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Stock Data

Sector Pharmaceuticals

Face Value Rs. 10.00

52 wk. High/Low (Rs.) 477.75/176.10

Volume (2 wk. Avg.) 113000

BSE Code 532531

Market Cap (Rs.In mn) 20809.46

Financials (Rs.in.mn)

CY09 CY10E CY11E

Net Sales 13283.30 17476.01 20097.41

EBIDTA 2105.05 4042.22 4522.00

PAT 635.09 1634.77 1847.27

EPS 23.38 32.89 35.00

P/E 18.97 13.49 12.67

Strides Acrolabs Ltd BUY F

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SYNOPSIS

Strides Acrolabs is one of India’s leading integrated manufacturers and exporter of finished pharmaceutical dosage forms – both branded and generic.

Strides Arcolab has received tentative approval from USFDA for one new drug application (ANDA) for fixed dose combination of Lamivudin and Zidovudine Tablets.

Strides Arcolab's generic version of Oseltamivir has received WHO Prequalification for treatment of H1N1 infection.

Strides Arcolab has sold its 6.22% stake (comprising 35.92 lakh shares) to --HSBC Global Investment Funds through qualified institutional placements (QIP).

Strides Arcolab has accumulated Rs 455 crore worth of fresh funds via Qualified Institutional Placement (QIP) route.

Strides Arcolab Ltd (Strides) has got the approval of the U.S. Food and Drug Administration has granted approval for Ergocalciferol Capsules

Net Sales of the company are expected to grow at a CAGR of 44% over 2008 to 2011E respectively.

1 Year Comparative Graph

Strides Acrolabs Ltd BSE SENSEX

V.S.R. Sastry

Equity Research Desk

vsrsastry@firstcallindiaequity.com

Dr. V.V.L.N. Sastry Ph.D.

Chief Research Officer

drsastry@firstcallindia.com

C.M.P: Target Price: Rs.443.50 Rs.510.00

Share Holding Pattern

Nov 12th, 2010

2

Peer Group Comparison

Name of the company CMP(Rs.) Market Cap.(Rs.Mn.)

EPS(Rs.) P/E(x) P/Bv(x) Dividend (%)

Strides Acrolabs Ltd 443.50 20809.46 23.38 18.97 4.33 15.00

Divis Labs 707.50 93765.90 31.09 22.76 6.08 300.00

Piramal Health 462.05 96574.50 616.79 0.75 6.44 270.00

Lupin 465.20 207372.70 15.50 30.01 8.19 135.00

Investment Highlights

Q3 CY11 Results Update(consolidated)

Strides Acrolabs Ltd reported a revenue growth of Rs 4304.11 million for the

quarter Sept 30, 2010 from Rs 3191.56 million reporting a rise of 34.86%. The

Profit after Tax (PAT) of the company disclosed Rs. 225.23 million from Rs 147.70

million during the quarter Sep 30, 2010, showing a growth of 52.49%.The equity

capital for the quarter stood at Rs 469.21 million from Rs 401.56 million.

Quarterly Results - standalone (Rs in mn)

As At Sep-10 Sep-09 %change

Net sales 4304.11 3191.56 34.86

PAT 225.23 147.70 52.49

Basic EPS 7.37 4.91 49.95

3

EPS for the quarter Sep 2010 stood at Rs 7.37 against Rs. 4.91 for the quarter Sept

2009.

4

The expenditure for the quarter stood at Rs. 3532.32 million as of Rs. 2765.14 for the

same quarter last year. Materials consumption has been increased from Rs 1232.22

million to Rs. 1492.03 million for the quarter Sep 30.2010 showing an increase of

21%. Depreciation for the quarter stood at Rs 155.83 million against Rs 119.61 million

showing increase of 30%.Employees cost for the Sep 30, 2010 is Rs 540.61 million

from Rs 492.70 million of the same quarter last year showing an increase of

10%.Purchase of traded goods took place in this quarter by Rs 889.85 million from Rs.

645.63 million with an increase of 38%.

