GLENMARK PHARMA - RESULTS - Q3 FY2013-14 - REVENUE UP 16% - GOOD PERFORMANCE

GLENMARK PHARMACEUTICALS LTD

RESULTS FOR Q3 FY 2013-14

(DEC,2013)

HIGHLIGHTS

·      Glenmark’s Consolidated Revenue increased by 15.92% to Rs.16012.23 Mn for Q3 FY 13-14.

·       Net Profit for the third quarter was Rs.2162.36 Mn as compared to Rs.2129.17 Mn for the previous corresponding quarter

·       Net profit for the quarter is not comparable due to out-licensing income of Rs.493.03 million received in the previous corresponding quarter

·       EBIDTA excluding out-licensing income grew by 34.75% to Rs.3649.74 Mn.

For the third quarter ended Dec 31, 2013, Glenmark’s Consolidated Revenue was at Rs.16012.23Mn (USD 259.59Mn) as against Rs.

13812.59Mn (USD254.45 Mn)an increase of 15.92%.

Revenue from the Generics Business was at Rs.7372.66Mn (USD 119.26Mn) as against Rs.5911.09Mn (USD 108.99Mn), a growth of 24.73%.

The Specialty Formulation Business excluding out-licensing revenue was at Rs.8639.57Mn (USD 140.33 Mn) as against Rs.7408.47Mn(USD 136.44Mn)for the corresponding previous quarter, recording a growth of 16.62%.

Net Profit (after taxes and minority interests) for the third quarter was Rs

.2162.36Mn as compared to Rs.2129.17Mn for the previous corresponding quarter

The Net profit for the quarter is not comparable due to out-licensing income of Rs.493.03 million received in the previous corresponding

quarter i.e.Q3 FY 2012-13.

EBIDTA excluding out-licencing income grew by 34.75 % to Rs.3649.74.

“Despite challenges in the operating environment, we have registered good growth in both our Speciality and Generics Businesses across the globe. We are reasonably confident of maintaining our growth trajectory with our emerging markets businesses being a key growth driver going ahead,” said Glenn Saldanha, Chairman &MD –Glenmark.

“Our InnovationR&D Business has also been making steady progress with our 4 NCE and 3 NBE molecules at various stages of clinical development,” he added.

For the nine month ended Dec 31, 2013,Glenmark’s consolidated revenue was at Rs.43021.11 Mn(USD 717.02 Mn) as against Rs.36768.57 Mn (USD 672.92Mn), an increase of 17.01%.

Revenue from the Generics Business was at Rs.20746.85 Mn (USD 345.78 Mn), as against Rs.17030.06Mn (USD 311.68 Mn), a growth of 21.82 %.

The Speciality Formulation Business revenue (excluding out-licensing

revenue) was Rs.22156.16 Mn (USD 369.27 Mn) as against Rs.19245.48 (USD 352.22) for the corresponding previous nine month period, recording a growth of 15.12%.

Net Profit for nine months ended December 31, 2013was Rs.5021.89

Mn as compared to Rs.4531.65 Mn in the previous corresponding nine months period.

Specialty Business:

Sales for the Formulation Business in India for the third quarter ended Dec 31, 2013, was at Rs.3812.30Mn (USD61.52Mn) as against Rs.3307.33Mn (USD 60.98Mn)in the previous corresponding quarter, recording a growth of 15.27%.

For the third quarter, revenue from Africa, Asia and CIS region was as against Rs.3009.60Mn (USD 49.23Mn) as against Rs.2619.50Mn (USD 48.18 Mn) for the previous corresponding quarter, recording an increase of14.89%.

Glenmark’s revenue from its Latin American and Caribbean operations was at Rs.1139.31Mn(USD 18.49Mn)for the third quarter ended Dec31, 2013 as against Rs.1014.69Mn(USD 18.69Mn) an increase of 12.28%.

Generics Business:

Glenmark Generics Inc., U.S.A. registered revenue from sale of finished dosage formulations was Rs.5213.60Mn (USD 85.00Mn) for the quarter ended Dec 31, 2013 against revenue of 4365.25Mn (USD 80.48Mn) for the previous corresponding quarter , recording an increase of 19.43 % .

Revenue from the European Formulations Business was Rs.679.99 Mn (USD11.07 Mn) against revenue of Rs.395.16 Mn (USD 7.28 Mn) in Q3 last year, reflecting an increase of 72.08 %.

Revenue from sale of API to regulated and semi-regulated markets globally was Rs.1479.07Mn (USD 24.02Mn), for the Q/E Dec 31, 2013 against Rs.1150.68Mn (USD 21.23Mn) for the previous corresponding quarter, recording an increase of 28.54%.

About Glenmark

Glenmark Pharmaceuticals Ltd. (GPL) is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is ranked among the top 80 Pharma & Biotech companies of the world in terms of revenues. (SCRIP 100 Rankings published in the year 2013). Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). 

Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation [asthma/COPD, rheumatoid arthritis etc.] and Pain [neuropathic pain and inflammatory pain].

The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers. Its subsidiary, Glenmark Generics Limited services the requirements of the US and Western Europe generics markets. The API business sells its products in over 80 countries, including the US, various countries in the EU, South America and India

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AJANTA PHARMA - RESULTS - FOR Q3 FY 2013-14 (DEC,2013) - REVENUE UP 31%; NET PROFIT UP 92% YoY -Excellent performance - future promising

AJANTA PHARMACEUTICALS LIMITED

RESULTS FOR Q3 FY 2013-14

(DEC,2013)

AJANTA PHARMA has reported excellent results for the 3^rd quarter ended Dec,2013.

HIGH LIGHTS

OF Q3 FY 14 PERFORMANCE

Ø Revenue from operations at Rs.301 Cr (Rs.229 cr); grew 31% over same period last year.

