Alembic Pharmaceuticals Ltd's Q4FY18 consolidated net profit rises 1.08% yoy to Rs94cr : Misses Estimates

The company’s consolidated revenue stood at Rs853.31cr, up 15.1% yoy and 1.58% qoq.

May 16, 2018 11:05 IST India Infoline Research Team

Alembic Pharmaceuticals Ltd Q4FY18

Consolidated Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
Revenue 853.31 15.1
EBITDA 173.23 28.2
EBITDA Margin (%) 20.3 207
Net Profit (adjusted) 94 1.1
***EBITDA margin change is bps


Reco. Price


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Alembic Pharma’s revenue grew by 15.1% yoy to Rs853.3cr in Q4FY18. EBITDA grew by 28.2% yoy to Rs173.2cr in Q4FY18 vs. Rs135.1cr in Q4FY17. EBITDA margins were at 20.3% in Q4FY18 vs. 22.3% in Q3FY18 and 18.2% in Q4FY17. PAT, however, grew by 1% yoy to Rs94cr in Q4FY18 vs. Rs93cr in Q4FY17.
  • The domestic formulations revenue grew by 5.9% yoy to Rs304cr in Q4FY18.
  • International formulations revenue grew 29% yoy to Rs352cr in Q4FY18, within this US Generic revenue grew by 45% yoy, while other international generics revenue declined by 15% yoy.
  • API revenue grew by 9.4% yoy to Rs198cr.
  • The Formulation facility at Panelav was audited by the USFDA with three form 483 observations.
  • The company has said that Panelav API 1 & API 2 facilities successfully completed USFDA audit, while the formulation facility at Panelav received three USFDA form 483 observations.
  • While the EBITDA grew 28% yoy in Q4FY18, the higher tax outgo during Q4FY18 led to cap the equivalent growth in the PAT. The effective tax rate was at 27.3% in Q4FY18 vs. 18.2% in Q3FY18 and 14.7% in Q4FY17.
  • In Q4FY18, company made 12 ANDA filings. Cumulative ANDA filings stand at 132 by end of Q4FY18 while cumulative approvals stand at 70.
Concall highlights
  • Company has responded to the USFDA regarding the observations at its formulation facility. Company has said that it has engaged the consultants pre and post the inspection and has said that there were no repeat observations.
  • Company has also said that it’s another API facility is undergoing the USFDA inspection.
  • Injectable and oral solid dosage facilities will be ready in FY19E.
  • During the quarter, gross margins were higher due to certain one-time gains. The US growth has also helped in gross margin performance.
  • On the Indian market, company has said that it has lost some market share in speciality business due to GST disruption.
  • In India, it currently has more than 5,000 MRs and MR productivity is 275k per month.
  • Gross borrowings at the end of FY18 stood at Rs708cr, while cash and cash equivalents stood at Rs90cr.
Technical View:

Alembic Pharmaceuticals Ltd is currently trading at Rs. 476.50, down by 5.65 points or 1.17% from its previous closing of Rs. 482.15 on the BSE.
The scrip opened at Rs. 482.55 and has touched a high and low of Rs. 500.20 and Rs. 470.95 respectively. So far 1,43,899 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.

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