Alembic Pharma 4QFY2011 Results-Alembic Pharma declared results for the first time post the demerger. The 4QFY2011 results are not comparable as our estimates stand on the consolidated basis (includes Alembic Ltd and Alembic Pharma Ltd).For 4QFY2011, the company has declared only Alembic Pharma results both for the quarter as well as year ended March 2011.
Alembic Pharma 4QFY2011 (Consolidated) Results
| Exhibit 1: 4QFY2011 Performance (Consolidated) | ||
| Y/E March (`cr) | 4QFY2011 | FY2011 |
| Net sales | 296 | 1,199 |
| Other income | 1 | 3 |
| Total income | 297 | 1,202 |
| Gross profit | 146 | 609 |
| Gross margin | 49.4 | 50.8 |
| Operating profit | 26 | 157 |
| Operating margin (%) | 8.9 | 13.1 |
| Interest | 6 | 24 |
| Depreciation | 8 | 30 |
| PBT | 13 | 107 |
| Provision for taxation | 3 | 21 |
| PAT before Extra-ordinary item | 10 | 85 |
| Extra-Ordinary Expenses | 0 | 0 |
| PAT after Extra-ordinary item & MI | 10.3 | 85.4 |
| EPS (`) | 0.6 | 4.5 |
Key Highlights-
For 4QFY2011, Alembic Pharma registered sales of `297.7cr (`228.7cr), growth of 30% yoy. This was mainly led by the domestic formulation segment which grew by 20% yoy to `157.4cr (`131.4cr) as well as the international generics business in the regulated markets clocked a growth of 147% to `55.2cr (`22.3cr). The net profit stood at `10.2cr for 4QFY2011.
For the full year, Alembic Pharma’s consolidated sales increased by 17% yoy to `1206.6cr (`1,034.9cr). The domestic formulations segment clocked growth of 18.6% at `693.4cr (`584.9cr). The international generic business (regulated markets) clocked growth of 70% at `173.8cr (`102cr). Gross margin came in at 50.8%, with OPM of 13.1% for FY2011. Net profit came in at `85.4cr.
Other developments-
The Company has 38 ANDAs filed with the USFDA with one approval during the quarter and 15 approvals till date.
Alembic Pharma are expected to be listed before the end of May 2011.Currently, we maintain our target price of `71.
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