Alembic Pharmaceuticals (APLLTD) Q4 10/11 earnings summary

Executive summary

• First reporting year for the pharmaceutical undertaking following its demerger, with standalone PAT of Rs 81.50 crore and consolidated PAT of Rs 85.39 crore for FY ended 31 March 2011.

• Consolidated total income reached Rs 1,202.13 crore; consolidated PBDIT was Rs 160.33 crore and EPS was Rs 4.53.

Financial highlights

• Standalone total income was Rs 1,164.92 crore; PBDIT was Rs 155.73 crore before interest, depreciation, non-recurring items and taxes; PAT was Rs 81.50 crore.

• Consolidated PAT was Rs 85.39 crore; net interest was Rs 23.89 crore, depreciation Rs 29.59 crore and PBT Rs 106.84 crore.

• Gross sales including export incentives were Rs 1,169.52 crore; standalone operating sales and income, net of excise, were Rs 1,165.01 crore.

• Operating cash inflow was Rs 105.75 crore standalone and Rs 96.18 crore consolidated; investing cash outflow was Rs 56.81 crore in both statements.

Outlook and guidance

• Domestic healthcare affordability was expected to improve with GDP and per-capita income growth, supporting acute therapies and expansion into lifestyle, high-growth and niche therapy areas.

• International growth priorities included low-cost products, strong IP, accelerated quality ANDA/DMF filings, manufacturing scale-up and sustained- or modified-release dosage forms.

• USFDA status was confirmed for API and solid-dosage facilities; research capabilities and manufacturing approvals were positioned to support regulated-market growth.