Providing Affordable and Innovative medicines for healthier lives Q3 FY2016 Earnings Presentation March 2016
Highlights of the Quarter 9M FY2016 vs. 9M FY2015 Management Perspective o Net Revenue of Rs. 2,790 million, up 43.3% “We are pleased to announce a stellar performance with over 40% o EBITDA of Rs. 363 million, up 42.5% growth in our revenue during the nine months of the fiscal year. Our growth was broad-based across all the therapeutic areas. Of the total EBITDA margin of 13.0% sales during the nine months, around 29% was contributed by exports o PBT of Rs. 269 million, up 63.5% business. The profitability during the period ended December 2015 included the benefit from fuel cost savings on account of PBT margin of 9.6% commissioning of wind mill during the fiscal year. o PAT of Rs. 197 million, up 53.8% Various strategic initiatives undertaken during the year coupled with operational efficiencies is expected to pave way for our future topline PAT margin of 7.1% growth as well as further enhancement of profitability. ” o Total Debt of Rs. 643 million Mr. Mahendra G. Patel, Managing Director Total Debt / Equity of 0.4x and Net Debt to LTM EBITDA of 1.2x 2
Performance Overview Consolidated Financial Performance Q3 y-o-y Q2 q-o-q Nine Months y-o-y Particulars (Rs. million) FY2016 FY2015 Growth (%) FY2016 Growth (%) FY2016 FY2015 Growth (%) Net Revenue 1,080 675 59.9% 954 13.2% 2,790 1,947 43.3% EBITDA 132 63 107.5% 117 12.3% 363 255 42.5% Margin (%) 12.2% 9.4% 12.3% 13.0% 13.1% Profit Before Tax (PBT) 98 35 180.2% 87 12.6% 269 165 63.5% Margin (%) 9.1% 5.2% 9.2% 9.6% 8.5% Profit After Tax (PAT) 65 25 156.6% 67 (3.5)% 197 128 53.8% Margin (%) 6.0% 3.7% 7.0% 7.1% 6.6% Basic EPS (Rs.) 3.95 1.59 148.4% 4.10 (3.7)% 12.06 7.86 53.4% 3
Performance Overview Revenue Breakup 1.9% 1.5% 2.0%1.1% General Anti Infectives 1.9%1.1% 3.2% 3.2% Respiratory Systems 5.2% 4.9% Therapeutic Area 24.9% 24.6% Alimentary Tract and Metabolism 11.6% 11.3% Genito Urinary System and Sex Hormones Q3 Q3 Musculo-Skeletal System FY2016 FY2015 Parasitology 12.1% 13.1% Blood and Blood Forming Organs Cardiovascular System 19.5% 20.0% Central Nervous System 19.0% 18.0% Others 28.6% 31.2% Geography International Q3 Q3 FY2016 FY2015 Domestic 68.8% 71.4% 4
Performance Trend Net Revenue (Rs. Million) and Y-o-Y Growth (%) Highlights 54.1% 59.9% 27.5% 22.2% 17.7% o Our robust revenue growth was driven by 675 786 757 954 1,080 strong performance across all therapeutic Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 areas EBITDA (Rs. Million) and Margin (%) o Performance of our domestic as well as export market continued to remain strong 15.1% 12.2% 12.3% 9.4% 9.3% o Decline in total expenses due to lower fuel cost also contributed to the improved 63 73 114 117 132 profitability Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 This cost savings was on account of PAT (Rs. Million) and Margin (%) commissioning of wind mill during the 8.6% 7.0% 6.0% 3.7% 2.8% previous quarter 25 22 65 67 65 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 5
Leverage Profile Credit Rating (Rs. million) 31-Dec-2015 30-Sep-2015 o The Company’s debt facilities have been assigned Long Term Debt 226 226 the following ratings by CRISIL Short Term Debt 417 412 Long term bank facilities: A- Total Debt 643 638 Short term bank facilities: A2+ Less: Cash & Cash Equivalents 137 164 Net Debt / (Net Cash) 506 474 Net Worth 1,454 1,379 Net Debt / EBITDA (x) 1 1.2x 1.3x Total Debt / Net Worth (x) 0.4x 0.5x Note: 1. Based on LTM EBITDA 6
Strategic Initiatives New Launches 1 • Launched the Dermatology Division with a team of approximately 50 people • Introduced 15 products under this division Capacity expansion 2 • Completed the expansion of Unit 1 (Tablet, Capsule & Ointment), which resulted in trebling of the current capacity • Also upgraded the existing facility to enhance efficiency Expansion of wind mill capacity 3 • Completed setting up of a new wind mill (capacity: 2.1 MW); 5 million units of electricity for captive consumption • Significant reduction in fuel cost in the coming quarters New facility to cater to international markets 4 • Plan for setting up a beta-lactam antibiotics manufacturing plant is on schedule • Started construction of the facility Field force expansion and entering into new international geographies 5 • Added approx. 80 members to the field force to increase capacity utilization in the domestic market • New approvals from Namibia, Sudan, Ethiopia, Zimbabwe, Yemen and Libya to increase international volumes 7
