Company Update Dr. Reddy's Lab - Myiris.com - Personal finance ...
Company Update Dr. Reddy's Lab - Myiris.com - Personal finance ...
Company Update Dr. Reddy's Lab - Myiris.com - Personal finance ...
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Key Financials – Quarterly<br />
Vivimed <strong>Lab</strong>s Confluence: Pharma; Pre-conference note<br />
<strong>Company</strong> Description<br />
Vivimed <strong>Lab</strong>s Ltd (VLL) is a specialty chemicals <strong>com</strong>pany and has a wide range of products<br />
(active ingredients). The <strong>com</strong>pany supplies API to leading global manufacturers of Beauty<br />
Care products (like Hair care, skin care, sun care and oral care products) and Industrial<br />
care products (such as Anti-Microbial, anti-fouling agents and biocides). The <strong>com</strong>pany has<br />
strong relationships with global majors like Unilever, P&G, Johnson & Johnson, L’Oreal,<br />
Novartis& Astra Zeneca.<br />
Large part of <strong>com</strong>pany’s revenues in specialty chemicals <strong>com</strong>es from Asia pacific (~42% of<br />
the total revenues), and in Pharmaceuticals space, India contributes the highest (~24% of<br />
the total revenues). <strong>Company</strong> has capex program of ~$43mn, for which <strong>com</strong>pany has<br />
already raised funds of $35.5m. <strong>Company</strong> is planning to invest these funds for various<br />
Greenfield and brownfield projects and also for making acquisitions.<br />
Rs mn Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 YoY (%) QoQ (%)<br />
Revenues 1057 1056 1198 1205 1287 21.8 6.8<br />
Other Operating In<strong>com</strong>e 0 1 8.2 0.8 1.2 300.0 50.0<br />
Total In<strong>com</strong>e 1057 1057 1206 1206 1288 21.9 6.8<br />
Total Expenditure 843 814 989 959 1009 19.8 5.2<br />
Consumption of RM 682 608 621 636 741 8.7 16.6<br />
as % of sales 64.5 57.6 51.9 52.7 57.6<br />
Employee Cost 53 65 36 49 71 35.3 46.4<br />
as % of sales 5.0 6.2 3.0 4.0 5.5<br />
Other expenditure 128 0 332 275 197 53.4 (28.5)<br />
as % of sales 12.1 0.0 27.7 22.8 15.3<br />
EBITDA 214 242 217 247 279 30.2 13.0<br />
Interest 38 60 0 65 79 109.3 21.5<br />
EBDT 177 182 217 182 200 13.3 9.9<br />
Depreciation 21 15 36 27 38 81.3 43.0<br />
Minority Interest 0 0 0 0 0<br />
PBT 156 167 181 156 162 4.1 4.2<br />
Tax 20 34 -11 32 38 85.8 19.9<br />
Reported Profit before EOI 135 133 192 124 124 (8.2) 0.2<br />
EOI 0 0 0 0 0<br />
Reported Profit 135 133 122 124 124 (8.2) 0.2<br />
EPS 14 11 10.45 10.24 9.98 (26.5) (2.5)<br />
Margins (%) (bps) (bps)<br />
EBIDTA 20.3 23.0 18.1 20.5 21.7 140 119<br />
EBIT 18.3 21.5 15.1 18.3 18.7 43 44<br />
EBT 14.7 15.8 15.1 12.9 12.6 -214 -31<br />
PAT 12.8 12.6 10.2 10.3 9.7 -315 -63<br />
Effective Tax rate 13.1 20.2 -5.9 20.3 23.4 1028 306<br />
Emkay Research 17 November 2011 50
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