Dec-11	30-Sep-11
Net Sales	17814.98	7.1	16634.01	76.45	10096.58	17267.55	16899.11
Total Expenditure	14433.54	-3.27	14921.76	89.17	7630.12	14849.08	13179.75
Profit before Interest, Dep. & Taxes	3381.44	97.49	1712.25	37.1	2466.46	2418.47	3719.36
Net Profit	776.55	153.76	306.02	13.57	683.78	-618.81	58.96
Diluted EPS	3.32	153.44	1.31	13.7	2.92	-2.65	0.25
Net Sales	17814.98	7.1	16634.01	76.45	10096.58	17267.55	16899.11
Changes in inventories of FG/ WIP/ SIT	-143.83	-135.3	407.48	-57.59	-339.13	-391.03	1.29
Cost of materials	9839.01	-5.65	10427.79	84.63	5329.08	10713.65	8853.16
Purchases of SIT	449.25	1214.37	34.18		-	-	-
Employee benefits expense	1037.66	7.56	964.72	72.06	603.08	966.71	959.64
Depreciation	1472.41	3.19	1426.84	66.09	886.5	1596.39	1492.2
Other expenses	1779.04	7.12	1660.75	54.62	1150.59	1963.36	1873.46
Total expenses	14433.54	-3.27	14921.76	89.17	7630.12	14849.08	13179.75
Profit before tax	1726.52	-9215.73	-18.94	5.91	1630.11	-751.82	805.89
Tax Expenses	949.97	-392.33	-324.96	0.38	946.33	-133.01	746.93
Net Profit	776.55	153.76	306.02	13.57	683.78	-618.81	58.96
Face Value (Rs )	10		0		0	0	0
Paid-up Equity	2338.65	0	2338.65	0	2338.65	2338.65	2338.65
Diluted EPS	3.32	153.44	1.31	13.7	2.92	-2.65	0.25
Public holding (%)	44	0	44	0	44	44	44

ABOUT THE COMPANY :

Aditya Birla Chemicals (India) (ABCIL) is a unit of the Aditya Birla Group.

Commissioned in 1984 with an initial caustic soda capacity of 33,000 tpa, the company has since grown to become a leading caustic soda producer in the eastern region of the country. The company has a 30MW captive power plant, and has also converted to mercury cell technology. Currently, the installed capacity stands at 105,000 tpa.

For value addition and the effective utilisation of chlorine, ABCIL commissioned an aluminium chloride and stable bleaching powder (SBP) plant. Aluminium chloride is the principal catalyst used in the Friedel-Crafts reaction and widely used in pharmaceuticals, chemical intermediates, agrochemicals, dyestuffs and pigments, hydrocarbon resins, flavours and fragrances. SBP is used in textile mills for bleaching, sanitation, sewage systems, tanning process, organic synthesis and other applications.

The company acquired a major competitor unit in the eastern region, the Chloro Chemicals division of Renukoot-based Kanoria Chemicals, in May 2011, to enrich the portfolio of Aditya Birla Chemicals. With the addition of this unit, named Renukoot Chemical Division (RCD), Aditya Birla Chemicals ranks as one of the leading players in the chlor-alkali segment in India.

The acquisition added about 115,000 tpa to the existing 105,000 tpa caustic capacity of ABCIL. With the already existing captive power production capacity of 50MWh at RCD, the company has finalised brownfield expansion by an additional 145 tpd of caustic soda capacity.

RCD utilises most of the chlorine available for its value-added products such as SBP, poly aluminium chloride, chlorosulphonic acid, aluminium chloride and chlorinated paraffin wax

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Unichem Laboratories Limited - financial results - Q1 FY 2012-13 impressive - Sales & Profits Growth Good in Q1 - Annual FY 13 Sales Higher, Profits Lower

Unichem Laboratories Limited

Quarterly/annual results

Financial Highlights: 

Quarter 1, 2012‐13:

REVENUE

• The company’s standalone revenue from operations stood at Rs. 264.86 crs for  quarter ended June, 2012 against Rs. 188.75 crs for q/e June,11, reflecting 40.3 % growth. On sequential quarter revenue grew by 37.3 %.

