Dear All,
Forwarding you the Result Flash on Aurobindo Pharma for 4QFY2011 with a Buy recommendation and a Target Price of `278 (12 months).
4QFY2011 Financials Snapshot:
| Y/E march (`cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) |
| Net sales | 1101 | 1072 | 2.7 | 869 | 26.7 |
| Other income | 59 | 126 | -53.3 | 70 | -15.2 |
| Operating profit | 161 | 199 | -19.1 | 122 | 31.7 |
| Interest | 19 | 11 | 64.2 | 14 | 32.0 |
| Net profit | 125 | 195 | -36.2 | -97 | -228.1 |
4QFY2011 Financials Actuals v/s Estimates
| (`cr) | Actuals | Estimate | Variation % |
| Net sales | 1101.1 | 1009.0 | 9.1 |
| other operating income | 59.0 | 37.5 | 57.1 |
| operating profit | 161 | 208 | -22.6 |
| Tax | 35.4 | 23.1 | 53.1 |
| Net profit | 125 | 147 | -14.9 |
4QFY2011 Consolidated Financial Result Highlights-
· The Net sales during the quarter stood at `1,101cr (`869.3 cr) up by 26.7%, above our estimates of `1009cr, led by 29.4% yoy growth across the formulations segment at `670.2cr (`518.1cr). In terms of the market performance, US clocked a growth of 51.6% during the quarter. The API segment grew by 19.4% at `483cr (`405cr). The dossier income dropped by 16.1% to `26.7cr (`31.8cr). For the full year the sales increased by 22.2% yoy. For FY2011, the dossier income increased by 29.3% at `255.6cr(`197.7cr).
· The OPM came in at 14.6% (14.1 %) lower than our estimate of 20.6%, majorly due to increase in the employee cost at `115cr (`89.4cr), up by 28.2%. The raw material cost increased by 25.4% yoy during the quarter.
· Consequently, the net profit came in at `125cr (`121.8cr), increase of 2.69, lower than our estimates of of `146.4cr. For the full year the PAT remained flat at `563.5cr (`563.4cr).
· The Company filed for 37 ANDAs in US taking the cumulative to 209 in FY2011.
4QFY2011 Consolidated Financial Performance:
| Y/E March (`cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) | FY2011 | FY2010 | % chg (yoy) |
| Net sales | 1,101 | 1,072 | 2.7 | 869 | 26.7 | 4,126 | 3,378 | 22.2 |
| Other income | 59 | 126 | (53.3) | 70 | (15.2) | 281 | 237 | 18.7 |
| Total income | 1,160 | 1,198 | (3.2) | 939 | 23.6 | 4,126 | 3,378 | 22.2 |
| Gross profit | 496 | 501 | -1.0 | 400 | 23.9 | 1937 | 3378 | -42.7 |
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