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Analyst Meet / AGM
20-Jul-13
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AGM
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Unichem laboratories
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Margins to remain stable in FY'14 and will improve further in FY'15
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The company held its AGM on 19th July'13 and was addressed by Mr Prakash Mody, CMD
Key highlights
- During FY'13, company registered a 24% growth in consolidated net sales and exports now accounts for nearly 33% of total sales. Of the domestic sales, Chronic therapies account for 65% of the revenues while acute accounts for 35%.
- According to the new Drug price control order (DPCO), some of the medicines will come under price control, which is to be sold on market price and not on cost plus model. A few of the products of Unichem also come under the DPCO lists and have some effect on the margin of the company. However, costs rationalization, staff and product restructurings etc would offset any negative impact in margins due to the above reason.
- The company will receive about Rs 160 crore from the sale of its SEZ facility at Indore from Mylan laboratory. The money will be used towards expansion of its existing facility at Goa and increasing its API manufacturing facilities which can include some inorganic options as well. In Goa, the company is increasing it's spend on R&D and a new facility adjusted to the existing one is coming up.
- Of the 5 subsidiaries that the company has, UK based subsidiary is already in profits. US and Brazil subsidiary are doing business development for the company and exploring business opportunities and also for filing of ANDAs and product registration. While the management is happy with the progress of the subsidiaries, they help more in increasing the exports business of the company and brand awareness at international markets.
- Overall, management expects the margin to remain stable if not improve in FY'14, but to definitely improve further in FY'15, when they will have better economies of scale and backward integration in terms of raw material.
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