Get documents about "NVRT
Document Sample
Regd off: Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Mumbai-18
NOVARTIS INDIA LIMITED E-Mail: hemang.maniar@novartis.com
Web site: www.novartis.co.in
Telephone: (022) 2495 8807 Fax: (022) 2493 8666
PHARMACEUTICALS MNC Tr agent: Sharepro Services, Satam Estate, 3rd Floor, Chakala, Mumbai - 99
Chairman: C. Snook SEC: H. K. Maniar AUD: Price WaterHouse
Yr of Inc B. Code BL. Code F.V. Price % ch 1-m % ch 12-m P/E P/CF Yield Mkt cap Vol. ISIN
1947 500672 HCBA:IN 5 465.1 7.0 58.0 14.3 14.0 2.2 14,864.6 3.9 INE234A01025
SHAREHOLDING FX Transaction (FY09) ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters : 0.0% Exports (fob) Rs m 27
Foreign collaborators : 50.9%
(Rs)
Imports (cif) Rs m 747
Indian inst/Mut Fund : 18.6% Fx inflow Rs m 91 600
FIIs/GDR : 1.7% Fx outflow Rs m 1,003 DAILY
Free float : 28.9% Net fx Rs m -912
Shareholders : 48,870 100 DMA
500
No. of months 12 12 12
Year ending 31/03/07 31/03/08 31/03/09
EQUITY SHARE DATA
400
High Rs 596 440 380
Low Rs 307 269 221
Sales per share Rs 169.7 173.2 187.6
Earnings per share Rs 27.7 30.4 32.4 300
Cash flow per share Rs 28.6 31.3 33.3
Dividends per share Rs 10.00 10.00 10.00
Dividend yield (eoy) % 2.2 2.8 3.3
200
Book value per share Rs 121.6 140.3 161.0
Shares outstanding (eoy) m 31.96 31.96 31.96 Aug-06 Jun-07 Feb-08 Nov-08 Aug-09
Bonus/Rights/Conversions - - -
Price / Sales ratio x 2.7 2.0 1.6 No. of months 12 12 12
Avg P/E ratio x 16.3 11.7 9.3 Year ending 31/03/07 31/03/08 31/03/09
CASH FLOW
P/CF ratio (eoy) x 15.8 11.3 9.0
Price / Book Value ratio x 3.7 2.5 1.9 From Operations Rs m 507 624 935
Dividend payout % 36.1 32.9 30.8 From Investments Rs m -818 -474 -168
Avg Mkt Cap Rs m 14,430 11,330 9,604 From Financial Activity Rs m -895 -52 -382
No. of employees `000 1 1 1 Net Cashflow Rs m -1,206 99 386
Total wages/salary Rs m 552 599 700
Avg. sales/employee Rs Th 6,045.7 6,095.8 6,851.4 INTERIM RESULTS
Avg. wages/employee Rs Th 615.4 659.7 800.0 2QFY09 3QFY09 4QFY09 1QFY10
Avg. net profit/employee Rs Th 987.7 1,070.5 1,185.1 Net sales Rs m 1,600 1,599 1,379 1,612
Gross profit Rs m 384 270 231 401
INCOME DATA Gross profit margin % 24.0 16.9 16.8 24.9
Net Sales Rs m 5,423 5,535 5,995 Net profit Rs m 292 242 207 318
Other income Rs m 501 589 660 Net profit margin % 18.3 15.1 15.0 19.7
Total revenues Rs m 5,924 6,124 6,655
Gross profit Rs m 888 992 1,108 KEY DATA
Depreciation Rs m 27 29 27 Parameters Unit FY07 FY08 FY09
Interest Rs m 6 6 7 Pharmaceuticals % of sales 70.7 69.8 67.9
Profit before tax Rs m 1,356 1,546 1,734 OTC % of sales 14.7 14.2 13.5
Minority Interest Rs m 0 0 0 Animal health % of sales 6.6 7.7 8.3
Prior Period Items Rs m 30 -24 -46 Generics % of sales 8.0 8.3 10.3
Extraordinary Inc (Exp) Rs m -2 -3 -5 Raw material costs % of sales 45.0 43.5 41.3
Tax Rs m 498 547 646
NOTES
Profit after tax Rs m 886 972 1,037
Gross profit margin % 16.4 17.9 18.5 Novartis is a 76% subsidiary of Novartis AG - Switzerland and has a countrywide
Effective tax rate % 36.7 35.4 37.3 presence in the healthcare business. While pharmaceuticals contributes 68% to total
revenues (FY09), generics (10%), consumer healthcare i.e. OTC (14%) and animal
Net profit margin % 16.3 17.6 17.3
health (8%) make up for the rest. Novartis has identified therapeutic segments of
BALANCE SHEET DATA cardiovascular, oncology and gynaecology as the key growth drivers for the future.
Current assets Rs m 4,605 5,382 6,233 Novartis' revenues in FY09 grew by 8% YoY led by the animal health and generics
Current liabilities Rs m 893 1,335 1,543 businesses. While revenues from the pharmaceutical division recorded a staid 5%
Net working cap to sales % 68.4 73.1 78.2 YoY growth, the generics division grew by a robust 35% YoY due to the one time
Current ratio x 5.2 4.0 4.0 government tender business for the anti-TB range. Growth in the animal health
Inventory Turnover Days 45 45 31 division was attributed to various marketing initiatives undertaken by the company
Debtors Turnover Days 29 26 28 and resurgence in the poultry market. Sales growth of the OTC segment was
Net fixed assets Rs m 97 93 87 lukewarm as it was pressurized by increased competition. While Novartis' operating
Share capital Rs m 160 160 160 margins improved during the year, net profits grew by a tepid 7% YoY, despite the
"Free" reserves Rs m 3,725 4,323 4,986 increase in other income, on account of higher tax expenses.
Net worth Rs m 3,886 4,484 5,147 Going forward, the pharmaceutical business is expected to be the key growth driver,
Long term debt Rs m 43 0 3 which will largely be driven by new product launches. In the pharma business, the
Total assets Rs m 4,739 5,695 6,554 company has chalked a strategy of driving growth through life cycle management of
Interest coverage x 227.0 258.7 248.7 existing products and in-licensing opportunities. In the OTC segment, while
Debt to equity ratio x 0.0 0.0 0.0 consolidation of existing brands and launch of new products in various categories is
Sales to assets ratio x 1.1 1.0 0.9 expected to augur well for this business, overcoming competitive pressures will be
Return on assets % 22.7 21.8 20.3 the key challenge going forward. While we expect the performance of the generics
Return on equity % 22.8 21.7 20.1 business to remain volatile, the animal health business should see growth on the
Return on capital % 35.4 34.0 32.8 back of various initiatives taken by the company.
Exports to sales % 0.4 0.4 0.5
Imports to sales % 14.8 10.5 12.5
GET MORE INFO AT WWW.EQUITYMASTER.COM
Related docs