The operating profit margins increased from 13.36% to 26.98% for

Sep 30, 2010. The net profit margin increased from 6.18% to 9.87% for Sep 30, 2010.

5

Business Performance

Strides Acrolabs business performance during the quarter was strong across all the

business divisions as of the same quarter last year.

Business Rs in Million

Specialities 1265.00

Pharma 3039.00

Total 4304.00*

*(Includes licencing income of Rs 472 million)

6

USFDA’S tentative approval

Strides Arcolab has received tentative approval from the United States Food and

Drug Administration (USFDA) for one new drug application (ANDA) for fixed dose

combination of Lamivudin and Zidovudine Tablets 150mg/300 mg under the

expedited review provision of the President’s Emergency plans for AIDS relief.

Oseltamivir receives WHO Prequalification

Drug maker Strides Arcolab's generic version of Oseltamivir (capsules 75mg) has

received World Health Organisation's (WHO) Prequalification for treatment of

H1N1 infection. With this, Strides has become only the second company globally

to receive WHO pre-qualification of generic Oseltamivir. The company

manufactures Oseltamivir at its USFDA approved and WHO pre-qualified oral

dosage forms manufacturing facility in Bangalore.

The mission of the 'Prequalification Programme', a United Nations initiative

managed by WHO, is to make good quality medicines available for everyone. The

7

list of prequalified medicinal products is used principally by United Nations

agencies including UNAIDS and UNICEF to guide their procurement decisions.

Strides Arcolab is an approved supplier of Oseltamivir to the Ministry of Health,

Government of India and it started supply of the drug in 2009. The company also

exports Oseltamivir to other countries. The product is available in local retail

market under the brand name 'STARFLU'.

Zenith Pharma exits Strides

Symphony Capital-owned investment entity Zenith Pharmaceuticals has exited

from Strides Arcolab, selling its last 7.8 million equity shares, which

approximately sums up to 14% stake.

Large numbers of shares were bought by institutional investors, which include

Morgan Stanley Mauritius, Deutsche Mauritius, SBI Life Insurance, Reliance Life

Insurance, Carlson Fund and Reliance Mutual Fund.

Zenith had invested in Strides in the late 90s and had increased its stake to

around 71% through preferential allotment around nine years ago in a deal worth

Rs 96 crore. In 2004, by selling its shares it brought down its stake to 36%. The

percentage of ownership gradually dwindled and in December 2009, Zenith held

around 30.96% in Strides. Another 5% was sold in mid-January for Rs 47 crore

and more shares in March for Rs 25 crore.

The company received shareholder's nod to increase the borrowing limit by Rs

1,000 crore to Rs 2,500 crore on July 24, 2010 and the company plans to utilize

the money raised from the increase in borrowing limit, licensing income and

operations to pay off the acquisition amount incurred for the joint venture with

Brazilian drug maker Aspen Global and buying off their manufacturing facility at

Campos, Brazil. The firm has already paid $67 million of the $183-million

acquisition amount.

8

Strides sold 6.22% stake

Strides Arcolab has sold its 6.22% stake (comprising 35.92 lakh shares) to --

HSBC Global Investment Funds 'through qualified institutional placements

(QIP).The deal value is calculated on the basis of Arcolab shares price at Rs

434.20 on the day of the transaction. HSBC is estimated to have paid Rs 155.98

crore. The funds so raised through the stake sale are likely to be utilized to part

finance overseas acquisition and for other investments.

Allotment of shares through ESOP

Strides Arcolab has informed that the company has allotted 41,000 fully paid

equity shares of Rs 10 each on conversion of employee stock options under

Strides Arcolab ESOP 2008 Scheme.

Consequent to the above allotment, the paid up equity share capital of the

company has increased from Rs 576,636,710.00 consisting of 57,663,671 equity

shares of Rs 10 each to Rs 577,046,710 consisting of 57,704,671 equity shares of

Rs 10 each.

