Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Jubilant Life Sciences — Q2 FY2015 Earnings Presentation
26 slides from Jubilant Pharmova's earnings presentation, Oct 28, 2014
Slide 1: Financial Results Quarter Ended September 30, 2014
Financial Results Quarter Ended September 30, 2014
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 : Tuesday, October 28, 2014 Time : 5:00 pm IST Primary Number: +91 22 3938 1071 Secondary Number: +91 22 6746 8354 6000 1221 Available in – Ahmedabad, Bengaluru, Chennai, Cochin, Delhi, Gurgaon, Hyderabad, Kolkata, Noida. Accessible from all major carriers except BSNL/MT
Slide 4: Q2'15 Results Analysis
JUBHANT LIFESCIENCES Q2’15 Results Analysis
Slide 5: Key Business Segments – Q2'FY15
Key Business Segments – Q2’FY15 Jubilant Life Sciences Pharmaceuticals Life Science Ingredients (45%) (55%) Generics Active Pharmaceutical Ingredients Advanced Intermediates Solid Dosage Formulations and Specialty Ingredients Specialty Pharmaceuticals (Sterile Products) Radiopharmaceutical
Slide 6: Income Statement – Q2'FY15
Income Statement – Q2’FY15 Particulars Q2'FY14 Q1'FY15 Q2'FY15 YoY Growth QoQ Growth (Rs Crs) (%) Total Income from Operations 1,437 1,473 1,371 -5% -7% Total Expenditure 1,165 1,328 1,260 Other Income 4 4 26 EBITDA including Other Income 277 150 137 -50% -8% Depreciation 71 73 69 Finance Cost 67 63
Slide 7: Financial Highlights – Q2'FY15
Financial Highlights – Q2’FY15 • Income from Operations at Rs. 1,371 Crore • Operations grew 13% YoY excluding CMO and Advanced Intermediates • Lower volumes offset 6% price increase • Indian markets grew 14% YoY to Rs 416 crore • EBITDA at Rs. 137 Crore • EBITDA contribution from Pharmaceuticals se
Slide 8: Segmental Revenue Analysis – Q2'FY15
Segmental Revenue Analysis – Q2’FY15 Revenue (Rs. Crs.) Revenue YoY Growth QoQ Growth Segmental Revenue Analysis Q2'FY14 Q1'FY15 Q2'FY15 Mix (%) % % Pharmaceuticals 693 604 614 45% -11% 2% Life Science Ingredients 744 869 757 55% 2% -13% Income from Operations 1,437 1,473 1,371 100% -5% -7% Inter Di
Slide 9: Business Highlights – Q2'FY15
Business Highlights – Q2’FY 15 Generics Active Pharmaceutical Ingredients • Continuous cost reduction through processes and yield improvement • 37 commercial APIs, including 19 in North America, 24 in Europe and 26 in ROW • Launched Quetiapine in Canada • 2 approvals received including 1 CEP and 1 a
Slide 10: Business Highlights – Q2'FY15
Business Highlights – Q2’FY 15 Specialty Pharmaceuticals Radiopharmaceuticals • Revenue increases across key products in the business • Aiming to launch Ruby-fill and Generic Magnevist in FY 2016, subject to regulatory approvals CMO of Sterile Injectables Montreal: • Increase in proposals for new bu
Slide 11: Business Highlights – Q2'FY15
Business Highlights – Q2’FY 15 India Branded Pharmaceuticals • 30+ SKUs launched in the market; products available across 5,500 + retailers • CVD division operational with 200+ field force across the country Advanced Intermediates, Specialty Ingredients and Nutritional Products • Advanced Intermedia
Slide 12: Revenue Analysis – Geography wise – Q2'FY15
Revenue Analysis – Geography wise - Q2’FY15 Geo-wise Revenue (Rs crs) Q2'FY14 Q1'FY15 Q2'FY15 Mix % YoY % ROW China 6.8% India 366 422 416 30% 14% 5.2% International 1,072 1,051 955 70% -11% India USA & Canada 561 490 513 37% -9% Europe 30.4% & Europe & Japan 306 330 277 20% -9% Japan China 110 144
Slide 13: Operating Expenditure Analysis – Q2'FY15
Operating Expenditure Analysis – Q2’FY15 % of % of YoY QoQ Expenses (Rs Crs) Q2 FY14 % of Sales Q1 FY15 Q2 FY15 Sales Sales Growth % Growth % Material Cost 570 40% 719 49% 606 44% 6% -16% Power & Fuel 103 7% 99 7% 100 7% -2% 1% Cost Employee Cost 284 20% 272 18% 271 20% -5% 0% Other Expenses 208 14%
Slide 14: EBITDA Analysis – Q2'FY15