A Leading Pharmaceutical Company 44 th 773 Registered Dossiers 15+ Rank in AIOCD 580 Ongoing Applications Therapeutic Areas July 2014 in covered markets 1000+ 500+ Registered Products SKUs 5000 Stockiest 300+ 22 C&F Agents Formulations Developed 4 Patents Granted 30+ 550 Field Staff 25 Patents Applications Scientists 8
Key Milestones Received WHO – GMP Becomes Public Covered 80% of all Developed & for plant/production Limited Company India Market Launched 3 NDDS unit from a Partnership products 2014-15 2001 2010-11 1997-98 2000 1990 1995-96 1984-85 1979 1979 Started export to R&D Center started; Tanzania and Export house certificate Domestic network Developed & launched 2 Started Operations Mauritius across nation received more NDDS products 9
Global Footprint Presence over 50 countries in Latin America, Africa and Asia Pacific; 22 states across India Jammu Uttaranchal Chandigarh Delhi Ambala Ghaziabad Lucknow Guwahati Jaipur Patna Ranchi Ahmedabad Kolkata Indore Raipur Nagpur Cuttack Vijayawada Chennai Latin & Central America : East & West Africa: Angola, Benin, South East Asia: Bhutan, Bangalore Bolivia, Chile, Costa Rica, Botswana, Burkina Faso, Burundi, Cambodia, Fiji, Hong Kong, Kochi El-Salvador, Guatemala, Cameroon, Congo, Gabon, Ghana, Mongolia , Myanmar, Guyana, Honduras, Guinea, Ivory Coast, Kenya, Liberia, Nepal, Philippines, Sri Jamaica, Panama, Peru, Madagascar, Malawi, Mali, Lanka, Thailand, Vietnam International Presence Suriname, Trinidad & Mozambique, Niger, Nigeria, C&F Agent Location in India Tobago, Venezuela Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia, Zimbabwe 10
Best-in-Class Facilities Certifications: WHO-GMP Certified; ISO9001:2008 Certified R&D Center: Approved by Government of India; Team of 30 scientists for R&D Green Energy: Windmill project for energy saving Dosage Forms Produced at Unit 1 Dosage Forms Produced at Unit 2 Description Annual Capacity Unit Description Size Annual Capacity Unit Tablet (Compression & Coating) 1,680,000,000 Tablets Liquid Ampoules 1 ml to 5 ml 60,000,000 Ampoules Total Packing (Strip + Blister) 1,680,000,000 Packs 10 ml 30,576,000 Ampoules Tablet (Granulation) 10,200,000 Kg Liquid Vials 2 ml to 10 ml 15,600,000 Vials Capsule (Filling) 360,000,000 Capsules 10 ml to 30 ml 15,600,000 Vials Dry Syrup (Filling) 6,000,000 Bottles Oral Liquids 60 ml to 100 ml 18,000,000 Bottles Ointment (Filling) 9,600,000 Tubes 150 ml to 200 ml 18,000,000 Bottles Ointment (Packing) 9,600,000 Packs Dry Powder Injection 100 mg 22,464,000 Vials 11
Wide Spectrum of Therapeutic Coverage Cough & Cold / Anti Allergic / Anti-asthmatics ᵦ - lactams Others* Gyneacologial Products Analgesic / Anti-pyretic Therapies covered Gastro Intestinal Range Anti-bacterial / Anti-viral Vitamins / Minerals / Anti-malarial Anti-oxidants 12 * Other therapies include Anti-Diabetic, Anti-Fungal, Anti-Psychotic / Anti-Convulsant /Anti-Depressant, Otology, Cardiac / Anti-Hypertensives / Diuretic, Anti-Diarrhoeal / Anti-Spasmodic / Laxative, Phosphodiesterase Type 5 Inhibitor and General Anesthetics
Key Brands – Domestic Markets Each squirts (spray) delivers 2 mg Ondansetron Hydrochloride Nimesulide 100 mg + Loratidine 5 mg + Ambroxol 30 mg 2 + Phenylephrine 20 mg Sustain Release Tablets 1 3 Caroverine 160 mg/8 ml Injection Natural micronized 12 4 Effective Anti- Malarial Kingping progesterone 300 mg SR Tablets 11 5 11 Antioxidants + 33 Essential Micronutrients + Dextromethorphan Polistirex 30 mg Suspension 5 Amino Acids 10 6 α - β Arteether 150mg/ml Injection Saccharomyces Boulardii (Lyophilized) 282.5 mg Sachet 9 7 8 Calcium Carbonate 1250 mg+ Vit. D3 250 I.U. Tablets Ceftriaxone 1 g Injectable Povidone-iodine 5% + Tinidazole 2 % Ointment 10/20 Grams 13
Key Brands – International Markets 1000 mg programmed release Paracetamol PROGLETS 2 Fluconazole 150 mg Tablets 1 3 Artesunate 60 mg Injectable 12 4 Anti Cold Capsules Glimepiride 1mg/2 ml Tablets 11 5 α - β Arteether Injection 150mg/ 2 ml Clotrimazole 2% w/w Cream 10 6 Losartan Potassium 50 mg Tablets Ibuprofen 50 mg + Paracetamol 325 mg Tablets 9 7 8 Amlodipine Besylate 5 mg Tablets Ondansetron 2 mg/ml Injection Metformin HCL 500 mg Tablets 14
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