Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Jubilant Life Sciences — Q3 FY14 Earnings Presentation
27 slides from Jubilant Pharmova's earnings presentation, Feb 6, 2014
Slide 1: Financial Results Quarter Ended December 31, 2013
Financial Results Quarter Ended December 31, 2013
Slide 2: Disclaimer
Disclaimer Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates f
Slide 3: Conference Call Details
Conference Call Details Date : Thursday, February 06, 2014 Time : 05:00 pm IST Primary Number: +91 22 3065 0122 Secondary Number: +91 22 6629 0301 6000 1221 Available in – Ahmedabad, Bengaluru, Chennai, Cochin, Delhi, Gurgaon, Hyderabad, Kolkata, Noida. Accessible from all major carriers except BSNL
Slide 4: Q3 FY14 Results Analysis
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Slide 5: Key Business Segments
Key Business Segments Jubilant Life Sciences Pharmaceuticals Life Science Ingredients (47%) (53%) Generics Active Pharmaceutical Ingredients Proprietary Products & Solid Dosage Formulations Exclusive Synthesis Specialty Pharmaceuticals Radiopharmaceuticals Allergy Therapy Products Nutrit
Slide 6: Income Statement – Q3'FY14
Income Statement – Q3’FY14 Particulars Q3'FY13 Q2'FY14 Q3'FY14 YoY Growth QoQ Growth (Rs Crs) (%) Total Income from Operations 1,306 1,436 1,443 10% 0% Total Expenditure 1,041 1,165 1,193 Other Income 12 5 5 EBITDA including Other Income 277 276 255 ‐8% ‐8% Depreciation 63 71 73 16% Finance Cost 54
Slide 7: Financial Highlights – Q3'FY14
Financial Highlights – Q3’FY14 • Income from Operations at Rs. 1,443 Crore, up 10% YoY • Higher volumes from new capacities in Life Science Ingredients segment aid revenue growth • International revenues at Rs. 1,093 Crore, 76% of total sales • EBITDA at Rs. 255 Crore • EBITDA contribution from Phar
Slide 8: Segmental Revenue Analysis
Segmental Revenue Analysis Revenue (Rs. Crs.) Revenue YoY QoQ Growth Segmental Revenue Analysis Q3'FY13 Q2'FY14 Q3'FY14 Mix (%) Growth % % Pharmaceuticals 665 691 675 47% 2% ‐2% Life Science Ingredients 641 744 767 53% 20% 3% Income from Operations 1,306 1,436 1,443 100% 10% 0% Inter Divisional Sale
Slide 9: Business Highlights – Q3'FY14: Active Pharmaceutical Ingredients
Business Highlights – Q3’FY 14 Generics Active Pharmaceutical Ingredients Business • Strong volume growth in key products such as Sartans • Continuous cost reduction through processes and yield improvement results in lower cost of production, higher output and continued high margins Product Profile
Slide 10: Business Highlights – Q3'FY14: Solid Dosage Formulations
Business Highlights – Q3’FY 14 Generics Solid Dosage Formulations Business • New launches: Launched Escitalopram in the US and Esomeprazole in Europe Launched Sildenafil & Donepezil in Canada Supplies initiated to CIS countries • Product Approvals: Two product approvals in the USA (Bupropion
Slide 11: Business Highlights – Q3'FY14: Specialty Pharmaceuticals
Business Highlights – Q3’FY 14 Specialty Pharmaceuticals Radiopharmaceuticals • Continued to work with USFDA and Health Canada to produce MAA which has been designated as a critical drug in shortage • HICON benefitted from pricing and volume growth • Ruby‐fill launched planned for second half of FY1
Slide 12: Business Highlights – Q3'FY14: Life Science Ingredients
Business Highlights – Q3’FY 14 PPES • Maintained healthy realization on pyridine prices in domestic and export markets • Renewed major supply contracts with global agrochemicals companies • Anti‐dumping duty on pyridine finalized by Chinese regulators at 24.6% ‐ inline with the interim duty • Symtet
Slide 13: Revenue Analysis – Geography wise – Q3'FY14
Revenue Analysis – Geography wise‐ Q3’FY14 Geo‐wise Revenue (Rs crs) Q3'FY13 Q2'FY14 Q3'FY14 Mix % YoY % India 344 366 350 24% 2% International 962 1,070 1,093 76% 14% USA & Canada 539 559 566 39% 5% Europe & Japan 266 306 324 22% 22% China 98 110 113 8% 16% ROW 60 95 89 6% 50% Income from Operation
Slide 14: Operating Expenditure Analysis – Q3'FY14
Operating Expenditure Analysis – Q3’FY14 % of % of YoY QoQ Expenses (Rs Crs) Q3 FY13 % of Sales Q2 FY14 Q3 FY14 Sales Sales Growth % Growth % Material Cost 535 41% 570 40% 595 41% 11% 4% Power & Fuel 92 7% 103 7% 99 7% 8% ‐3% Cost Employee Cost 238 18% 284 20% 281 19% 18% ‐1% Other Expenses 176 14%
