4QFY2011 Financials Snapshot
| Y/E March (` cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) |
| Net sales | 120 | 114 | 5.4 | 109 | 10.6 |
| Other operating income | 1 | 1 | 0.0 | 2 | (23.7) |
| Gross profit | 67 | 63 | 6.2 | 57 | 17.4 |
| Operating profit | 16 | 13 | 16.9 | 11 | 40.9 |
| Net profit | 12 | 9 | 37.9 | 8 | 47.8 |
4QFY2011 Financials Actual V/s Estimates
| `cr | Actual | Estimate | Variation |
| Net sales | 120 | 118 | 1.9 |
| Other operating income | 1 | 1 | 0.0 |
| Operating profit | 16 | 20 | (24.0) |
| Tax | 2 | 3 | (34.6) |
| Net profit | 12 | 12 | (2.4) |
4QFY2011 Financial Result Highlights-
| Y/E March (`cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) | FY2011 | FY2010 | % chg (yoy) |
| Net sales | 120 | 114 | 5.4 | 109 | 10.6 | 478 | 398 | 20.1 |
| Other income | 1 | 1 | 0.0 | 2 | (23.7) | 8 | 5 | 0.6 |
| Total income | 122 | 116 | 5.3 | 110 | | 486 | 403 | 20.6 |
| Gross profit | 67 | 63 | 6.2 | 57 | 17.4 | 265 | 224 | 18.4 |
| Gross margins (%) | 55.8 | 55.4 | 52.6 | 55.5 | 56.3 | | ||
| Operating profit | 15.6 | 13.3 | 16.9 | 11.0 | 40.9 | 64.5 | 53.2 | 21.1 |
| OPM (%) | 12.9 | 11.6 | 10.1 | 13.5 | 13.4 | | ||
| Interest | 1 | 1 | 6.8 | 1 | (12.5) | 2 | 3 | (17.5) |
| Dep & amortisation | 3 | 3 | 2.0 | 3 | 3.3 | 13 | 12 | 11.3 |
| PBT | 11 | 9 | 23.0 | 7 | 64.8 | 49 | 38 | 27.2 |
| Provision for taxation | 1.7 | 1.7 | 0.6 | 0.3 | 486.2 | 5.5 | 1.1 | 398.2 |
| Reported Net profit | 11 | 9 | 24.2 | 8 | 33.0 | 51 | 42 | 21.3 |
| Less : Exceptional items | 0 | 0 | - | 0 | 0 | 0 | | |
| PAT after exceptional items | 12 | 9 | 37.9 | 8 | 47.8 | 51 | 42 | 21.3 |
| EPS (`) | 9.9 | 7.2 | | 6.7 | | 41.5 | 34.3 | |
4QFY2011 Financial Performance:
· The Company has reported net sales of `120.4cr (`108.9cr), up by 10.6% yoy in-line with our estimates of `118.2cr for the quarter. The domestic formulations segment remained flat during the quarter contributing 60% of the total sales. The formulations exports grew by 27.8% in 4QFY2011 with 34% and 6.9% growth across the regulated and non regulated markets respectively. For the full year the net sales came in at `478.5cr (`398.5cr), increase of 20.1%.
· The Gross margins increased to 55.8% (52.6%) during 4QFY2011, although lower than our estimates of 62.5%. For the full year, the gross margins stood at 55.5%.
· The OPM for the quarter stood at 12.9% as compared to 10.1% in the same period last year. The Ebidta margins for the full year stand at 13.5% (13.4%) inclusive of the R&D expenses.
· The Net profit increased by 47.8% to `12.2cr (`8.2cr) in line with our estimates of `12.5cr.
The stock is currently trading at 8.2x FY2012E and 7.1x FY2012E earnings. We currently have a Buy rating on the stock with the Target price of `622.
| Valuation Summary | | | | | |
| Y/E March (`cr) | FY2009 | FY2010 | FY2011E | FY2012E | FY2013E |
| Net sales | 350.7 | 398.3 | 478.5 | 589.6 | 746.1 |
| % chg | 33.5 | 13.6 | 20.1 | 23.2 | 26.6 |
| Net profit | 31.5 | 42.0 | 49.6 | 66.5 | 76.5 |
| % chg | 4.5 | 33.5 | 18.0 | 34.1 | 15.1 |
| EPS (`) | 25.6 | 34.3 | 40.4 | 54.1 | 62.3 |
| EBITDA margin (%) | 13.2 | 13.3 | 15.0 | 17.1 | 17.5 |
| P/E (x) | 17.2 | 12.9 | 10.9 | 8.2 | 7.1 |
| RoE (%) | 11.8 | 14.3 | 15.3 | 18.2 | 18.2 |
| RoCE (%) | 10.5 | 10.8 | 12.9 | 16.9 | 19.1 |
| P/BV (x) | 1.9 | 1.7 | 1.6 | 1.4 | 1.2 |
| EV/Sales (x) | 1.6 | 1.4 | 1.3 | 1.1 | 0.9 |
| EV/EBITDA (x) | 12.3 | 10.8 | 8.7 | 6.3 | 5.0 |
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