Cadila Healthcare: Q4FY14 & FY14 Result Analysis

Cadila Healthcare   today reported 8.74 percent decline in consolidated net profit to Rs 239.19 crore for the quarter ended March 31 due to higher tax expense. The company had reported net profit of Rs 262.11 crore in the January-March quarter of financial year 2012-13. Cadila's net sales in the quarter under review were up by 22.40 percent to Rs 1,916.33 crore as against Rs 1,565.53 crore in the year-ago period.

During the quarter, the company recorded tax expense of Rs 34.76 crore as against a tax credit of Rs 59.02 crore in the corresponding period a year ago. Overall expenses in Q4 stood at Rs 1,662.73 crore, up 21.11 percent, compared with Rs 1,372.81 crore in the same quarter of last fiscal. 

However the annual results of the company has been on the better side. The bottomline went up by 23% on YoY basis to stand at Rs 804 crore for the year ended March 31, 2014. The topline during the year went up by 15% on YoY basis to stand at Rs 7208 crore. The performance is mainly driven by 30% growth in formulation exports, which was buoyed by 44% growth in sales in the US market and 17% growth in emerging markets. 

The group’s Indian formulation business launched 75 new products including line extensions. In the release, the group has announced the commencement of Phase-I clinical trials for ZYDPLA 1, which is a next generation long acting DPP – 4 inhibitor.

Strengthening its regulatory pipeline, the group filed a record 50 ANDAs during the fiscal with the US FDA. The pipeline now stands at 227. The company has also declared a dividend of Rs 9 per equity share.