Slide 15: EBITDA Analysis Q3'FY14
EBITDA Analysis Q3’FY14 EBITDA (Rs. Crs) Business Segments Q3'FY13 Q2'FY14 Q3'FY14 YoY Growth % QoQ Growth % Pharmaceuticals 189 175 149 ‐21% ‐14% Life Science Ingredients 97 125 118 22% ‐6% Less: Corp Expenses ‐9 ‐24 ‐13 Reported EBITDA 277 276 255 ‐8% ‐8% Margins (%) YoY Variance (Bps) QoQ Varianc
Slide 16: Exceptional Items for Q3'FY14
Exceptional Items for Q3’FY14 Total exceptional items for Q3’FY14 – Rs. 11 Crore • Unrealized Mark to Market book gain ‐ Rs. 19 Crore mainly on account of • Currency movement of USD, from Rs. 62.60 as on September 30, 2013 to Rs. 61.81 as on December 31, 2013, with respect to Rupee Loan of Rs. 910 C
Slide 17: Nine Monthly Results Analysis
Nine Monthly Results Analysis 16 16
Slide 18: Income Statement – 9M'FY14
Income Statement – 9M’FY14 Particulars 9M FY13 9M FY14 YoY Growth (Rs Crs) (%) Total Income from Operations 3,769 4,236 12% Total Expenditure 2,949 3,479 Other Income 19 16 EBITDA including Other Income 839 772 ‐8% Depreciation 184 213 Finance Cost 171 193 Forex Diff and Interest Swap Cost 47 52 Pro
Slide 19: Financial Highlights – 9M'FY14
Financial Highlights – 9M’FY14 • Income from Operations at Rs. 4,236 crs, grew 12% YoY • Revenue from International markets improves 15% YoY • Expanded geographic reach drives growth momentum • Higher volumes from new capacities in Life Science Ingredients segment aid revenue growth • EBITDA at Rs.
Slide 20: Segmental Revenue Analysis – 9M'FY14
Segmental Revenue Analysis – 9M’FY14 Revenue (Rs. Crs.) Revenue Mix YoY Growth Segmental Revenue Analysis 9M'FY13 9M'FY14 (%) % Pharmaceuticals 1,956 2,018 48% 3% Life Science Ingredients 1,813 2,218 52% 22% Income from Operations 3,769 4,236 100% 12% Inter Divisional Sales (IDTs) 429 440 3% IDT as
Slide 21: Revenue Analysis – Geography wise – 9M'FY14
Revenue Analysis – Geography wise‐ 9M’FY14 Geo‐wise Revenue (Rs crs) 9M'FY13 9M'FY14 Mix % YoY % India 1,015 1,074 25% 6% International 2,754 3,162 75% 15% USA & Canada 1,554 1,645 39% 6% Europe & Japan 757 904 21% 19% China 271 347 8% 28% ROW 172 267 6% 55% Income from Operations 3,769 4,236 100% 1
Slide 22: Operating Expenditure Analysis – 9M'FY14
Operating Expenditure Analysis – 9M’FY14 Expenses (Rs Crs) 9M'FY13 % of Sales 9M'FY14 % of Sales YoY Growth % Material Cost 1462 39% 1747 41% 20% Power & Fuel Cost 266 7% 293 7% 10% Employee Cost 714 19% 821 19% 15% Other Expenses 507 13% 617 15% 22% Total expenses 2949 78% 3479 82% 18% • Material C
Slide 23: EBITDA Analysis 9M'FY14
EBITDA Analysis 9M’FY14 EBITDA (Rs. Crs) Business Segments 9M'FY13 9M'FY14 YoY Growth % Pharmaceuticals 572 473 ‐17% Life Science Ingredients 305 352 15% Less: Corp Expenses ‐38 ‐52 Reported EBITDA 839 772 ‐8% EBITDA Margins (%) YoY Variance (Bps) Pharmaceuticals 29.2% 23.4% ‐580 Life Science Ingred
Slide 24: Exceptional Items
Exceptional Items Total exceptional items for 9M’FY14 at Rs (251)crs • Unrealized Mark to Market book loss Rs (163) crs on account of • Currency movement of USD, from Rs 54.29 as on March 31, 2013 to Rs 61.81 as on December 31, 2013, with respect to Rupee Loan of Rs 910crs swapped into USD Loan • FC
Slide 25: Debt Profile
Debt Profile Particulars 31‐Dec‐12 30‐Sep‐13 31‐Dec‐13 Foreign Currency Loans ($ Mn) ($ Mn) ($ Mn) Standalone 244 236 219 Swapped loan in Standalone 202 202 202 Subsidiaries 210 145 172 Total 656 582 593 Rupee Loans (Rs. Crs) (Rs. Crs) (Rs. Crs) Standalone 279 406 432 Total 279 406 432 Gross Debt 3,
Slide 26: Outlook
Outlook Robust Outlook going forward • Sales and EBITDA growth uptrend expected going forward • Higher utilisation of capacities in Sterile Injectables and OCL, Nutrition Ingredients, Symtet and 3CP • Price uptrend in Proprietary Products and Nutrition Ingredients to continue • Strong pipeline in AP
Slide 27: For more information
For more information For Investors: Ravi Agrawal Siddharth Rangnekar Jubilant Life Sciences Limited CDR India Ph: +91‐120‐436 1002 Ph: +91‐22‐6645 1209 E‐mail: ravi_agrawal@jubl.com E‐mail: siddharth@cdr‐india.com Anupam Jain Karl Kolah Jubilant Life Sciences Limited CDR India Ph: +91‐120‐436 1021 P
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