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1 BDH Industries Limited BSE Scrip Code: Pharmaceuticals October 23, 2012 Equity Statistics Current Market Price Rs Week High/Low Rs /13.15 Market Capitalisation Rs. Crores 9.76 Free Float Rs. Crores 4.41 Dividend Yield % 2.95 One Year Regression Beta Times 0.19 BSE Volumes Trend - Average = 2.62 Thousand Relative Returns Company Summary BDH Industries Limited (BIL) is into manufacturing of pharmaceuticals formulations in the form of tablets, capsules, injectables and external preparations for the treatment of cancer, fungal infections and malaria. BIL has been in the pharmaceutical business for nearly seven decades. BIL commenced its operations in BIL is ISO 9001:2008 certified and WHO-GMP compliant with plant facility located in Mumbai. The company also undertakes contract manufacturing for IPCA Laboratories Limited (ILL) for domestic market. Furthermore, BIL exports to private players and government agencies in Asia, Africa, Latin America and Caribbean countries. In FY12, BIL reported net sales of Rs crore and net profit of Rs.1 crore. BIL generated almost 50% of its net sales from the domestic market and remaining 50% from export market in FY12. Core strength for BIL is its established position in pharmaceutical formulation and contract manufacturing business, strong relationships with the various government agencies and its wide range of product portfolio. BIL is also looking out at contract manufacturing for other pharmaceutical companies. Key risks are in terms of intense competition faced by BIL in pharmaceutical formulations market coupled with customer concentration risk, volatility in the raw material prices and forex risk. Also, the company has filed for more pharmaceutical product registration in the export market. BIL is currently trading at 10.1 times FY12 EPS. 76 BDH Industries Ltd Sensex Returns 1M 3M 6M 1 Yr Absolute -2% 0% 2% -8% Rel. to Sensex -2% -10% -6% -17% Shareholding Pattern 100% 80% 60% 40% 20% 0% Sep `11 Dec `11 Mar `12 Jun `12 Promoter DII FII Others Person Mrs Jayashree Nair Mr S.C.Kacchara Mrs Karthika Nair Mr A.V. Menon Dr Dinesh Variar Mr Bhagirath Singh Sihag Role Chairperson and MD ED NED Source: AR and CARE Research Note: MD: Managing Director, ED: Executive Director, NED: Non Executive Director Source: BSE, Capitaline and CARE Reseach 1 Initiative of the BSE Investors Protection Fund

2 Background BDH Industries Limited (BIL) is into manufacturing of pharmaceuticals formulations in the form of tablets, capsules, injectables and external preparations for the treatment of cancer, fungal infections and malaria. BIL has been in the pharmaceutical business for nearly seven decades. The company commenced its operations in BIL is ISO 9001:2008 certified and WHO-GMP compliant with plant facility located in Mumbai. The company also undertakes contract manufacturing for ILL in the domestic market. BIL is contract manufacturer for ILL from past six-seven years and ILL contributes around 80-85% of the total domestic sales. Furthermore, BIL exports to private players and government agencies in Asia, Africa, Latin America and Caribbean countries. Also, BIL has long standing relationship with its suppliers for active pharmaceuticals ingredients (APIs). In FY12, BIL reported net sales of Rs crore and net profit of Rs.1 crore. BIL generated almost 50% of its net sales from the domestic market (mainly from ILL) and remaining 50% from export market in FY12. Business overview BIL derives its revenue entirely from one segment i.e. manufacturing of pharmaceuticals formulations. BIL generated almost 50% of its net sales from the domestic market and remaining 50% from export market in FY12. Net sales generated from the domestic market declined by around 8.8% in FY12 on y-o-y basis, while the net sales generated from export market exhibited a growth of around 35.9% on y-o-y basis. API is the key raw material (formed around 70% of the total net sales in FY12) for BIL in the manufacturing of pharmaceuticals formulations. Strengths and growth drivers Established track record of operations of the company of nearly seven decades which has helped it to establish its position in pharmaceuticals formulation business. Contract manufacturing for domestic client such as ILL Strong relationship with the various government agencies in Asia, Africa, Latin America and Caribbean countries. Wide range of product profile The company is in advance talks with other large pharmaceuticals companies for contract manufacturing The company has filed for more pharmaceutical product registrations in export market, mainly in emerging nations. Risk and concerns BIL faces significant competition from other domestic players present in manufacturing of pharmaceutical formulations. High volatility in price of key raw materials (i.e. API) can have a negative effect on profitability margins of the company. Furthermore, BIL has witnessed volatility in the profitability margins in the past three years. BIL generates almost 40-42% of the net sales from a single client ILL, which expose it to dependency on a single client for majority of its sales. BIL is not engaged in hedging its forex exposure, exposing the company to forex risk. Regulatory risk associated with pharmaceutical companies. Future strategy and expansion plans The company has plans to launch new products in the emerging nations. Emerging nations would be driving the growth of the company going forward. The company has multi-product manufacturing capabilities with an established market presence and a reasonable number of company s products are registered in overseas countries, enabling it to export the same to a wider geographical market. The company is in advance talks with the other pharmaceutical giants to start contract manufacturing for them. The consistent efforts to implement modern technology which would improve the production process. Industry outlook The Indian pharma industry (IPI) is optimistic on the growth prospects given its manufacturing prowess coupled with a large domestic market having strong economic growth (GDP growth of % till FY13), expansion of healthcare infrastructure (government and private investment), rising incidence of chronic diseases and healthcare penetration to the extended urban and rural regions. Patent expiries in the regulated markets would be the primary growth driver for the IPI over the next 3-5 years. Growing trend in outsourcing by global pharmaceutical companies will further fuel exports, especially for companies focusing on bulk drug and CRAMS segments. 2 Initiative of the BSE Investors Protection Fund

