Unichem Laboratories posted Strong quarter and robust growth during the year. The Company Standalone net sales grew by strong 27% YoY in Q4'FY13 to Rs 241.23 crore driven by the robust growth from Domestic Formulation business (28%) and International business (29%). However, the margins remained flat at 17.2% and after this OP grew by 26% YoY to Rs 41.82 crore. After the sharp rise in other income (95%), with meager interest cost, even after increase in depreciation and marginal rise in effective tax rate, PAT grew by 33% YoY to Rs 30.93 crore.
- Strong Growth in Sales – Broad based Growth:
The Sales grew by 26% YoY to Rs 243.53 crore, which includes other operating income Rs 2.30 crore (down by 12%) for the quarter ended March 2013. The strong growth in sales was driven by the robust growth from the Domestic Formulation business (28%) and International businesses (29%).
- Margins flat – EBIDTA grew by 30%:
The lower consumption cost (down by 400 bps YoY) as percentage to sales and net of stock adjustments was offset by the higher other expenses (130 bps YoY) and staff cost (90 bps YoY) during the quarter. Eventually, the Operating profit margins remained flat at 17.2% and after this OP grew by 26% YoY to Rs 41.82 crore. After the sharp growth in other income (95% YoY to Rs 3.15 crore), EBIDTA grew by 30% YoY to Rs 44.97 crore.
- PAT Up by 33% - Marginal increase in tax rate:
With the meager interest cost (Rs 0.42 crore vis-à-vis Rs 0.75 crore) and after the 24% rise in depreciation to Rs 9.79 crore, PBT grew by robust 34% YoY to Rs 34.76 crore. However, after the marginal increase in effective tax rate (20 bps YoY to 11%), PAT grew by 33% YoY to Rs 30.93 crore. After accounting to the prior period tax adjustments Rs 0.10 crore (as against Rs 0.04 crore), net profit grew by 34% YoY to Rs 31.03 crore.
- Revenue Mix – Growth across the business:
The Sales from the Domestic market (60% of total) grew by 25% YoY to Rs 146.78 crore for the quarter ended March 2013. The strong growth was driven by the robust 28% growth in Formulation business to Rs 142.16 crore despite the 19% fall in API business to Rs 4.62 crore for the same period. Also, the International business grew by robust 29% YoY to Rs 94.45 crore on the back of strong growth from Formulation business (29% YoY to Rs 69.90 crore) and API business (29% YoY to Rs 24.56 crore) as well for the same period.
Standalone Yearly Performance:
The net sales grew by 26% YoY to Rs 996.86 crore for the year ended March 2013. Notably, margins expanded by 260 bps YoY to 18.5% and accordingly operating profit grew by robust 46% YoY to Rs 185.68 crore. After the sharp 50% growth in other income to Rs 14.07 crore, PBIDT grew by same 46% YoY to Rs 199.74 crore. With the meager interest cost (Rs 2.48 crore vis-à-vis Rs 3.30 crore) and even after the 23% rise in depreciation to Rs 34.82 crore, PBT was up by sharp 54% YoY to Rs 162.45 crore. Further, after the fall in effective tax rate (down by 140 bps YoY to 20.3%), PAT grew by 57% YoY to Rs 129.50 crore. After accounting to the prior period tax credit of Rs 0.10 crore (as against Rs 0.04 crore) net profit grew by 57% YoY to Rs 129.60 crore.
Consolidated Yearly Performance:
The Consolidated net sales grew by 24% YoY to Rs 1072.45 crore for the year ended March 2013. Also, the margins expanded by 260 bps and accordingly operating profit went up by 47% YoY to Rs 174.28 crore. After the 32% growth in other income to Rs 13.42 crore, PBIDT grew by 46% YoY to Rs 187.70 crore. With the 19% fall in interest cost to Rs 3.29 crore and 26% increase in depreciation to Rs 38.34 crore, PBT was up by 55% YoY to Rs 146.07 crore. But after the fall in effective tax rate by 170 bps YoY to 22.6% PAT grew by 59% YoY to Rs 113.12 crore. After accounting to the prior period tax adjustments Rs 0.10 crore (as against Rs 0.04 crore) net profit was up by 59% YoY to Rs 113.23 crore.
Other Information:
- The Niche Generics Limited, the 100% UK Subsidiary recorded sales of GBP 10.77 Million (corresponding period of the previous year: GBP 10.32 Million) and Net Profit of GBP 0.10 Million (corresponding period of the previous year: Net Loss GBP 0.19 Million) for the year ended March 31, 2013.
- The Unichem Pharmaceuticals USA Inc., the 100% US Subsidiary recorded sales of USD 8.45 Million (corresponding period of the previous year: USD 5.43 Million) and Net Loss of USD 0.62 Million (corresponding period of the previous year: USD 0.75 Million) for the year ended March 31, 2013.
- The Unichem Pharmaceuticals Do Brasil Ltda, Brazil Subsidiary recorded sales of Brazilian Reals 1.54 Million (corresponding period of the previous year: Brazilian Reals 0.009 Million) and Net Loss of Brazilian Reals of 2.97 Million (corresponding period of the previous year: Brazilian Reals 2.48 Million) for the year ended March 31, 2013.
- The Board recommended a dividend of Rs 4.5 (225%) per equity share of face value Rs 2 as against Rs 3 (150%) paid last year.
|