For quarter ended Sept 2021, Consolidated Net sales (including other operating income) of Alembic Pharmaceuticals has declined 11.31% to Rs 1292.32 crore compared to quarter ended sept 2020. Operating profit margin has declined from 30.43% to 19.90%, leading to 41.99% decline in operating profit to Rs 257.22 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.04% to 19.35%. Purchase of finished goods cost rose from 4.65% to 6.09%. Employee cost increased from 17.92% to 22.78%. Other expenses rose from 27.62% to 31.79%.
Other income fell 31.68% to Rs 2.2 crore. PBIDT fell 41.92% to Rs 259.42 crore. Provision for interest rose 2.23% to Rs 4.58 crore. Loan funds rose to Rs 863.85 crore as of 30 September 2021 from Rs 600.31 crore as of 30 September 2020. Inventories rose to Rs 1,499.92 crore as of 30 September 2021 from Rs 1,280.53 crore as of 30 September 2020. Sundry debtors were lower at Rs 527.51 crore as of 30 September 2021 compared to Rs 618.30 crore as of 30 September 2020. Cash and bank balance declined from Rs 280.73 crore as of 30 September 2020 to Rs 179.61 crore as of 30 September 2021. Investments rose to Rs 258.59 crore as of 30 September 2021 from Rs 18.00 crore as of 30 September 2020 .
PBDT fell 42.37% to Rs 254.84 crore. Provision for depreciation rose 24.71% to Rs 54.6 crore. Fixed assets increased to Rs 3,836.74 crore as of 30 September 2021 from Rs 3,331.58 crore as of 30 September 2020. Intangible assets increased from Rs 312.95 crore to Rs 336.17 crore.
Profit before tax down 49.74% to Rs 200.24 crore. Provision for tax was expense of Rs 39.51 crore, compared to Rs 72.97 crore. Effective tax rate was 19.42% compared to 18.32%.
Minority interest increased 34.61% to Rs -5.31 crore. Net profit attributable to owners of the company decreased 49.22% to Rs 169.29 crore.
Equity capital stood at Rs 39.31 crore as of 30 September 2021 to Rs 39.31 crore as of 30 September 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 69.48% as of 30 September 2021 ,compared to 69.77% as of 30 September 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Alembic Pharmaceuticals has declined 6.43% to Rs 2618.35 crore.
Operating profit margin has declined from 30.40% to 18.83%, leading to 42.03% decline in operating profit to Rs 493.16 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.39% to 20.43%. Purchase of finished goods cost rose from 4.24% to 7.38%. Employee cost increased from 19.34% to 22.15%. Other expenses rose from 26.18% to 31.31%.
Other income rose 15.25% to Rs 4.08 crore. PBIDT fell 41.80% to Rs 497.24 crore. Provision for interest fell 39.91% to Rs 6.7 crore. Loan funds rose to Rs 863.85 crore as of 30 September 2021 from Rs 600.31 crore as of 30 September 2020. Inventories rose to Rs 1,499.92 crore as of 30 September 2021 from Rs 1,280.53 crore as of 30 September 2020. Sundry debtors were lower at Rs 527.51 crore as of 30 September 2021 compared to Rs 618.30 crore as of 30 September 2020. Cash and bank balance declined from Rs 280.73 crore as of 30 September 2020 to Rs 179.61 crore as of 30 September 2021. Investments rose to Rs 258.59 crore as of 30 September 2021 from Rs 18.00 crore as of 30 September 2020 .
PBDT fell 41.82% to Rs 490.54 crore. Provision for depreciation rose 26.35% to Rs 107.75 crore. Fixed assets increased to Rs 3,836.74 crore as of 30 September 2021 from Rs 3,331.58 crore as of 30 September 2020. Intangible assets increased from Rs 312.95 crore to Rs 336.17 crore.
Profit before tax down 49.49% to Rs 382.79 crore. Share of profit/loss was 4,603.57% higher at Rs 13.17 crore. Provision for tax was expense of Rs 73.71 crore, compared to Rs 139.75 crore. Effective tax rate was 18.62% compared to 18.43%.
Minority interest increased 29.57% to Rs -11.55 crore. Net profit attributable to owners of the company decreased 47.42% to Rs 333.80 crore.
Equity capital stood at Rs 39.31 crore as of 30 September 2021 to Rs 39.31 crore as of 30 September 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 69.48% as of 30 September 2021 ,compared to 69.77% as of 30 September 2020 .
Cash flow from operating activities decreased to Rs 291.45 crore for YTD ended September 2021 from Rs 923.96 crore for YTD ended September 2020. Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 274.09 crore, compared to Rs 279.44 crore during the YTD ended September 2020.
Full year results analysis.
Net sales (including other operating income) of Alembic Pharmaceuticals has increased 17.10% to Rs 5393.13 crore.
Operating profit margin has jumped from 26.55% to 28.88%, leading to 27.35% rise in operating profit to Rs 1,557.55 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.33% to 21.22%. Purchase of finished goods cost fell from 5.63% to 4.76%. Employee cost decreased from 18.82% to 18.81%. Other expenses fell from 29.83% to 27.33%.
Other income rose 102.83% to Rs 10.02 crore. PBIDT rose 27.66% to Rs 1567.57 crore. Provision for interest fell 41.02% to Rs 16.02 crore. Loan funds declined from Rs 1,747.49 crore as of 31 March 2020 to Rs 512.07 crore as of 31 March 2021. Inventories rose to Rs 1,486.15 crore as of 31 March 2021 from Rs 1,187.53 crore as of 31 March 2020. Sundry debtors were lower at Rs 348.58 crore as of 31 March 2021 compared to Rs 864.75 crore as of 31 March 2020. Cash and bank balance rose to Rs 105.84 crore as of 31 March 2021 from Rs 80.75 crore as of 31 March 2020. Investments rose to Rs 236.28 crore as of 31 March 2021 from Rs 17.62 crore as of 31 March 2020 .
