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Analyst Meet / AGM
21-Jan-13
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Conference Call
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Unichem Laboratories
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Expects to grow 200-300 bps higher than market for next 3-4 years
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Unichem Laboratories announced the results for the quarter ended December 2012 and held a conference call on 21st January 2013 to discuss the results and future growth strategies. The key takeaways of the call are as follows.
Highlights of the call:
- The Indian Pharmaceutical market growth is less than expected in Q3 due to the dip in the acute portfolio. But it indicated that this is seasonal and expected to be normal going forward.
- However, The Unichem Chronic portfolio done fairly better than market and also the acute side it not dipped as the industry dipped during the quarter.
- In Nov'11, the Ghaziabad facility started operations and for the first time, the base effect came in Q3 FY'13 quarter for Nov'12 and Dec'12 months. This was one of the reasons for lower sales growth y.o.y for Q3 FY'13. Also during Q1 and Q2 FY'13, there were some newer contractual formulation businesses, which was not present in Q3. However, management is confident of gaining some from Q4 FY'13 onwards.
- The MR base 2270 as on 31st December 2012 and expected to add 200 more in the Q4'FY 13 mainly into Acute Portfolio and the Extra Urban market. It expected to induct by the end of February 2013 and will be trained mid of March 2013. Further, it indicated that there will be no impact on margins on expected productivity improvement going forward.
- In the export business, the Niche Generic making losses and the cost control measures are already initiated.
- It has not filed an ANDA in Q3 but filed around 27 ANDA's as on date. The R&D centre shifted to new place from the Bombay & Goa and it expects to file 1 or 2 ANDA's per quarter with US FDA going forward.
- It operating contractual business from the last 5 year and contributed to the 4-5% of the total turnover. Further, it started producing form the Ghaziabad plant as well.
- The decline in revenues from API's due to increase in the Captive API's coupled with the Supply constraints.
- The Draft for the New Drug Pricing Policy expected to come out in the February 2013 and expected to be implemented from June/July 2013.
- The margins order – Domestic Formulation > International Formulations> Contractual Formulations> API's.
- The tax rate for the quarter was lower, as there were some deferred tax credits which were taken during Q3 FY'13. Overall, tax rate for FY'13 is expected to be around 21%.
- It has aggressive plans for the domestic business and they were in the formative stage and this will fructify in the Q4 and the next fiscal. It further indicated that it initiated lot of programs and this coupled with operational efficiencies expected to kick in by the next 3-9 months timeline.
- The Exports growth expected to be driven by the robust growth from the Emerging Markets (~20%), US (~20%+) and good growth from the Brazil markets (on the back of few approvals).
- It expects the Indian Pharmaceutical Industry to grow 12-15% CAGR over the next three to four year period, whereas the Unichem Laboratories expected to grow 200-300 bps more than the market.
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