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Alembic Pharma Q1FY21 Earning Call Highlights

Alembic Pharma Q4FY21 Earning Call Highlights

Published on 24 July 2021 Views 7 Comments 0

Quarter 4 Highlights

  • Total Revenue Grew by 6% to 1280 Crores from 1207 crores YoY basis. But decline in total revenue by 2.50% on QoQ basis.
  • EBITDA grew by 6% to 359 crores from 339 crores. EBITDA Margin stood at 28% of sales. But EBITDA on QoQ basis showed a negative trend by 6.4%
  • Profit before tax & Profit after tax grew by 6% & 12% respectively. The numeric figures being 305 crores & 251 crores respectively. But consolidated net profit on QoQ basis declined by 14%
  • EPS growth stood at 12.75 per year versus 11.92 YOY.
  • Segment Revenue Contribution: Formulation: Generics stood at 37% from US(-7% QoQ) while Ex US stood at 18%(+36% QoQ)

Branded formulations from India stood at 28%(17% specialty, Acute stood at 7% while Vet stood at 4%)(-14% QoQ)

Contributions from API stood at 17%(0% QoQ). Overall it was degrowth by -3% QoQ basis while on YoY basis it grew by 6%.

  • Capex for the quarter stood at Rs.178 Crores.
  • R&D expense was Rs.195 Crores in the quarter which was 15% of sales.
  • 3 Products were launched during the quarter

Financial Year 2021 Highlights

  • Revenue Growth YOY stood at 5393 crores displaying a strong growth rate of 17%.
  • EBITDA Margin stood at 30% of sales while EBITDA showed a growth rate of 35% and stood at 1631 crores
  • Profit before tax went up by 39% to Rs.1430 Crores and profit after tax
    went up by 42% to Rs.1178 Crores.
  • EPS for the year ended is Rs.60.81 per share on a weighted average
    expanded capital versus Rs.43.97 on old capital in the corresponding
    previous year.
  • Segment Revenue Contribution: Formulation: Generics stood at 40% from US(+9% YoY) while Ex US stood at 14%(+57% YoY)

Branded formulations from India stood at 28%(16% specialty, Acute stood at 9% while Vet stood at 3%)(+5% YOY)

Contributions from API stood at 18%(+35% YoY). Overall it was growth by 17%.

  • Cumulative capex for ongoing projects including the preoperative expenses is Rs.1800 Crores. Depending on the situation it will be between 500 Crores and 700 Crores FY 2022
  • Gross borrowing stands at Rs.500 Crores all through the debentures. Cash on hand is about 208 Crores. Net debt to equity reduced from 0.52 to 0.04 YOY
  • R&D Expense stood at Rs.670 Crores for the year which was approximately 12% of sales.
  • The board at its meeting held earlier during the day declared dividend of Rs.14 per share that is on a face value of Rs.2 per share at 700%. Previous Year Dividend stood at Rs 10 Rs per share.
  • Products launched during the year were 16 & for FY 2022 they are expected to launch 15 products revolving around Oral Solid Dosages, Derm as well as Ophthalmic products.

 

Other Highlights

  • F3 plant which is the General Injectable formulations plant was audited by the FDA in February. This was deemed mission critical that is why they came and physically audited it. They gave 5 observations, most of these were procedural as per the management
  • Company has filed 13 ANDAs during the quarter out of which 4 were from Aleor and for the year it stood at filed 29 ANDAs
  •  Company’s drug discovery venture, Rhizen had out licensed to TG Therapeutics, its first product “Umbralisib” which is incidentally the first product to have been developed in India. Company has also launched another product “UKONIQ” and commercialized it recently
  • Company’s international business has received 4 approvals during the quarter and cumulatively have 139 ANDA approvals.

Segment Revenue

  • Numbers for international formulation was relatively flat at Rs.700 Crores in the quarter and grew 19% to 2942 Crores for FY2021.
  • US generics degrew by 18% to Rs.475 Crores for the quarter and grew 9% to Rs.2163 Crores for the year. CAGR growth stood at 24% from FY 2017-2021
  • Ex-USA generics continue to grow to 77% to Rs.233 Crores for the quarter and 57% to Rs.779 Crores for the year. Company expects future growth at 10% to 15% in this segment. CAGR growth stood at 25% from FY 2017-2021.
  • The API business also continued its growth 38% to Rs.214 Crores for the quarter and for the year 35% to Rs.955 Crores for FY2021.Company expects growth in this segment at a stable rate of 10%. CAGR growth stood at 11% from FY 2017-2021.
  • Overall branded business displayed growth of 5% YoY. The CAGR also stood at 5% from FY 2017-21.
  • Branded Business: 2 Products in top 300
  • As regards the domestic formulation business, the Indian formulations business grew 5% to Rs.358 Crores in the quarter and 5% to almost Rs.1500 Crores in FY2021.
  • As per management company has grown anti-infective 5% against the market degrowth of 10% but in cough and cold, company & the whole market has degrown.
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