ANDA approvals received

Strides Arcolab Ltd has received its 50th USFDA ANDA approval with approvals for

the following two products: - Lidocaine Hydrochloride Injection USP, 20 mg/mL

(preservative-free), packaged in 100 mgs/5 mL single-use vials. - Lidocaine

Hydrochloride Injection USP, 0.5% (5mg/mL) & 1% (10mg/mL), packaged in single-

use vials. Of the 50 approvals received to date, 31 are for Sterile products, a

segment in which Strides has established itself as a leading player worldwide.

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The total US market for Lidocaine injection in 2009 approximated US$ 61 million.

Half of this market will be covered by the two products for which approvals have

been received.

Accretion of Funds

Strides Arcolab has accumulated Rs 455 crore worth of fresh funds via Qualified

Institutional Placement (QIP) route. The company concluded the issue on

September 28 (Tuesday) and it will be issuing little over 1.07 crore equity shares

of Rs 10 each at a price of Rs 423.55 apiece to institutional investors.

Approval of soft Gelatin

Strides Arcolab Ltd (Strides) has got the approval of the U.S. Food and Drug

Administration has granted approval for Ergocalciferol Capsules USP 1.25 mg.

Ergocalciferol is a synthetic calcium regulator for oral administration. Each

capsule contains Vitamin D (Ergocalciferol) 1.25 mg equivalent to 50,000 USP

units of Vitamin D and will be available in bottles of 50 & 100s.

The total US market for Ergocalciferol softgel capsules approximated to US$ 62.9

million in 2009, a growth of 72% over 2008 sales. Over 95% of the market for this

product is dominated by one player.

Strides get MHRA’s nod

Strides Arcolab has received the certificate of GMP Compliance from the medicines

and healthcare products regulatory agency (MHRA), UK for its manufacturing site

at Campos, Brazil for its dedicated Sterile Products, covering carbapenems

manufacturing. The facility also manufactures penicillins for the Latin American

Markets.

The Campos facility was acquired by Strides from Aspen, as part of its strategy to

focus on the specialty indictable business. The ownership of the facility is in the

process of being transitioned to Strides. The facility has already received approval

from ANVISA, Brazil.

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Plans to restructure high cost debt

Strides Arcolab is in advanced stages of the debt restructuring plan which is

eroding the company's profitability; it is planning to raise around $200 million in

two tranches to restructure its high-cost debt. The company will soon choose

between a private equity placement and a convertible bond issue to raise the first

tranche of $125 million, out of which half of the money will be used to pay Aspen

for buying its stake in two joint ventures and a factory in Brazil. For the rest,

around $75 million, the company is exploring debt as well as equity-linked

instruments.

Company Profile

An Overview:

Established in 1990, Strides is one of India’s leading integrated manufacturer and

exporter of finished pharmaceutical dosage forms – both branded and generic. They

are a significant global player in soft gelatin capsules and sterile parenterals with

quality standards that meet the most stringent regulated market standards.

They have 13 world class plants in India, Singapore, Brazil, Mexico, Poland and Italy

offering our partners the advantage of multi-locational product sourcing.They are

among the world’s top 5 soft gelatin capsule manufacturers.

These facilities have received approval from various regulatory authorities namely

MHHRA, TGA, MCC, ANVISA. The company’s Bangalore plant is pre-qualified by WHO

to manufacture of HIV/ AIDS and anti-TB drugs.

The company is among the top 5 soft gelatin capsule manufacturers in world.

Strides Acrolab has partnered with major pharmaceutical companies located in

Australia, South Africa, Europe, and USA.

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The company has a joint venture with Akorn -- Akorn-Strides, LLC -- to develop liquid,

lyophilized and dry powder formulations of generic injectable products targeting

several therapeutic markets.

Our R&D interweave offers end-to-end solutions from concept to delivery and a go-to-

market pipeline of products that are patent non-infringing formulations across dosage

forms.

They have marketing presence in 55 countries. This broad network facilitates

partnering with global organisations ranging from Unicef, UNDP, Global TB Drug

Facility, The Clinton Foundation to European and American pharma giants and even

private labelers and distribution chains.

In addition, they undertake contract R & D and manufacture of pharmaceutical

dosage forms.

Products

Soft gel capsules- The company manufactures range of soft gel in category of

nutraceuticals, Rx, specialty OTCs and immunosuppressants.

