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R e s t r u c t u r i n g d e l a y s r e m a i n a c o n c e r n …
Unichem Laboratories’ Q3FY12 numbers were slightly above our
expectations. The revenues on a standalone basis increased by 13% YoY
to | 222.6 crore, slightly above our expectation of | 209 crore mainly due
to the depreciation of the rupee against major currencies, which boosted
exports realisation. Exports formulation grew by 84.1% to | 49.4 crore.
EBITDA margins declined ~340 bps to 16.5% YoY. Net profit declined by
4% to | 24.5 crore slightly above our expectation of | 22 crore on the
back of lower taxation. We maintain our HOLD rating on the stock.
ƒ Starts supply to US customer
From November, the company has started supplying a couple of
products to a US customer under the CRAM agreement. It recorded
sales of | ~| 9.5 crore. We expect the company to generate around
| 25 crore in Q4FY12 from this business.
ƒ Plans to launch one product in US market
Unichem is planning to launch one more product in the US market
in Q4FY12. So far, it has launched seven products in the US market.
Till date, the company has filed 23 ANDAs with the USFDA, received
approval for 11 and plans to file two more in Q4FY12. Unichem also
expects approvals for three to four ANDAs in FY13 as these ANDAs
were filed 30 month earlier.
ƒ Niche Generic records cash profit
Niche Generics, the 100% UK Subsidiary, recorded sales of £ 2.3
million and net loss of £ 0.05 million in the quarter. It recorded cash
profit during the quarter. We expect Niche to break even at a net
level from Q2FY13.
V a l u a t i o n
We have cut our FY13E EPS by 4% on account of more delays in the
restructuring of the domestic formulations business than anticipated. The
company is also witnessing a poor performance from its key brands in the
domestic market. The stock is trading at 10.5x FY13E EPS of | 13.4. We
have ascribed a target of | 134, based on 10x FY13E EPS of | 13.4. We
are maintaining our HOLD rating on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
R e s t r u c t u r i n g d e l a y s r e m a i n a c o n c e r n …
Unichem Laboratories’ Q3FY12 numbers were slightly above our
expectations. The revenues on a standalone basis increased by 13% YoY
to | 222.6 crore, slightly above our expectation of | 209 crore mainly due
to the depreciation of the rupee against major currencies, which boosted
exports realisation. Exports formulation grew by 84.1% to | 49.4 crore.
EBITDA margins declined ~340 bps to 16.5% YoY. Net profit declined by
4% to | 24.5 crore slightly above our expectation of | 22 crore on the
back of lower taxation. We maintain our HOLD rating on the stock.
ƒ Starts supply to US customer
From November, the company has started supplying a couple of
products to a US customer under the CRAM agreement. It recorded
sales of | ~| 9.5 crore. We expect the company to generate around
| 25 crore in Q4FY12 from this business.
ƒ Plans to launch one product in US market
Unichem is planning to launch one more product in the US market
in Q4FY12. So far, it has launched seven products in the US market.
Till date, the company has filed 23 ANDAs with the USFDA, received
approval for 11 and plans to file two more in Q4FY12. Unichem also
expects approvals for three to four ANDAs in FY13 as these ANDAs
were filed 30 month earlier.
ƒ Niche Generic records cash profit
Niche Generics, the 100% UK Subsidiary, recorded sales of £ 2.3
million and net loss of £ 0.05 million in the quarter. It recorded cash
profit during the quarter. We expect Niche to break even at a net
level from Q2FY13.
V a l u a t i o n
We have cut our FY13E EPS by 4% on account of more delays in the
restructuring of the domestic formulations business than anticipated. The
company is also witnessing a poor performance from its key brands in the
domestic market. The stock is trading at 10.5x FY13E EPS of | 13.4. We
have ascribed a target of | 134, based on 10x FY13E EPS of | 13.4. We
are maintaining our HOLD rating on the stock.
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