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Unichem LaboratoriesQ1 FY17

Unichem Laboratories Q1 FY17 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹498.75P/E: 29.5Market Cap: ₹3.5K CrSector: Pharmaceuticals & Biotechnology

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2
  • Domestic business is expected to show robust double-digit growth for FY2017, continuing the positive trajectory with better monsoon impact aiding acute business.
  • Exports, particularly to the US market, are expected to grow better than last year due to expanded capacities and recent approvals.
  • US business aims to maintain a growth rate of around 30-40% for fiscal 2017 and is confident about continuing similar growth in fiscal 2018, contingent on product approvals.
  • Volume growth in domestic formulations was around 6%, with price growth also near 6% in Q1 FY2017; new product launches planned in Q2 FY2017.
  • Post-capitalization of the Kolhapur API plant (expected FY2018), API sales to third parties and ROW market supplies are expected to improve.
  • Unienzyme’s move to OTC market is expected to scale up revenues and bottom-line in domestic formulations.
  • Overall margin improvement anticipated due to operating leverage from expanded capacity, especially in the US market.

See what Unichem Laboratories management said on margin guidance — free account, 30 seconds.

Fundraise plans

  • The transcript does not mention any current or planned fundraising through debt or equity.
  • There is no discussion about raising additional capital via equity issuance or debt financing.
  • Capex plans involve around Rs. 200 Crores primarily for the Kolhapur API facility, funded internally.
  • Provisions and investments are discussed, but no mention of external fundraising.
  • Overall, no indication of new debt or equity fundraising in the near term based on the provided call transcript.

See what Unichem Laboratories management said on order book — free account, 30 seconds.

Capex plans

Yes
  • The company is aggressively investing in capex, with over Rs. 50 Crores spent in the current quarter mainly for the Kolhapur unit.
  • Planned capex for FY2017-2018 is around Rs. 200 Crores, primarily directed toward the API facility in Kolhapur, along with maintenance capex, R&D, and biosimilars-related costs.
  • The Kolhapur plant is expected to start commercial production from Q1 FY2018, initially catering to ROW and domestic markets, with plans for US FDA and UK MHRA approvals thereafter.
  • Capitalization of the Kolhapur facility is expected in FY2018.
  • Provisions have been made for the Brazilian subsidiary, with Rs. 7 Crores provided quarterly as a cautious accounting policy; this investment is reversible with improved revenues.
  • No specific mention of other strategic investments beyond these points.

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What Unichem Laboratories's management said in earlier quarters

Earlier calls (3)

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