Steriles- Under this, it offers its products in therapeutic segments that includes

beta-lactams and cephalosporins. The company manufactures striles in various

forms such as prefill syringes, ampoules, vials and penicillins.

Outlook

Akorn-Strides, LLC has received approval from the US Food and Drug

Administration for two Abbreviated New Drug Applications (ANDAs) for Sterile

Vancomycin HCl USP, 500 mg/vial, 1 g/vial and Sterile Vancomycin HCl USP, 5

g/vial Pharmacy Bulk Package.

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Financials Results

12 Months Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) CY08A CY09A CY10E CY11E

Description 12m 12m 12m 12m

Net Sales 11263.72 13283.30 17476.01 20097.41

Other Income 2513.33 0.11 0.08 0.08

Total Income 13777.05 13283.41 17476.09 20097.49

Expenditure -9507.01 -11178.36 -13433.87 -15575.49

Operating Profit 4270.04 2105.05 4042.22 4522.00

Interest -846.98 -759.07 -1427.93 -1562.33

Gross Profit 3423.06 1345.98 2614.29 2959.67

Depreciation -400.64 -491.90 -625.58 -706.91

Profit before Tax 3022.42 854.08 1988.71 2252.77

Tax -107.94 -218.99 -353.94 -405.50

Profit after Tax 2914.48 635.09 1634.77 1847.27

Exceptional Items -1873.63 575.31 37.86 0.00

Min Int & share of P&l Asso 38.78 -113.55 -200.82 -204.83

Net Profit 1079.63 1096.85 1471.82 1642.44

Equity Capital 400.50 469.21 469.21 469.21

Reserves 3244.11 4340.96 5812.78 7455.21

Face Value 10.00 10.00 10.00 10.00

Total No. of Shares 40.05 46.92 46.92 46.92

EPS 26.96 23.38 32.89 35.00

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Quarterly Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10

Description 3m 3m 3m 3m

Net Sales 3815.24 4837.34 4304.11 4519.32

Other Income 0.00 0.08 0.00 0.00

Total Income 3815.24 4837.42 4304.11 4519.32

Expenditure -2956.33 -3532.32 -3420.15 -3525.07

Operating Profit 858.91 1305.10 883.96 994.25

Interest -259.7 -363.46 -392.57 -412.20

Gross Profit 599.21 941.64 491.39 582.05

Depreciation -159.31 -148.38 -155.83 -162.06

Profit before Tax 439.90 793.26 335.56 419.99

Tax -71.35 -67.26 -110.33 -105.00

Profit after Tax 368.55 726 225.23 314.99

Exceptional Items 62.72 -207.1 182.24 0.00

Minority Int& Share of P&L Asso -32.97 -41.34 -61.71 -64.80

Net Profit 398.30 477.56 345.76 250.20

Equity capital 432.09 435.39 469.21 469.21

Face value 10.00 10.00 10.00 10.00

Total no. of Shares 43.21 43.54 46.92 46.92

EPS 9.22 10.97 7.37 5.33

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Key Ratios

Particulars CY08A CY09A CY10E CY11E

No of Shares 40.05 46.92 46.92 46.92

Market Price 443.50 443.50 443.50 443.50

EPS (Rs.) 26.96 23.38 32.89 35.00

EBITDA Margin (%) 37.91% 15.85% 23.13% 22.50%

PAT Margin (%) 25.87% 4.78% 9.35% 9.19%

P/E Ratio (x) 16.45 18.97 13.49 12.67

ROE (%) 30.63% 23.25% 23.79% 20.98%

ROCE (%) 32.21% 15.24% 24.41% 24.42%

EV/EBITDA (x) 4.16 9.89 5.15 4.60

Debt-Equity Ratio 3.01 2.56 2.06 1.71

Book Value (Rs.) 91.00 102.52 133.88 168.89

P/BV 4.87 4.33 3.31 2.63

PBT Margin (%) 26.83% 6.43% 11.38% 11.21%

Charts:

1. Net Sales & PAT

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2. P/E Ratio

3. EV/EBDITA

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4. Debt Equity Ratio

5. P/BV

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Outlook and Conclusion

At the current market price of Rs.443.50, the stock is trading at 13.49 x CY10E

and 12.67 x CY11E respectively.

