Alembic Pharmaceuticals (APLLTD) Q4 12/13 earnings summary

Executive summary

• FY13 revenue grew 4%, EBITDA 16% and net profit 27% YoY, reflecting a shift toward specialty products and complex formulations.

• Specialty growth, international generics expansion and lower financing costs supported stronger margins; domestic formulations and APIs had mixed growth.

Financial highlights

• Consolidated revenue from operations was ₹1,520.34 crore vs ₹1,465.41 crore in FY12; consolidated PAT was ₹165.25 crore vs ₹130.13 crore.

• Consolidated profit before interest, depreciation and tax was ₹25,589.71 lakh vs ₹22,084.56 lakh; reported EBITDA growth was 16% YoY.

• Consolidated EPS was ₹8.77 vs ₹6.90; finance costs declined to ₹1,457.43 lakh from ₹2,621.34 lakh.

Outlook and guidance

• Expected annual revenue increment of 30–35% over the next two years, supported by international launches, new capacity and broader market access.

• Planned 8–10 US launches in FY14, 10 European dossier filings, 5–6 Brazil dossiers and more than 20 Indian launches.

• Planned to commercialise 8–10 products annually in the US for three years and register 10–12 ANDAs in FY14.

• API strategy targets exit from low-margin products and growth from specialty APIs and regulated-market customers.