Company Update Dr. Reddy's Lab - Myiris.com - Personal finance ...

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Financial Snapshot Dr. Reddy’s Lab Confluence: Pharma; Pre-conference note (Rs mn) FY11 FY12E YoY % FY13E YoY % Global Generics 53,340 63,958 20 69,208 8 NA 18,996 26,278 38 26,738 2 Europe 8,431 8,361 -1 8,599 3 India 11,690 12,911 10 14,744 14 Russia & Other CIS 10,858 12,369 14 14,077 14 Others 3366 4039 20 5049 25 PSAI 19,647 21,409 9 23,541 10 North America 3170 3329 5 3528 6 Europe 7,020 7,792 11 8,727 12 India 2619 2698 3 2860 6 RoW 6,838 7,591 11 8,426 11 Proprietary products 675 844 25 1013 20 Others 1030 1184 15 1303 10 Gross Revenues 74,692 87,395 17 95,064 9 FTF 4,677 7,024 50 6,538 -7 Base business 70,015 80,371 15 88,526 10 EBITDA 17,121 20,443 19 22,579 10 EBITDA % 22.9 23.4 47 23.8 36 FTF - EBITDA 3,180 3,783 19 2,818 -26 Base business - EBITDA 13,941 16,661 20 19,761 19 Base EBITDA % 19.9 20.7 - 22.3 - PAT 12,314 13,660 11 15,393 13 PAT % 16.5 15.6 -86 16.2 56 FTF - PAT 1,590 3,253 105 2,423 -26 Base business - PAT 10,724 10,407 -3 12,970 25 EPS 72.9 80.7 11 91.2 13 FTF - EPS 9.4 19.2 - 14.3 - Base - EPS 63.5 61.6 -3 76.7 25 PE @ CMP 22.2 20.0 - 17.7 - Base PE @ CMP 25.5 26.3 - 20.2 - FTF/ Para-IV Opportunities Product Generic Name EPS 2012 Sales ($ mn) FY12 EPS 2013 Sales ($ Mn) FY13 Expected Launch Brand Sales ($ Mn) Gemzar Gemcitabine 0.4 3.6 0.0 0.0 Launched 634 10+ Effexor XR Venlafaxine 0.9 7.7 0.0 0.0 Launched 2300 10+ Exclusivity Exelon Rivastigmine 0.7 5.3 0.2 1.7 Launched 379 Shared Zyprexa (20mg) Olanzipine 16.1 103.1 1.5 9.4 Launched 900 Sole Propecia Finasteride 0.0 0.0 2.6 16.8 Jan-12 500 Sole Avandia Rosiglitazone 0.1 0.8 0.8 9.1 Mar-12 400 Shared Boniva Ibandronate 0.1 0.6 0.6 6.8 Mar-12 500 Shared Plavix Clopidogrel 0.0 0.0 3.7 33.3 May-12 6666 Many Geodon * Ziprasidone 0.6 3.6 3.1 20.1 Sep-12 800 Shared Lexapro Escitlopram 0.0 0.0 0.8 6.9 Sep-12 2300 10+ Clarinex Desloratidine 0.5 4.8 0.5 5.3 Sep -12 * 400 Shared¹ Actos Pioglitazone 0.0 0.0 0.4 3.9 Jan-13 3100 10+ Total 19.2 129.3 14.3 113.3 18879 Emkay Research 17 November 2011 16
Financials Income Statement Balance Sheet Dr. Reddy’s Lab Confluence: Pharma; Pre-conference note Y/E, Mar (Rs. mn) FY10 FY11 FY12E FY13E Y/E, Mar (Rs. mn) FY10 FY11 FY12E FY13E Net Sales 70,310 76,558 89,789 96,268 Equity share capital 844 846 846 846 Growth (%) 2.2 8.9 17.3 7.2 Reserves & surplus 36,924 41,797 50,204 60,242 Expenditure 54,549 59,437 69,346 73,648 Net worth 37,768 42,643 51,050 61,088 Raw Materials 22,688 21,987 26,007 29,265 Minority Interest 0 0 0 0 SGA 18,179 21,576 24,258 24,602 Secured Loans 9,275 14,394 13,394 11,894 Employee Cost 10,948 12,786 14,663 15,080 Unsecured Loans 5,568 9,311 8,311 7,311 Other Exp 2,734 3,088 4,418 4,701 Loan Funds 14,843 23,705 21,705 19,205 EBITDA 15,762 17,121 20,443 22,620 Net deferred tax liability 71 -224 -224 -224 Growth (%) 6.9 8.6 19.4 10.6 Total Liabilities 52,682 66,124 72,531 80,069 EBITDA margin (%) 22.4 22.4 22.8 23.5 Depreciation 4,131 3,981 4,366 4,756 Gross Block 64,469 79,752 84,752 89,752 EBIT 11,631 13,140 16,077 17,864 Less: Depreciation 40,946 45,896 50,230 54,986 EBIT margin (%) 16.5 17.2 17.9 18.6 Net block 23,522 33,855 34,522 34,766 Other Income 1,014 1,259 1,376 1,767 Capital work in progress 7,622 6,045 5,085 5,385 Interest expenses 312 246 795 818 Investment 3,580 9 9 9 PBT 6,183 14,153 12,692 15,857 Current Assets 38,202 49,842 56,843 66,152 Tax 2,668 1,839 2,285 2,847 Inventories 13,394 