Price to Book Value of the stock is expected to be at 3.31 x and 2.63 x

respectively for CY10E and CY11E.

Earning per share (EPS) of the company for the earnings for CY10E and CY11E

is seen at Rs. 32.89 and Rs. 35.00 respectively.

Net Sales of the company is expected to grow at a CAGR of 21% over 2008 to

2011E respectively.

On the basis of EV/EBITDA, the stock trades at 5.15 x for CY10E and 4.60 x

for CY11E.

We expect that the company will keep its growth story in the coming quarters

also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.510.00 for Medium to Long term investment.

Industry Overview

Pharmaceuticals

India's pharmaceutical industry is now the third largest in the world in terms of

volume and stands 14th in terms of value. According to data published by the

Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, the total

turnover of India's pharmaceuticals industry between September 2008 and September

2009 was US$ 21.04 billion. Of this the domestic market was worth US$ 12.26 billion.

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Moreover, according to an Ernst & Young and industry body study, the increasing

population of the higher-income group in the country, will open a potential US$ 8

billion market for multinational companies selling costly drugs by 2015. Besides, the

report said the domestic pharma market is estimated to touch US$ 20 billion by 2015,

making India a lucrative destination for clinical trials for global giants.

Exports

Export of pharmaceutical products from India increased from US$ 6.23 billion in

2006-07 to US$ 8.7 billion in 2008-09—a combined annual growth rate (CAGR) of

21.25 per cent. According to Mr Jyotiraditya M Scindia, Minister of State for

Commerce, pharmaceutical exports from the country have recorded growth rates of

21.61 per cent, 14.37 per cent and 28.54 cent, respectively, in the three consecutive

years of 2006-07, 2007-08 and 2008-09.

Pharmaceutical exports during April-December 2009 were worth US$ 6.33 billion,

according to the Department of Pharmaceuticals, Ministry of Chemicals and

Fertilizers.

Growth

According to the All India Organisation of Chemists and Druggists (AIOCD), the

pharmaceuticals industry in India will grow by over 100 per cent over the next two

years.

"The people are increasingly becoming health conscious and the sell of all types of

medicines, particularly anti-biotic, will zoom up in the coming years. We expect the

business to double by 2012", as per JS Shinde, President, AIOCD.

According to Shinde, the pharmaceutical industry is currently growing at the rate of

12 per cent, but this will accelerate soon. The sale of all types of medicines in the

country stands at US$ 9.61 billion, which is expected to reach around US$ 19.22

billion by 2012.

Further, a RNCOS report titled 'Booming Pharma Sector in India' projects the industry

to continue growing at a CAGR of around 13 per cent during 2010-11 to 2012-13. The

19

formulations industry is expected to prosper parallel to the pharmaceutical industry.

It is expected that the domestic formulations market in India will grow at an annual

rate of around 17 per cent in 2009-10, owing to increasing middle class population

and rapid urbanisation.

Diagnostics Outsourcing/Clinical Trials

According to the research published by RNCOS titled 'Indian Diagnostic Market

Analysis' published in January 2010, the Indian diagnostic services are projected to

grow at a CAGR of more than 20 per cent during 2010-2012.

Generics

According to Mr Srikant Kumar Jena, Union Minister of State for Chemicals and

Fertilisers, India tops the world in exporting generic medicines worth US$ 11 billion

and currently, the Indian pharmaceutical industry is one of the world's largest and

most developed.

Moreover, as per a press release by research firm RNCOS in May 2010, the report

titled ‘Booming Generics Drug Market in India' projects the Indian generic drug

market to grow at a CAGR of around 17 per cent between 2010-11 and 2012-13. Mr

Anand Sharma, Union Minister of Commerce and Industry and Lim Hng Kiang,

Minister for Trade and Industry, Singapore , have signed a 'Special Scheme for

Registration of Generic Medicinal Products from India' in May 2010, which seeks to

fast-track the registration process for Indian generic medicines in Singapore.

