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Dishman Pharmaceuticals & Chemicals Ltd BSE:532526 NSE:DISHMAN

Dishman Pharmaceuticals & Chemicals Ltd is engaged in Healthcare/Hospitals business. Company is listed on both NSE and BSE. NSE symbol for Dishman Pharmaceuticals & Chemicals Ltd is 'DISHMAN' and BSE code for Dishman Pharmaceuticals & Chemicals Ltd is '532526'.

About Company

Dishman Pharmaceuticals & Chemicals Ltd. is an Indian company engaged in the business of synthetic chemistry research, through which it has developed processes for the manufacture of various intermediates, active pharmaceutical ingredients (APIs), quarternary ammonium compounds (QUATS) and specialty chemicals. The Company operates in two segments: QUATs and Specialty chemicals, Intermediates and APIs (Marketable Molecules or MM Segment), and the Contract Research and Contract Manufacturing (CRAM Segment). In each of this segment, Dishman undertakes regular and customized production. During the fiscal year ended March 31, 2006 (fiscal 2006), the Company acquired Synprotec DCR Ltd. through its wholly owned United Kingdom-based subsidiary, Dishman Europe Limited, and Innovative Ozone Services Inc. In August 2006, the Company acquired Carbogen Amcis AG (CA), a Swiss research-based company with the three production facilities in Switzerland, from Solutia Europe SA/NV.

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Dishman Pharmaceuticals & Chemicals Ltd User Reviews

1. insight  Nov 9, 2009 11:48:16 AM IST Reply

Dishman Pharma<br>Not Rated<br>Price: Rs215<br><br>Solvay miss hits hard, cuts guidance<br><br>* Adjusted net profit down 43% YoY: Dishman reported adjusted net<br>profit of Rs193mn down 43% YoY. Sales declined 14% YoY at Rs2.17bn<br>on account of lower contribution from Solvay coupled with de-growth in<br>Carbogen Amcis. In addition, marketable molecules business declined<br>25% YoY. EBITDA excluding forex gains was down 11% YoY with<br>EBITDA margins improving by c.60bps YoY to 20.3% supported by<br>declines in raw materials and other expenses.<br><br>* Sales growth disappointing: CRAMS business was down 9% YoY<br>largely due to significant decline in contribution from Solvay post its<br>acquisition by Abbott and 12% YoY decline in Carbogen. In addition,<br>there was some destocking at customer level as Solvay was running<br>high inventories for eprosartan. Previously, management had indicated<br>that supplies will resume from June but this was delayed to September<br>due to Abbott`s acquisition. With the company having received orders<br>from Solvay till June, it expects regular supplies in remaining quarters.<br>Carbogen contribution was low at c. Rs960mn (CHF 20.2mn) as against<br>Rs1.1bn (CHF 25.1mn) in 2Q09 due to lower demand in preclinical and<br>early phase trials. Company indicated this is due to shift to off-shore<br>location like India. The margins in this segment excluding forex impact<br>increased by 100bps to 16.4%. Company reported contract research<br>revenue of c.Rs150m from India out of total Rs658mn CRAMS business<br>in India. The marketable molecules segment also disappointed with<br>large declines in quats due to lower pricing. Vitamin D business within<br>this segment grew 44% YoY and was the only positive growth driver in<br>the sales.<br><br>* 15% YoY growth guidance removed: Dishman cut its earlier<br>guidance of 15% YoY sales growth to no growth. This is largely due to<br>decline in sales guidance from Rs1.75bn to Rs1.25bn from Solvay. The<br>company has received additional orders involving three new products –<br>mebeverine, fenofibrate and fluvoxamine and expects Solvay to touch<br>c. Rs1.75-2bn in FY11. In addition, it maintained its guidance of Rs0.8-<br>1bn of India contract research business in FY10. The company<br>maintains optimistic outlook for FY11 with aim to increase number of<br>clientele, foreseeing 20% YoY growth.<br><br>* Currently top 5 clients contribute 36.2% to total sales (down from<br>44.3% in 2Q09). The capex guidance stands at Rs1.2bn in FY10 which<br>will be utilized for high potency unit (Unit 9B at Bavla), and China plant<br>(Rs700mn done so far). The company has c. Rs2.1bn debtors, 2.6bn<br>inventories with gross debt of c. Rs8bn which increased due to<br>incremental working capital loan. Of this foreign currency debt is c.<br>Rs5.5bn.<br><br>* At CMP of 215, stock is trading at 11.3x FY10 and 9x FY11 consensus<br>EPS.

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