Financial Snapshot Ipca <strong>Lab</strong>oratories Confluence: Pharma; Pre-conference note Rs mn FY11 FY12E YoY % FY13E YoY % Formulations 13,881 16,490 18.8% 20,289 23.0% Domestic 6,964 7,669 10.1% 8,797 14.7% Exports 6,917 8,820 27.5% 11,491 30.3% Branded 1,500 2,010 34.0% 2,833 41.0% Generics 5418 6811 25.7% 8659 27.1% Europe 3121 3410 9.2% 4203 23.3% America 1072 1401 30.6% 2455 75.3% Malaria tender 1224 2000 63.4% 2000 0.0% APIs 4778 5017 5.0% 5278 5.2% Domestic 1,443 1,515 5.0% 1,637 8.0% Exports 3,335 3,501 5.0% 3,641 4.0% Other In<strong>com</strong>e 166 0 - 0 - Total Sales 18,825 21,506 14.2% 25,567 18.9% EBITDA 3,598 4,276 18.9% 5,336 24.8% EBITDA margins 19.1 19.9 20.9 APAT 2,294 2,760 20.4% 3,489 26.4% PAT margins 12.2 12.8 13.6 EPS 18.4 22.2 20.4% 28.0 26.4% PE @CMP 13.6 11.3 8.9 Emkay Research 17 November 2011 32
Financials In<strong>com</strong>e Statement Balance Sheet Ipca <strong>Lab</strong>oratories 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 15,596 18,825 21,506 25,567 Equity share capital 250 251 251 251 Growth (%) 20.6 20.7 14.2 18.9 Reserves & surplus 8,398 10,265 12,651 15,767 Expenditure 12,360 15,227 17,230 20,231 Net worth 8,649 10,516 12,902 16,019 Raw Materials 6,456 7,764 8,585 10,048 Minority Interest 0 0 0 0 SGA 3,697 4,800 5,570 6,530 Secured Loans 3,791 4,554 4,854 4,754 Employee Cost 2,207 2,663 3,075 3,653 Unsecured Loans 754 754 954 954 Other Exp 0 0 0 0 Loan Funds 4,545 5,308 5,808 5,708 EBITDA 3,236 3,598 4,276 5,336 Net deferred tax liability 793 807 807 807 Growth (%) 21.9 11.2 18.9 24.8 Total Liabilities 13,987 16,631 19,518 22,534 EBITDA margin (%) 20.7 19.1 19.9 20.9 Depreciation 467 558 618 760 Gross Block 8,812 9,884 12,384 14,384 EBIT 2,768 3,040 3,658 4,576 Less: Depreciation 2,433 2,892 3,510 4,270 EBIT margin (%) 17.7 16.1 17.0 17.9 Net block 6,379 6,992 8,874 10,114 Other In<strong>com</strong>e 161 246 244 275 Capital work in progress 383 1,132 1,132 1,132 Interest expenses 329 314 364 377 Investment 325 408 408 408 PBT 2,663 3,407 3,539 4,473 Current Assets 8,992 10,593 12,256 14,490 Tax 627 784 778 984 Inventories 3,802 4,664 5,355 6,297 Effective tax rate (%) 23.6 23.0 22.0 22.0 Sundry debtors 3,880 4,644 5,355 6,297 Adjusted PAT 2,009 2,299 2,760 3,489 Cash & bank balance 108 104 256 361 (Profit)/loss from JV's/Ass/MI 18 5 0 0 Loans & advances 1,201 1,182 1,290 1,534 Adjusted PAT after MI 1,991 2,294 2,760 3,489 Current liab & Prov 0 0 0 0 Growth (%) 20.4 15.2 20.4 26.4 Current liabilities 2,091 2,494 3,152 3,609 Net Margin (%) 12.8 12.2 12.8 13.6 Provisions 1,850 2,073 2,677 3,101 E/O items 63 434 0 0 Net current assets 241 420 474 508 Reported PAT 2,054 2,628 2,760 3,489 Misc. exp & Def. Assets 6,900 8,099 9,104 10,880 Growth (%) 104.2 28.0 5.0 26.4 Total Assets 13,987 16,631 19,518 22,534 Cash Flow Key Ratios Y/E, Mar (Rs. mn) FY10 FY11P FY12E FY13E Y/E, Mar FY10 FY11 FY12E FY13E PBT (Ex-Other in<strong>com</strong>e) 2,502 3,160 3,294 4,199 Profitability (%) Depreciation 467 558 618 760 EBITDA Margin 20.7 19.1 19.9 20.9 Interest Provided 329 314 364 377 Net Margin 12.8 12.2 12.8 13.6 Other Non-Cash items 0 0 0 0 ROCE 22.7 21.3 21.4 22.9 Chg in working cap -1,664 -1,210 -788 -1,607 ROE 26.6 23.9 23.6 24.1 Tax paid -485 -784 -778 -984 RoIC 22.9 21.5 22.3 23.8 Operating Cashflow 1,149 2,039 2,710 2,744 Per Share Data (Rs) Capital expenditure -1,317 -1,920 -2,500 -2,000 EPS 16.0 18.4 22.2 28.0 Free Cash Flow -167 119 210 744 CEPS 19.2 19.4 27.1 34.1 Other in<strong>com</strong>e 161 246 244 275 BVPS 69.5 84.5 103.6 128.7 Investments 86 -83 0 0 DPS 3.3 3.5 3.5 3.5 Investing Cashflow -1,069 -1,757 -2,256 -1,725 Valuations (x) Equity Capital Raised 45 39 0 0 PER 15.6 13.6 11.3 8.9 Loans Taken / (Repaid) -54 763 500 -100 P/CEPS 13.0 12.9 9.2 7.3 Interest Paid -329 -314 -364 -377 P/BV 3.6 3.0 2.4 1.9 Dividend paid (incl tax) -409 -437 -437 -437 EV / Sales 2.3 1.9 1.7 1.4 In<strong>com</strong>e from investments 0 0 0 0 EV / EBITDA 11.0 10.1 8.6 6.9 Others 662 -338 0 0 Dividend Yield (%) 1.3 1.4 1.4 1.4 Financing Cashflow -86 -286 -301 -914 Gearing Ratio (x) Net chg in cash -5 -4 153 105 Net Debt/ Equity 0.5 0.5 0.4 0.3 Opening cash position 113 108 104 256 Net Debt/EBIDTA 1.3 1.4 1.2 1.0 Closing cash position 108 104 256 361 WC Cycle 159 155 152 153 Emkay Research 17 November 2011 33
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