Providing Affordable and Innovative medicines for healthier lives Q1 FY2020 Earnings Presentation 1 www.lincolnpharma.com
Highlights Q1 FY2020 vs. Q4 FY2019 Management Perspective “We are pleased to report robust financial performance during the quarter. The o Total Income of Rs. 981 million, up 25.1% Company has recorded a 97% q-o-q EBITDA growth and 50% q-o-q PAT growth during Q1 FY2020. The growth has been attributed to a strong performance in o EBITDA of Rs. 203 million, up 97.2% international markets, our exports sales increased by ~17% q-o-q. EBITDA margin during the quarter up 759bps to 20.7% supported by combination of EBITDA margin of 20.7%, up 759 bps factors such as significantly higher revenue contribution from products o PBT of Rs. 178 million, up 126.6% manufactured in house, improved product mix, better working capital management and increased revenue from higher margin markets. PBT margin of 18.2%, improved 815 bps Our strong profit generation and enhanced balance sheet will enable us to o PAT of Rs. 127 million, up 49.9% continue to maximize shareholders value in the medium term. In addition, strong in-house R&D capabilities and immense industry experience coupled with PAT margin of 12.9%, increased 214 bps various strategic initiatives, widespread geographic reach and increasing exports revenue provides us confidence to achieve our long term goals. ” o Total Debt of Rs. 425 million Mr. Mahendra G. Patel, Managing Director Total Debt / Equity of 0.15x and Net Debt to LTM EBITDA of 0.37x Q1 FY2020 Earnings Presentation 2
Performance Overview Consolidated Financial Performance Q1 y-o-y Q4 q-o-q Particulars FY2020 FY2019 Growth (%) FY2019 Growth (%) Total Income 981.1 1,021.2 (3.9)% 784.5 25.1% EBITDA 203.4 255.9 (20.5)% 103.1 97.2% Margin (%) 20.7% 25.1% 13.1% PBT 178.5 226.8 (21.3)% 78.8 126.6% Margin (%) 18.2% 22.2% 10.0% Profit After Tax (PAT) 126.7 160.7 (21.2)% 84.5 49.9% Margin (%) 12.9% 15.7% 10.8% Basic EPS (Rs.) 6.33 8.03 (21.2)% 4.23 49.6% o On YoY basis financials are not comparable due to change in statutory accounting treatment Note: Financials are as per IND-AS Q1 FY2020 Earnings Presentation 3
Performance Overview Revenue Breakup General Anti Infectives Respiratory Systems 24.8% 20.2% 25.0% Therapeutic Area 29.7% Alimentary Tract and Metabolism Genito Urinary System and Sex Hormones 7.0% Musculo-Skeletal System 0.2% Q1 FY20 Q1 FY19 3.1% Parasitology 0.7% 0.1% 7.3% 9.6% Blood and Blood Forming Organs 4.0% 10.9% 0.6% Cardiovascular System 2.2% 8.0% Central Nervous System 11.9% 16.9% 2.3% 15.4% Others Geography International 43.7% 53.4% 46.6% 56.3% Q1 FY20 Q1 FY19 Domestic Q1 FY2020 Earnings Presentation 4
Performance Trend Total Income (Rs. million) and Y-o-Y Growth (%) 15.4% 2.2% 15.5% (3.9)% (33.0)% 1,021.2 1,070.4 848.1 784.5 981.1 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 EBITDA (Rs. million) and Margin (%) 25.1% 22.0% 20.7% 16.5% 13.1% 255.9 235.2 139.9 103.1 203.4 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 PAT (Rs. million) and Margin (%) 15.7% 14.0% 12.9% 10.8% 10.8% 160.7 150.0 91.5 84.5 126.7 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Financials are as per IND-AS Q1 FY2020 Earnings Presentation 5
Performance Trend Net Debt / LTM EBITDA Total Debt / Net Worth 0.29x 0.97x 0.22x 0.18x 0.18x 0.56x 0.54x 0.15x 0.47x 0.37x Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 ROCE 1 RONW 2 24.3% 22.8% 21.6% 19.6% 19.0% 19.2% 18.8% 18.1% 17.9% 16.0% Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Financials are as per IND-AS Note: 1. ROCE calculated as LTM EBIT/ Capital Employed 2. RONW calculated as LTM Net Profit/ Net Worth Q1 FY2020 Earnings Presentation 6
Leverage Profile Credit Rating (Rs. million) June 2019 Mar 2019 o CRISIL Long Term Debt 48 54 Long term bank facilities: A-/Stable Short Term Debt 377 734 Short term bank facilities: A2+ Total Debt 425 787 o ICRA Less: Cash & Cash Equivalents 176 76 Long term bank facilities: A- Net Debt / (Net Cash) 249 712 Short term bank facilities: A2+ Net Worth 2,823 2,696 Note Balance sheet numbers are as are as per IND-AS Q1 FY2020 Earnings Presentation 7