3 Peer comparison Year ended March 31, 2012 Income statement (Rs. Crore) BIL Advik Bafna Beryl Total income Net sales EBITDA Ordinary PAT Adjusted PAT Per share data (Rs.) Adjusted BVPS NA Diluted EPS Growth (Y-o-Y) (%) Growth in total income 19.3 (11.8) Growth in net sales 9.3 (11.7) Growth in EBITDA , Growth in adjusted PAT 19.0 (102.5) (38.3) 13 Growth in EPS* 19.0 (102.5) (41.3) 13 Profitability ratio (%) EBITDA margin Adjusted PAT margin Valuation ratios (Times) Price/EPS (P/E) Price/Book value (P/BV) Enterprise value (EV)/EBITDA Source: BSE, Capitaline and CARE Research Note: Advik: Advik Laboratories Ltd., Bafna: Bafna Pharmaceuticals Ltd., Beryl: Beryl Drugs Ltd. Quarterly financials Income statement (Rs. crore) Q1FY13 Q4FY12 Q3FY12 Q2FY12 Q1FY12 Total income Net sales EBITDA Ordinary PAT Adjusted PAT Growth (Q-o-Q) (%) Growth in net sales (27.5) (19.8) Profitability ratio (%) EBITDA margin Adjusted PAT margin Source: BSE, Capitaline and CARE Research 3 Initiative of the BSE Investors Protection Fund

4 Financial analysis In FY12, BIL reported net sales of Rs.40.1 crore up 9.3% y-o-y. Total income witnessed a growth of 19.3% during the same period. Raw materials (especially API) form the largest portion of cost for BIL. In FY12, raw materials cost as a percentage of net sales was at around 70%. The company reported EBITDA margins and adjusted PAT margins of 8.3% and 2.5%, respectively in FY12. BIL s capital structure has improved in the period (FY08-FY11). The total debt as on March 31, 2011 was at Rs.8.8 crore compared to an adjusted networth of Rs.18.7 crore. BIL exhibited a significant improvement in the working capital cycle in the past three years (FY09-FY11). BIL s debt servicing indicators have improved in the past four years (FY08-FY11) as indicated in interest coverage ratio. The company has paid a dividend of Re.0.5 per share for FY11, resulting in a dividend yield of 2.95% at the current market price of Rs per share. Annual financial statistics FY08 FY09 FY10 FY11 FY12 Income statement (Rs. crore) Total income Net sales EBITDA Depreciation and amortisation EBIT Interest PBT Ordinary PAT Adjusted PAT Balance sheet (Rs. crore) Adjusted networth NA Total debt NA Cash and bank NA Investments NA Net fixed assets (incl. CWIP) NA Net current assets (excl. cash, cash equivalents) NA Per share data (Rs.) Adjusted BVPS NA Diluted EPS* DPS NA Growth (Y-o-Y) (%) Growth in total income Growth in net sales Growth in EBITDA (6.7) 59.0 Growth in adjusted PAT 1, Growth in EPS* 1, Key financial ratio EBITDA margin (%) Adjusted PAT margin (%) RoCE (%) NA RoE (%) NA Gross debt - equity (times) NA Net debt - equity (times) NA Interest coverage (times) NA Current ratio (times) NA Inventory days NA Receivable days NA Source: BSE, Capitaline and CARE Research, NA: Not Available Note: Financial Year (FY) refers to period from April 1 to March 31 4 Initiative of the BSE Investors Protection Fund

5 DISCLOSURES Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. This report has been sponsored by the BSE Investors Protection Fund. DISCLAIMER CARE Research, a division of Credit Analysis & REsearch Limited [CARE] has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber / user assumes the entire risk of any use made of this report or data herein. CARE specifically states that it or any of its divisions or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information only of the authorised recipient in India only. This report or part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. PUBLISHED BY CARE Research is an independent research division of CARE Ratings, a full-service rating company. CARE Research is involved in preparing detailed industry research reports with 5-year demand and 2-year profitability outlook on the industry besides providing comprehensive trend analysis and the current state of the industry. CARE Research also offers research that is customized to client requirements. Credit Analysis & REsearch Ltd. (CARE) is a full service rating company that offers a wide range of rating and grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the best international practices. Head Office: 4th Floor Godrej Coliseum, Off Eastern Express Highway, Somaiya Hospital Road, Sion East, Mumbai Tel: Fax: Regional Offices: New Delhi Kolkata Ahmedabad Bangalore Hyderabad Chennai Pune Published on behalf of The Stock Exchange Investors' Protection Fund First Floor, P J Towers, Dalal Street, Mumbai. Tel: /34

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