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Result Reviews – 3QFY2011
Aurobindo Pharma
For 3QFY2011, Aurobindo Pharma reported net sales of `1,072cr (`824.5cr), up by 30%,
above our estimates of `935cr, due to higher-than-expected contribution from the
formulations segment at `644cr (`420cr), an increase of 53.3%. In terms of market
performance, US contributed 51% of the total formulations sales at `328.2cr (`419.9cr), an
increase of 48.4%. The API segment grew by 9.2% at `455cr (`417cr). Dossier income
increased by 32.7% to `120.4cr (`90.7cr). OPM dropped to 18.6% (18.4%), lower than our
estimate of 19.3%, majorly due to increased employee cost at `108cr (`90.1cr), up by 20%.
Raw-material cost increased by 35% to `636cr (`471.6cr). Other expenses also grew by 12%
to `194cr (`173.3cr) during the quarter. The tax outgo increased to `78.3cr (`54.9cr), up by
42.6%, higher than our estimate of `43.5cr for 3QFY2011. Consequently, net profit came in
at `188.7cr (`171.7cr), an increase of 10%, higher than our estimates of `145cr. The
company filed for 15 ANDAs in the US, taking the cumulative to 200. As of December 2010,
128 ANDAs have been approved in the US, including 30 tentative approvals. There were 69
products commercialised in the US during the quarter. We remain positive on the stock;
however, we would soon be revising our estimates and target price post our interaction with
the management.
Anant Raj
Anant Raj Industries’ (ARIL) 3QFY2011 results were in line with our expectations. ARIL’s
revenue grew by 50.5% yoy, down 6.4% qoq, to `124cr, driven by booking of revenue to the
extent of `6cr from its new residential launch Kapashera project and `95cr from Manesar
project. Rental revenue grew by 6% qoq to `19.8cr. The company earned `6.9cr from
Manesar IT Park, `8.1cr from three hotels, `1.2cr from Karol Bagh Mall and `3.6cr from
Jhandewalan and Faiz Road. Historically, ARIL’s revenue has been driven by land/FSI sale
and rental income, where operating margins are in the 85–95% range. During the quarter,
81% of revenue came in from ARIL’s new residential launch, where land and construction
cost forms ~50%. Consequently, OPM came in at 62.1% (down 3,037bp yoy and up
1,485bp qoq). We expect OPM to remain at current levels as the share of residential projects
is increasing. Other income fell by 59.2% yoy and 26% qoq to `5cr during the quarter.
Consequently, PAT grew by 4.6% qoq but declined by 25.1% yoy to `50.2cr. We maintain
our Buy rating on the stock; however, we are likely to revisit our FY2012 estimates to factor
in the delay in the launch of its super premium Huaz Khas project.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews – 3QFY2011
Aurobindo Pharma
For 3QFY2011, Aurobindo Pharma reported net sales of `1,072cr (`824.5cr), up by 30%,
above our estimates of `935cr, due to higher-than-expected contribution from the
formulations segment at `644cr (`420cr), an increase of 53.3%. In terms of market
performance, US contributed 51% of the total formulations sales at `328.2cr (`419.9cr), an
increase of 48.4%. The API segment grew by 9.2% at `455cr (`417cr). Dossier income
increased by 32.7% to `120.4cr (`90.7cr). OPM dropped to 18.6% (18.4%), lower than our
estimate of 19.3%, majorly due to increased employee cost at `108cr (`90.1cr), up by 20%.
Raw-material cost increased by 35% to `636cr (`471.6cr). Other expenses also grew by 12%
to `194cr (`173.3cr) during the quarter. The tax outgo increased to `78.3cr (`54.9cr), up by
42.6%, higher than our estimate of `43.5cr for 3QFY2011. Consequently, net profit came in
at `188.7cr (`171.7cr), an increase of 10%, higher than our estimates of `145cr. The
company filed for 15 ANDAs in the US, taking the cumulative to 200. As of December 2010,
128 ANDAs have been approved in the US, including 30 tentative approvals. There were 69
products commercialised in the US during the quarter. We remain positive on the stock;
however, we would soon be revising our estimates and target price post our interaction with
the management.
Anant Raj
Anant Raj Industries’ (ARIL) 3QFY2011 results were in line with our expectations. ARIL’s
revenue grew by 50.5% yoy, down 6.4% qoq, to `124cr, driven by booking of revenue to the
extent of `6cr from its new residential launch Kapashera project and `95cr from Manesar
project. Rental revenue grew by 6% qoq to `19.8cr. The company earned `6.9cr from
Manesar IT Park, `8.1cr from three hotels, `1.2cr from Karol Bagh Mall and `3.6cr from
Jhandewalan and Faiz Road. Historically, ARIL’s revenue has been driven by land/FSI sale
and rental income, where operating margins are in the 85–95% range. During the quarter,
81% of revenue came in from ARIL’s new residential launch, where land and construction
cost forms ~50%. Consequently, OPM came in at 62.1% (down 3,037bp yoy and up
1,485bp qoq). We expect OPM to remain at current levels as the share of residential projects
is increasing. Other income fell by 59.2% yoy and 26% qoq to `5cr during the quarter.
Consequently, PAT grew by 4.6% qoq but declined by 25.1% yoy to `50.2cr. We maintain
our Buy rating on the stock; however, we are likely to revisit our FY2012 estimates to factor
in the delay in the launch of its super premium Huaz Khas project.
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