• Domestic Branded Formulations grew by 21.0 % compared to Q1 FY 12, while on sequential quarter it grew by 51.4 %.  

• The International Formulation Business grew by 162.4 % compared to Q1FY12, while on sequential quarter it grew by 20.7 %.  

• Domestic API business grew by 74.2 % during this quarter compared to Q1FY12, while on sequential quarter it grew by 33.3 %.  The International API business grew by 19.5 % during this quarter compared to Q1FY12, while on sequential quarter it grew by 13.3%.

EBIDTA

• The company’s EBIDTA margins for the quarter ended June 30, 2012 stood at 18.0 % compared 14.3 % in Q1FY12. On sequential quarter EBITDA margins improved by 0.9 %.

PBT & PAT

• Profit before tax for the quarter ended June 30, 2012 stood at Rs. 45.52 crs (Q1FY12: Rs.21.52 crs) and consequently the net profit for the quarter stood at Rs. 33.14 crs (Q1FY12: Rs. 15.62 crs). On sequential quarter Profit before tax grew by 76.0 % and Net profit by 42.6 %.

• The EPS‐Diluted for the current quarter stood at Rs.3.65 (Q1FY12: Rs. 2.56).

The Performance for Q1 FY 13 is quite good. But, as we can see from the  annual comparison between FY 12 and FY 11, FY11 profits went down due to Heavy expenditure, though Sales were Good.

DIVIDEND

• Recommended dividend of Rs 3 per equity share of Rs 2 for year ended March 31, 2012.

52 week high/low price : Rs.187.20/100.3

Current MP : Rs.172.55

OTHER DETAILS

Niche Generics Limited, the 100% UK Subsidiary recorded sales of GBP 2.31 Million (corresponding quarter previous year: GBP 2.62 Million) and Net Loss of GBP 0.05 Million (corresponding quarter previous year: GBP 0.11 Million) for the quarter ended June 30, 2012.

Unichem Pharmaceuticals USA Inc., the 100% US Subsidiary recorded sales of USD 1.98 Million (corresponding quarter previous year: USD 0.7 Million) and Net Loss of USD 0.15 Million (corresponding quarter previous year: USD 0.35 Million) for the quarter ended June 30, 2012.

Unichem Pharmaceuticals Do Brasil Ltda, the 100% Brazilian Subsidiary recorded sales of Brazilian Reals 0.35 Million (corresponding quarter previous year: Brazilian Reals ‘NIL’ Million) and Net Loss of Brazilian Reals of 0.61 Million (corresponding quarter previous year: Brazilian Reals 0.58 Million) for the quarter ended June 30, 2012.

India Formulation Business

Key Highlights

Company says - We have discontinued our subscription to IMS and effective April, 2011; we are following the secondary sales market data of AWACS, which may be at variance with IMS in terms of overall market size, representative market size and accordingly the market share.  

AWACS

Domestic Formulation market on MAT June, 2012 is estimated at Rs. 65,143 crs by AWACS, reflecting a growth of 16.7 % over MAT June, 2011.  

Further, for the quarter ended June, 2012 {April to June} the Domestic Formulation Market stood at Rs. 16,709 crs reflecting a growth of 17.1 % over quarter ended June, 2011.  

Unichem Laboratories revenue on MAT June, 2012 is estimated at Rs. 679 crs and growing at 3.5 % with a market share of 1.04 % (in covered market 2.23 %). For the quarter ended June, 2012 {April to June} revenue is estimated at Rs. 174 crores reflecting a growth of 7.5 % over quarter ended June, 2011.

RESULTS TABLE

Indicates  - itemwise details for Q1 FY 13; QoQ % difference compared to Q4 FY 12; Q4 FY 12 figures; YoY % difference between Q1 FY13 & Q1 FY 12; Q1 FY 12 figures; Q3FY 12 figures; Q2 FY 12 figures