Ø EBITDA at Rs.97 Cr (Rs.60Cr), grew 62% over Q3 FY 13

Ø EBITDA to Revenue at 32% against 26% in Q3 FY 13

Ø Profit after Tax at Rs.62 Cr (Rs.33 Cr), grew 92% over same period last year.

Ø PAT to revenue at 21% against 14% in Q3 Last year.

Ø Exports contributed 65% of total operating Income for the Quarter

HIGHLIGHTS

FOR 9 M/E DEC,2014

Ø Revenue from operations at Rs.799 Cr (Rs.590 cr); grew 35% over same period last year.

Ø EBITDA at Rs.234 Cr (Rs.139Cr), grew 68% over 9M FY 13

Ø EBITDA to Revenue at 29% against 24% in 9M FY 13

Ø Profit after Tax at Rs.151 Cr (Rs.74 Cr), grew 104% over same period last year.

Ø PAT to Revenue at 19% against 13% in 9M last year.

Ø Exports contributed 61% of total operating Income for the Quarter

INDIA BUSINESS :SPECIALITY FOCUS

For Q3 FY 14, India Business was Rs.98 Cr, up 38% over Q3 FY 13. Out of this Rs.98 Cr, Indian Pharma market (IPM) business was Rs.84 Cr and  Institution Sales was Rs.14 Cr.

Higher Growth during Q3 in IPM was across all therapeutic segments in which Ajanta operates. Ajanta continues to grow above Industry average in all segments  and improved its overall ranking in IPM to 40^th as per IMS MAT 2013. Company has launched 8 New Products during the quarter, taking tally of New Product Launches in the last 9 months to 19.

EMERGING MARKETS

GROWTH CONTINUES

Ajanta has established strong presence across Africa, CIS, west Asia, South-east Asia and Latin America. For the 3^rd Quarter, exports to these markets was Rs.195 Cr registering a growth of 26% over Q3 FY 13. For the 9m, sales were 489 Cr, a growth of 36% over 9M FY 13.

R&D :Maintaining Pace of filings

Company has filed 4 more ANDAS with USFDA during QA3 (total 8 in 9 MFY14) taking total tally to 22 ANDAs (2 approved and 20 awaiting approval. Company has also filed 109 Product Registration Dossiers in the emerging Markets in Q3FY14. R&D Expense for 9M FY 14 is Rs.39 Cr(5% of Sales) against Rs.28 cr in 9M FY 13.

RESULTS TABLE

Ajanta Pharma	Q3 FY14	Q2 FY 14	%Dif QoQ	Q3 FY 13	%Dif YoY
Total Income	300.85	279.83	7.51	229.34	31.18
Total Expenses	213.12	204.66	4.13	177.56	20.03
OPT	87.73	75.17	16.71	51.78	69.43
PBT	89.58	79.26	13.02	48.88	83.27
tax exp	27.16	23.45	15.82	16.31	66.52
Net Profit	62.42	55.81	11.84	32.57	91.65
Equity	17.67	17.67	0	11.8	49.75
FV	5	5	0	5	0
basic EPS	17.75	15.88	11.78	9.27	91.48
Dil EPS	17.72	15.86	11.73	9.25	91.57

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TORRENT PHARMACEUTICALS LIMITED - QUARTERLY RESULTS-Q3 FY 2013-14 (DEC 2013) - NPT UP 41%YoY; NET SALES UP 29% YoY

TORRENT PHARMACEUTICALS LIMITED

RESULTS FOR Q3 FY 2013-14

(Q.E. DEC,2013)

Torrent Pharmaceuticals has reported 41 % increase in its consolidated net profit for the 3rd quarter ended December 31, 2013 at Rs 158 crore on the back of robust sales – as against a consolidated net profit of Rs 112 crore in the in the same quarter last Year.

Net sales during the quarter stood at Rs 990 crore, compared to Rs 768 crore in the year-ago period.

EPS for Q3 FY 14 against a Face Value of Rs.5 stands at 9.34 against Rs.6.64 in previous quarter and Rs.6.63 in corresponding Quarter of last year.

The annualized EPS will stand at 9.34 x 4 = 37.36. Today’s closing share price stands at 511.60. 

The company had issued Bonus shares in July 2003. The Equity capital has therefore gone up from Rs.42 Cr to Rs.85 cr.

The PE Ratio stands at  13.69. Considering the future prospects of the company, Torrent Pharma is a very good Buy at current prices for medium/long term investors.

The company has 16 wholly owned subsidiaries and one Partnership firm and manufactures Branded formulations.

The company has declared an interim dividend of Rs 5 per equity share of Rs 5 each fully paid up.

On December 13, 2013 the company had signed a definitive agreement to acquire branded formulations business in India and Nepal of Elder Pharmaceuticals for a consideration of Rs 2,004 crore.

Both parties are in the process of taking regulatory approvals and satisfying with various conditions precedent.

RESULTS TABLE

Torrent Pharma	31.12.13	%Dif QoQ	30.09.13	%Dif YoY	31.12.12
Net Income	1015	4.42	972	27.35	797
Total Expenses	821	0.74	815	25.15	656
Profit from Operations	194	23.57	157	37.59	141
Profit Before Tax	188	23.68	152	31.47	143
Tax	30	-23.08	39	-3.23	31
net profit	158	39.82	113	41.07	112

The Net sales have grown 16% within India and 38% outside India YoY. 

The company's global revenues grew by 41% to Rs 637 crore yOy. "In the international operations, US Businesses reported growth of 61%, Europe (including Heumann) grew by 59%, Brazil operations' growth was 26% and rest of the world, including Russia, CIS, Mexico and Canada grew by 9%," the company statement said. 

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