Recent Developments Becomes the producer of renewable power energy for captive consumption 1 • In addition to two windmills, the Company has also set up a new Solar Plant of 1 MW at factory’s rooftop with a capacity of producing 15 Lakh Power Unit PA Setting up API production unit 2 • Applied to Pollution Control Board for permission of APIs Unit International operations 3 • Aggressively started the business in Francophone African countries and some of the South East Asia Countries • Got many registration in different countries like East and West Africa, South East Asia and Latin America Developed many new NDDS formulations and introduced as a first time in India 4 • Ondansetron Hydrochloride Oral Spray ( DOMI-UP) • Paracetamol 1000 mg Programmed Release Tablet (PA-12) • Micronized Progesterone Vaginal Spray (PROLIN) • Namcold DX Oral Suspension • Caroverine Injection & Capsule (TINNEX): First one to introduce TINNEX for the relief of Tinnitus, tie up with PHAFAG-AG, Switzerland Q1 FY2020 Earnings Presentation 8
Research & Development Research Facilities R&D Expenditure (Rs. mn) and as % of Sales 4.0% 3.2% 2.4% 2.0% 2.7% 148.1 Senior Scientist 15 117.3 Junior Scientist 18 1.6% 88.5 79.5 Analysts 18 72.6 Regulatory Personnel 12 34.3 Administrative Personnel 9 Others 6 FY14 FY15 FY16 FY17 FY18 FY19 Total 78 Q1 FY2020 Earnings Presentation 9
A Leading Pharmaceutical Company Research & Development Department Market Presence Presence in Presence in 4 Patents granted 1,700 Registered products 60+ 25 25 Patents applications 700 in pipeline Countries States across India 72 nd 300+ 15+ 650+ Field staff Rank in AIOCD Formulations developed Therapeutic areas [Market data, March 2019] 15,000+ Prescribers 30+ 500+ 21+ C&F agents 5,000+ Retailers Scientists SKUs Q1 FY2020 Earnings Presentation 10
Key Milestones Targeting Many New Becomes Public Covered 80% Received WHO – Installed Windmill Developed & Launch 3 products which are Countries in West Africa & GMP for plant / Limited Company of all India 600 KVA launched 2 more first time in India. Entered in Latin America production unit from a Partnership Market NDDS products more (regulated) African and Latin American countries 2019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2010-11 2008-09 2001 2000 1997-98 1 MW Solar roof top plant 1995-96 installed 1990 Targeting Regulated Market Inspection 1984-85 1979 1979 Launched Next Generation Progesterone Therapy “ Prolin Spray” R&D Center Developed & Installed Windmill Started export to Domestic started; Export Started Launched 3 NDDS 2.1 MW Tanzania and network Operations house certificate products Mauritius across nation received Q1 FY2020 Earnings Presentation 11
Global Footprint Presence over 60 + Countries in Europe, Latin America, Africa, Asia Pacific, South East Asia and 25 States across India Jammu Uttaranchal Chandigarh Delhi Europe : Ambala Ghaziabad France Lucknow Guwahati Jaipur Patna Ranchi Ahmedabad Kolkata Indore Raipur Nagpur Cuttack Vijayawada Chennai South & Central Bangalore Asia : Afghanistan, Armenia, Africa: Angola, Benin, Botswana, America : Bolivia, Azerbaijan, Bhutan, Cambodia, Burkina Faso, Burundi, Cameroon, Chile, Costa Rica, Kochi Fiji, Hong Kong, Iraq, Lebanon, Ethiopia, Gabon, Ghana, Ivory Coast, Ecuador, El-Salvador, Kazakhstan, Mauritius, Myanmar, Kenya, Madagascar, Malawi, Mali, Guatemala, Guyana, Nepal, Philippines, Sri Lanka, Mozambique, Niger, Nigeria, Senegal, Honduras, Jamaica, Thailand, Turkmenistan, International Presence Seychelles, Sierra Leone, Somalia, South Panama, Peru, Uzbekistan, Vietnam, Yemen C&F Agent Location in India Sudan, Sudan, Tanzania, Togo, Uganda, Suriname, Trinidad & Zambia, Zimbabwe, Zanzibar Tobago Q1 FY2020 Earnings Presentation 12
Best in Class Facilities Certifications: WHO-GMP Certified; ISO 9001:2015 Certified R&D Center: Approved by Government of India; Team of 30 scientists for R&D Green Energy: Windmill project for captive consumption Dosage Forms Produced at Unit 1 Dosage Forms Produced at Unit 2 Description Size Annual Capacity Unit Description Annual Capacity Unit Liquid Ampoules 1 ml to 5 ml 60,000,000 Ampoules Tablet (Compression & Coating) 21,600 Lakhs Tablets 10 ml 30,576,000 Ampoules Tablet (Granulation) 9,00,000 Kg Liquid Vials 2 ml to 10 ml 15,600,000 Vials Capsule (Filling) 2,340 Lakhs Capsules 10 ml to 30 ml 15,600,000 Vials Dry Syrup (Filling) 72,00,000 Bottles Oral Liquids 60 ml to 100 ml 18,000,000 Bottles 150 ml to 200 ml 18,000,000 Bottles Ointment (Filling) 336 Lakhs Tubes Dry Powder Injection 100 mg 22,464,000 Vials Q1 FY2020 Earnings Presentation 13
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