According to Lim Hng Kiang, "What we have agreed is that if your (Indian) generics

have already cleared the regulations of one of the five countries/ regions - US,

Canada, the European Union, UK or Australia - Singapore will take that as 'already

cleared' and we will import it (the generic medicines) without any additional

clearances."

Mr Sharma said, "This (understanding) will facilitate quick registration and approvals

(of Indian generic drugs) in Singapore. It is a major movement forward. One-fourth of

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the world's generics come from India. This has ensured easy availability of life-saving

medicines particularly where affordability has been an issue."

Mergers and Acquisitions/ Licensing Deals

• Orchid Chemicals & Pharmaceuticals Ltd, a Chennai-based pharmaceutical

company, has entered into an agreement to acquire US-based generic

marketing company Karalex Pharma LLC, in an all-cash deal.

• In May 2010, Glenmark Pharmaceuticals licensed its chronic pain molecule to

Sanofi Aventis for a cumulative deal of US$ 321.7 million.

• Dr Reddy Laboratories has signed an agreement with Alchemia, an Australian

Pharmaceutical company, for marketing Fondaparinux sodium (which is used

for the treatment and prevention of deep vein thrombosis (DVTs)) in all markets

outside of North America. According to the agreement, Dr Reddy's will pay to

Alchemia a royalty on sales at an agreed proportion.

• Super Religare Laboratories (SRL), a diagnostic chain has signed a definitive

agreement to buy Piramal Healthcare's diagnostic chain for US$ 128.6 million,

making it the country's largest diagnostic player.

Government Initiative

100 per cent foreign direct investment (FDI) is allowed under the automatic route in

the drugs and pharmaceuticals sector including those involving use of recombinant

technology. (DIPP)

The Government plans to set up a US$ 639.56 million venture capital (VC) fund to give

a boost to drug discovery and strengthen the pharma infrastructure in the country.

According to Mr Ashok Kumar, Secretary, Department of Pharmaceuticals, the

Government had issued an expression of interest (EoI) for technical and financial bids

for the selection of a global level consultant (GLC) for the preparation of a detailed

project report (DPR) in order to develop India as a drug discovery and pharma

innovation hub by 2020.

21

The Drugs and Pharmaceuticals Manufacturers Association has received an in-

principle approval for its proposed special economic zone (SEZ) for pharmaceuticals,

bulk drugs, active pharmaceutical ingredients (APIs) and formulations to be located at

Nakkapalli mandal in Visakhapatnam district, according to a government press

release.

According to Mr Srikant Kumar Jena, Union Minister of State for Chemicals and

Fertilisers, the Department of Pharmaceuticals has prepared a "Pharma Vision 2020"

for making India one of the leading destinations for end-to-end drug discovery and

innovation and for that purpose provides requisite support by way of world class

infrastructure, internationally competitive scientific manpower for pharma research

and development (R&D), venture fund for research in the public and private domain

and such other measures.

Investment

• The drugs and pharmaceuticals sector has attracted FDI worth US$ 1707.52

million between April 2000 and April 2010, according to data published by

Department of Industrial Policy and Promotion (DIPP) in April 2010.

• Indian Immunologicals Ltd (IIL), a subsidiary of National Dairy Development

Board, will launch four new vaccines next year. The company is setting up a

new manufacturing facility in Hyderabad with an investment of US$ 32.4

million. The manufacturing unit will produce both human and animal vaccine.

Road Ahead

According to a report by PricewaterhouseCoopers (PwC) in April 2010, India will join

the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with

the total value reaching US$ 50 billion.

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________________ ____ _________________________ Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation

for the purchase or sale of any financial instrument or as an official confirmation of any

transaction. The information contained herein is from publicly available data or other

sources believed to be reliable but do not represent that it is accurate or complete and it

should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s

affiliates shall not be in any way responsible for any loss or damage that may arise to any

person from any inadvertent error in the information contained in this report. This document

is provide for assistance only and is not intended to be and must not alone be taken as the

basis for an investment decision.

23

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