unichem lab	30-Jun-12	QoQ % dif	31-Mar-12	YoY % dif	30-Jun-11	31-Dec-11	30-Sep-11
Net Sales	26329.95	38.31	19036.48	41.04	18667.85	21977.65	19708.98
Total Expenditure	22533.44	34.15	16796.71	33.7	16854.27	19251.88	17527.69
Profit  before Interest, Dep. & Taxes	3796.51	69.5	2239.77	109.34	1813.58	2725.77	2181.29
Net Profit (+)/Loss (-) after Tax	3314.22	42.64	2323.55	112.21	1561.79	2446.65	1914.21
Diluted EPS	3.65	42.58	2.56	112.21	1.72	2.7	2.11
Net Sales	26329.95	38.31	19036.48	41.04	18667.85	21977.65	19708.98
Materials consumed	7222.82	15.1	6275.12	80.77	3995.56	5286.18	3871.69
Purchases of SIT	3356.73	48.09	2266.63	3.85	3232.44	2464.71	2327
Employee benefits	3378.59	17.66	2871.41	13.58	2974.68	3016.89	3029.06
Depreciation	827.61	4.54	791.67	22.79	674.03	672.4	690.71
Other expens	8041.58	33.88	6006.52	29.05	6231.19	7281.78	6673.46
Total expens	22533.44	34.15	16796.71	33.7	16854.27	19251.88	17527.69
P B T	4552.22	75.96	2587.14	111.19	2155.54	3179.66	2602.48
Tax Expens	1238	365.47	265.97	108.51	593.75	733.01	688.27
Net Profit	3314.22	42.64	2323.55	112.21	1561.79	2446.65	1914.21
Face Value	2	0	2	0	2	2	2
Paid-up Equity	1806.64	0.01	1806.43	0.04	1805.98	1806.38	1806.07
Basic EPS	3.67	42.8	2.57	112.14	1.73	2.71	2.12
Diluted EPS	3.65	42.58	2.56	112.21	1.72	2.7	2.11
Public holding (%)	50.41	-0.02	50.42	-1.89	51.38	50.76	50.75

ANNUAL RESULTS COMPARISON

We can see from the table below that the annual net profit has actually fallen compared to previous year.

While the face value has come down from Rs.5 to Rs.2; and net sales have gone up by 27%; the expenditure also has gone up steeply ovr the year by 48%; thus bringing down the net profit considerably.

UNICHEM LAB	FY 12(Lakhs)	FY11 (LAKHS)	YoY % Dif
Net Sales	86618.53	68383.54	26.67
Other Operating Income	927.77	676.13	37.22
Increase in SIT/WIP	-588.56	256.65	-329.32
Raw Materials	21452.44	12913.8	66.12
Traded goods	10661.25	10167.05	4.86
Employees Cost	15409.97	8596.23	79.26
Depreciation	3043.45	2146.85	41.76
Other Expenditure	28777.02	19180.82	50.03
Total Expenditure	78755.57	53261.4	47.87
Profit from Operations	8790.73	15798.27	-44.36
Other Income	1020.07	658.36	54.94
Profit before Intt & Exceptional Items	9810.8	16456.63	-40.38
Interest	407.83	50.97	700.14
Profit after Intrst but before Exceptional Items	9402.97	16405.66	-42.68
Profit before tax	9402.97	16405.66	-42.68
Tax Expense	2281	3043	-25.04
Net Profit	7125.75	13361.8	-46.67
Face Value (in Rs.)	2	5	-60
Paid-up Equity	1806.43	1803.15	0.18
Reserves	64248.45	59261.29	8.42
Basic EPS  (in Rs.)	7.89	37.14	-78.76
Diluted EPS (in Rs.)	7.86	36.92	-78.71
Public Shareholding (NO)	45537639	18595885	144.88
Public eholding (%)	50.24	51.56	-2.56

ABOUT UNICHEM LABS:

Promoted by Mr. Amrut Mody, Unichem Laboratories has grown to become one of India’s most respected pharmaceutical companies. It is committed to delivering better health through superior products. By combining strategic research and in-depth industry knowledge, Unichem aims to transform itself into a global pharmaceutical drug company with an increasing focus on cutting-edge research and developed markets.

With formulations forming the core of Unichem’s business, the company also manufactures active pharmaceutical ingredients (APIs or bulk actives). In addition, it has several pharma products that address relevant and growing therapeutic areas like gastroenterology, cardiology, diabetology, psychiatry, neurology, anti-bacterials, anti-infectives and pain management among others.

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