15,992 16,262 17,586 Effective tax rate (%) 43.2 13.0 18.0 18.0 Sundry debtors 11,599 16,507 17,548 18,802 Adjusted PAT 8,435 12,314 13,660 18,687 Cash & bank balance 6,600 8,076 12,505 18,482 (Profit)/loss from JV's/Ass/MI 0 0 0 3,253 Loans & advances 0 0 0 0 Adjusted PAT after MI 8,435 12,314 13,660 15,434 Other current assets 6,609 9,267 10,529 11,281 Growth (%) 11.0 46.0 10.9 13.0 Current lia & Prov 20,245 23,628 23,927 26,243 Net Margin (%) 12.0 16.1 15.2 16.0 Current liabilities 16,746 20,188 20,697 22,172 E/O items -6,150 0 0 0 Provisions 3,499 3,440 3,230 4,071 Reported PAT 3,515 12,314 13,660 15,434 Net current assets 17,957 26,214 32,915 39,909 Growth (%) -138.3 250.3 10.9 13.0 Misc. exp & Def. Assets 0 0 0 0 Cash Flow Key Ratios Total Assets 52,682 66,124 72,531 80,069 Y/E, Mar (Rs. mn) FY10 FY11 FY12E FY13E Y/E, Mar FY10 FY11 FY12E FY13E PBT (Ex-Other income) 5,169 12,894 11,316 14,091 Profitability (%) Depreciation 4,131 3,981 4,366 4,756 EBITDA Margin 22.4 22.4 22.8 23.5 Interest Provided 312 246 795 818 Net Margin 12.0 16.1 15.2 16.0 Other Non-Cash items 0 0 0 0 ROCE 23.4 24.2 25.1 25.7 Chg in working cap 4,709 -6,784 -2,291 -1,017 ROE 9.6 30.6 22.2 23.2 Tax paid -2,668 -1,839 -2,284 -2,855 RoIC 13.8 21.9 22.2 24.0 Operating Cashflow 11,653 8,498 11,901 15,793 Per Share Data (Rs) Capital expenditure -1,709 -12,737 -4,072 -5,300 EPS 50.0 72.8 80.7 91.2 Free Cash Flow 9,944 -4,239 7,829 10,493 CEPS 110.9 96.3 106.5 119.3 Other income 1,014 1,259 1,375 1,772 BVPS 223.7 252.0 301.7 361.0 Investments -3,057 3,571 0 0 DPS 11.3 11.3 10.0 15.0 Investing Cashflow -3,752 -7,907 -2,698 -3,528 Valuations (x) Equity Capital Raised 226 243 3,253 2,423 PER 32.4 22.2 20.0 17.7 Loans Taken / (Repaid) -5,133 8,862 -2,000 -2,500 P/CEPS 14.6 16.8 15.2 13.6 Interest Paid -312 -246 -795 -818 P/BV 7.2 6.4 5.4 4.5 Dividend paid (incl tax) -2,216 -2,217 -1,980 -2,969 EV / Sales 4.0 3.8 3.1 2.8 Income from investments 0 0 0 0 EV / EBITDA 17.8 16.9 13.8 12.1 Others 511 -5,757 -3,253 -2,423 Dividend Yield (%) 0.7 0.7 0.6 0.9 Financing Cashflow -6,924 885 -4,774 -6,288 Gearing Ratio (x) Net chg in cash 977 1,476 4,429 5,977 Net Debt/ Equity 0.2 0.4 0.2 0.0 Opening cash position 5,623 6,600 8,076 12,505 Net Debt/EBIDTA 0.5 0.9 0.5 0.0 Closing cash position 6,600 8,076 12,505 18,482 Working Cap Cycle (days) 77 103 96 97 Emkay Research 17 November 2011 17
Page 1 and 2: where great minds meet PHARMA CONFL
Page 3 and 4: November 16, 2011 Reco Not Rated CM
Page 5 and 6: Detailed Revenue Break-Up Ajanta Ph
Page 7 and 8: Notes Ajanta Pharma Confluence: Pha
Page 11 and 12: Financials Income Statement Balance
Page 13 and 14: November 17, 2011 Reco Hold CMP Rs1
Page 15: Dr. Reddy’s - Domestic Metrics Dr
Page 21 and 22: Financials Elder Pharma Confluence:
Page 23 and 24: November 16, 2011 Reco Buy CMP Rs 3
Page 25 and 26: Glenmark Pharma - Domestic Metrics
Page 29 and 30: November 17, 2011 Reco Buy CMP Rs25
Page 31 and 32: Ipca Labs - Domestic Metrics Ipca L
Page 35 and 36: November 16, 2011 Reco Buy CMP Rs21
Page 37 and 38: Financial Snapshot Jubilant Life Sc
Page 39 and 40: Notes Jubilant Life Sciences Conflu
Page 41 and 42: November 16, 2011 Reco Accumulate C
Page 43 and 44: Sun Pharma - Domestic Metrics Sun P
Page 45 and 46: Para-IV Opportunities Product Gener
Page 47 and 48: Notes Sun Pharma Confluence: Pharma
Page 51 and 52: Financials Vivimed Labs Confluence:
Page 53 and 54: Emkay Rating Distribution Confluenc

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