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Analyst Meet / AGM
24-Jul-13
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Conference Call
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Unichem Laboratories
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Lower off-take in International Contractual business during the quarter Is expected to normalize going forward
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Unichem Laboratories announced the results for the quarter ended June 2013 and held a conference call on 24th July 2013 to discuss the results and future growth strategies. The key takeaways of the call are as follows.
Highlights of the call:
- The domestic Branded Formulations grew by 4.2 % compared to the corresponding quarter of the previous year, while on sequential quarter it grew by 23.5 %.
- The domestic Formulation market on MAT June, 2013 is estimated at Rs 72,069 crore {with bonus units at full value} by AWACS, reflecting a growth of 9.8 % over MAT June, 2013. Further, for the quarter ended June, 2013 {April to June} the domestic Formulation Market stood at Rs 18,199 crore reflecting a growth of 7.8 % over quarter ended June 2013. Whereas the Unichem Laboratories revenue is estimated at Rs 730 crore (AWACS MAT June, 2013) and growing at 7.5% with a market share of 1.02 % (in covered market 2.2%). For the quarter ended June, 2013 {April to June} revenue is estimated at Rs 184 crore and growing at 5.9 %.
- The domestic business impacted by the new pricing of NLEM's and strike in Maharashtra by Pharmacists during the quarter.
- The International Formulation Business degrew by 14.2 % compared to the corresponding quarter of the previous year, while on sequential quarter it degrew by 19.5 %. This is primarily due to the lower off-take in the International Contractual business during the quarter. However, it expects to normalize going forward.
- The orders from the contractual business which have to come are not in line with expectations during the quarter but anticipate the outlook for the full year is intact for the business.
- During the quarter, the gross margins improved on the back of higher proportion of sales from the domestic formulations and lower proportion of international contractual formulation business. Also, the OPM improved during the quarter on the back of better control over expenses.
- It's 18-20% domestic portfolio comes under the revised NLEM drug pricing policy. The impact on Unichem Laboratories on domestic sales will be 2-3% for FY'14.
- After the Government notification on Piogliatazone, the diabetic market expected to shift towards other molecules.
- It has filed 28 ANDA's with US FDA and received 15 approvals, commercialized 10 products as on date. It expects couple of approvals in the near term. It also indicated that the growth in the US market will depend upon the approvals going forward. Notably, it expects to file one or two ANDA's per quarter going forward.
- It expects 5-7 product approvals by the end of FY'15 for Brazilian business which expects to turn around the business.
- Over the next 2-3 years, the revenue contribution from the International business to outstrip the domestic formulation business. The revenue mix expected to be 50-50% (aprox) going forward.
- The tax rate expected to be 23% for the FY'14.
- The R&D expenses are 4-5% of sales.
- The Capex expected to be Rs 100-125 crore for the FY'14. This is expected to be spent on the 1) capacity expansion of API's 2) Capacity expansion of Goa facility 3) Pilot plant for the Bio-sciences.
- The Company expects its domestic market to grow by 200 bps higher than the Indian Pharmaceutical market growth for FY'14.
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