EBITDA Analysis – Q2’FY15 EBITDA (Rs. Crs) Business Segments Q2'FY14 Q1'FY15 Q2'FY15 YoY Growth % QoQ Growth % Pharmaceuticals 176 36 69 -61% 94% Life Science Ingredients 125 133 62 -51% -54% Less: Corp Expenses -25 -19 6 Reported EBITDA 276 150 137 -50% -8% Margins (%) YoY Variance (Bps) QoQ Varian
Slide 15: Exceptional Items – Q2'FY15
Exceptional Items – Q2’FY15 Total exceptional items for Q2’FY15 – Rs. 5 Crore • Unrealized Mark to Market book loss - Rs. (21) Crore mainly on account of • Currency movement of USD, from Rs. 60.18 as on June 30, 2014 to Rs. 61.75 as on September 30, 2014, with respect to Rupee Loan of Rs. 700 Crore
Slide 16: Half Yearly Results Analysis
Half Yearly Results Analysis 15 15
Slide 17: Income Statement – H1'FY15
Income Statement – H1’FY15 Particulars H1 FY14 H1 FY15 YoY Growth (Rs Crs) (%) Total Income from Operations 2,797 2,844 2% Total Expenditure 2,286 2,588 Other Income 10 31 EBITDA including Other Income 520 287 -45% Depreciation 139 142 Finance Cost 131 138 Interest Swap Cost 32 36 Profit after Inter
Slide 18: Financial Highlights – H1'FY15
Financial Highlights – H1’FY15 • Income from Operations at Rs. 2,844 crs • International markets contribute 71% to the overall revenues • Growth driven by revenue increases in Radiopharmaceuticals and price and volume uptick in Life Science Chemicals • EBITDA at Rs. 287 crs • Margins at 10.1% for th
Slide 19: Segmental Revenue Analysis – H1'FY15
Segmental Revenue Analysis – H1’FY15 Revenue (Rs. Crs.) Segmental Revenue Analysis Revenue Mix (%) YoY Growth % H1'FY14 H1'FY15 Pharmaceuticals 1,346 1,218 43% -9% Life Science Ingredients 1,451 1,626 57% 12% Income from Operations 2,797 2,844 100% 2% Inter Divisional Sales (IDTs) 283 265 -6% IDT as
Slide 20: Revenue Analysis – Geography wise – H1'FY15
Revenue Analysis – Geography wise - H1’FY15 Geo-wise Revenue (Rs crs) H1'FY14 H1'FY15 Mix % YoY % China India 714 839 29% 17% 8% ROW 6% International 2,072 2,006 71% -3% India 29% USA & Canada 1,082 1,003 35% -7% Europe & Europe & Japan 579 607 21% 5% Japan China 233 216 8% -7% 21% ROW 178 180 6% 1%
Slide 21: Operating Expenditure Analysis – H1'FY15
Operating Expenditure Analysis – H1’FY15 Expenses (Rs Crs) H1'FY14 % of Sales H1'FY15 % of Sales YoY Growth % Material Cost 1152 41% 1326 47% 15% Power & Fuel Cost 194 7% 199 7% 2% Employee Cost 540 19% 543 19% 1% Other Expenses 400 14% 520 18% 30% Total expenses 2286 82% 2588 91% 13% • Material Cos
Slide 22: EBITDA Analysis – H1'FY15
EBITDA Analysis - H1’FY15 EBITDA (Rs. Crs) Business Segments H1'FY14 H1'FY15 YoY Growth % Pharmaceuticals 327 105 -68% Life Science Ingredients 234 195 -17% Less: Corp Expenses -40 -13 Reported EBITDA 520 287 -45% EBITDA Margins (%) YoY Variance (Bps) Pharmaceuticals 24.3% 8.6% -1565 Life Science In
Slide 23: Exceptional Items – H1'FY15
Exceptional Items – H1’FY15 Total exceptional items for H1’FY15 at Rs (14) crs • Unrealized Mark to Market book loss Rs (19) crs on account of • Currency movement of USD, from Rs 59.91 as on March 31, 2014 to Rs 61.75 as on September 30, 2014, with respect to Rupee Loan of Rs 700 crs swapped into US
Slide 24: Debt Profile
Debt Profile Particulars 30-Sep-13 30-Jun-14 30-Sep-14 Foreign Currency Loans ($ Mn) ($ Mn) ($ Mn) Standalone 236 264 130 Swapped loan in Standalone 202 189 156 Subsidiaries 145 253 302 Total 582 706 587 Rupee Loans (Rs. Crs) (Rs. Crs) (Rs. Crs) Standalone 406 160 413 Subsidiaries 0 50 453 Total 406
Slide 25: Outlook
Outlook Expect to deliver stable performance in our business from Q4 FY 2015 onwards • Pharmaceuticals segment to drive growth on account of: • Operations becoming normal in CMO business • Expected new launches in Solid Dosage Formulations • Better performance in Radiopharmaceuticals • Life Science
Slide 26: 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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