PBDT rose 29.21% to Rs 1551.55 crore. Provision for depreciation rose 16.62% to Rs 183.47 crore. Fixed assets increased to Rs 3,648.02 crore as of 31 March 2021 from Rs 3,099.00 crore as of 31 March 2020. Intangible assets increased from Rs 299.02 crore to Rs 322.94 crore.
Profit before tax grew 31.11% to Rs 1,368.08 crore. Share of profit/loss was 63,380% higher at Rs 31.74 crore. Provision for tax was expense of Rs 253.32 crore, compared to Rs 199.18 crore. Effective tax rate was 18.10% compared to 19.92%.
Minority interest decreased 12.41% to Rs -31.61 crore. Net profit attributable to owners of the company increased 42.14% to Rs 1,178.11 crore.
Equity capital increased from Rs 37.70 crore as of 31 March 2020 to Rs 39.31 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00.
Promoters' stake was 69.48% as of 31 March 2021 ,compared to 72.97% as of 31 March 2020 .
Cash flow from operating activities increased to Rs 1,463.38 crore for year ended March 2021 from Rs 449.14 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 659.52 crore, compared to Rs 734.89 crore during the year ended March 2020.
Other Highlights
In Q2 FY22, US Generics sales stood at Rs 348 crore, International Formulations at Rs 197 Crore, India Formulations Business at Rs 509 crore and API business at Rs 239 crore.
In Q2 FY22, generics contributed 42% of total revenue, Branded 39% and API 19%.
In H1 FY22, generics contributed 42% of total revenue, Branded 38% and API 20%.
Increase in competitive intensity during H1FY22 has led to price erosion in some large products.
Management commentary: Mr. Shaunak Amin, Managing Director, Alembic Pharmac~uticals Limited said India Branded Formulation business has posted a. strong growth rate for the second consecutive quarter. This is attributed to the consistent efforts to redefine our business strategy and customer relationships, leading to a strong operational performance, along with a market outperforming growth across all our key product segments and therapy . areas.
Alembic Pharmaceuticals : Consolidated Results
| Quarter ended | Year to Date | Year ended |
| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
| Net Sales (including other operating income) | 1,292.32 | 1,457.10 | -11.31 | 2,618.35 | 2,798.41 | -6.43 | 5,393.13 | 4,605.75 | 17.1 |
| OPM (%) | 19.9 | 30.43 | -1,053 bps | 18.83 | 30.4 | -1,157 bps | 28.88 | 26.55 | 233 bps |
| OP | 257.22 | 443.43 | -41.99 | 493.16 | 850.78 | -42.03 | 1,557.55 | 1,223.01 | 27.35 |
| Other Inc. | 2.2 | 3.22 | -31.68 | 4.08 | 3.54 | 15.25 | 10.02 | 4.94 | 102.83 |
| PBIDT | 259.42 | 446.65 | -41.92 | 497.24 | 854.32 | -41.8 | 1,567.57 | 1,227.95 | 27.66 |
| Interest | 4.58 | 4.48 | 2.23 | 6.7 | 11.15 | -39.91 | 16.02 | 27.16 | -41.02 |
| PBDT | 254.84 | 442.17 | -42.37 | 490.54 | 843.17 | -41.82 | 1,551.55 | 1,200.79 | 29.21 |
| Depreciation | 54.6 | 43.78 | 24.71 | 107.75 | 85.28 | 26.35 | 183.47 | 157.32 | 16.62 |
| PBT | 200.24 | 398.39 | -49.74 | 382.79 | 757.89 | -49.49 | 1368.08 | 1043.47 | 31.11 |
| Share of Profit/(Loss) from Associates | 3.25 | -0.16 | LP | 13.17 | 0.28 | 4,603.57 | 31.74 | 0.05 | 63,380.00 |
| PBT before EO | 203.49 | 398.23 | -48.9 | 395.96 | 758.17 | -47.77 | 1399.82 | 1043.52 | 34.14 |
| EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -43.64 | - |
| PBT after EO | 203.49 | 398.23 | -48.9 | 395.96 | 758.17 | -47.77 | 1399.82 | 999.88 | 40 |
| Taxation | 39.51 | 72.97 | -45.85 | 73.71 | 139.75 | -47.26 | 253.32 | 199.18 | 27.18 |
| PAT | 163.98 | 325.26 | -49.58 | 322.25 | 618.42 | -47.89 | 1146.5 | 800.7 | 43.19 |
| Minority Interest (MI) | -5.31 | -8.12 | 34.61 | -11.55 | -16.4 | 29.57 | -31.61 | -28.12 | -12.41 |
| Net profit | 169.29 | 333.38 | -49.22 | 333.8 | 634.82 | -47.42 | 1178.11 | 828.82 | 42.14 |
| P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit after discontinued operations | 169.29 | 333.38 | -49.22 | 333.8 | 634.82 | -47.42 | 1178.11 | 828.82 | 42.14 |
| EPS (Rs)* | 8.61 | 16.96 | -49.22 | 16.98 | 32.3 | -47.42 | 59.94 | 44.01 | 36.2 |
* EPS is on current equity of Rs 39.31 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database |
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