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Utkarsh Small Finance Bank gets SEBI approval to float IPO

 

Varanasi, Uttar Pradesh based, Utkarsh Small Finance Bank Ltd, has received market regulator Securities and Exchange Board of India’s (SEBI) nod to raise Rs. 1350 crore through the Initial Public Offering (IPO) route. The company had filed DRHP with SEBI on March 5, 2019.

The IPO consists of fresh issue aggregating up to Rs 750 crore and an offer for sale of up to Rs  600 crore by the selling shareholder Utkarsh Coreinvest Ltd. The equity shares, of face value Rs 10 each, will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange) BSE.  The public issue of shares, of face value of Rs 10 each, will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

As stated in the DRHP, the company intends to utilize the net proceeds from the fresh issue to augment its tier 1 capital base to meet future capital requirements arising out of growth in its assets, i.e Loans and Advances. The company may consider raise Rs. 250 Cr through a pre IPO placement which would be in consultation with the appointed lead managers to the issue. If the pre-IPO placement, of equity shares aggregating upto Rs 250 crore, is undertaken, the amount will be reduced from the fresh issue.

The company intends to utilize the net proceeds from the fresh issue to augment its tier 1 capital base to meet future capital requirements arising out of growth in its assets, i.e Loans and Advances. The company may consider raise Rs. 250 Cr through a pre IPO placement which would be in consultation with the appointed lead managers to the issue.

The fast growing Varanasi headquartered company, who’s SFB was incorporated in 2016 and commenced operations in 2017, is one of the most profitable small finance banks in the country as on FY 2020, according to the CRISIL report. As on September 30, 2020, the retail and technology focused, small finance bank across 528 banking outlets has served 2.74 million customers majorly located in rural and semi urban areas in the states of Bihar, Uttar Pradesh and Jharkhand that has a significant untapped market. Its deposits and disbursements have grown at a CAGR of 54.48% and 33.66% respectively, between FY 18-20 and as on March 31, 2020 had the lowest gross and net NPA ratios amongst its SFB peers. Between FY17-20 Small Finance banks have registered an AUM growth rate of 30% CAGR and the loan portfolio is expected to see a growth of 22% in the near term.

ICICI Securities Ltd., IIFL Securities Ltd. and Kotak Mahindra Capital Company Ltd. are the BRLMS to the Issue.

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Alembic Pharmaceuticals achieves 23% growth in net profit of quarter in comparison to last year.

Press Release

Vadodara, 24th October, 2019

Alembic Pharmaceuticals Limited reported its consolidated financial results for the quarter ending 30th September 2019.

Financial Highlights

·         Net Sales for the quarter up 10% to Rs 1241 crores from Rs. 1127 crores last year.

·         Net Profit for the quarter up 23% to Rs 246 crores from Rs 200 crores last year.

·         Net sales for H-1 FY20 up 10% to Rs 2190 crores against Rs 1990 crores last year.

·         Net profit for H-1 FY20 up 27% to Rs 370 crores from Rs 291 Crores last year.

Mr. Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited said  

“It was a good quarter for the company led by growth in the US market and the API business. We launched 7 products in the US market in Q2. We continue to invest in R&D to build up a product pipeline.”

Operational Highlights

International Business

·         International formulations grew 10% to Rs 646 crores in the quarter and 17% to Rs 1099 crores for H-1.

·         US Generics grew 25% to Rs 539 crores in the quarter and 35% to Rs 884 Crores for H-1.

·         6 ANDA approvals received during the quarter; 102 Cumulative ANDA approvals.

·         5 ANDA filings during the quarter; Cumulative ANDA filings at 170.

·         EIR’s for all the plants in place.

India Formulations Business

·         India formulations business for the quarter was Rs 391 crores as against Rs 385 crores for the last year.

API Business

·         API business grew 31% to Rs 204 crores as against Rs 155 crores for the last year.

·         2 DMF were filed in the quarter and total tally of DMF stand at 102.

Summary of Total Revenue is as under:   

                                     (Rs in Crores)

Particulars

Q2 FY20

Q2 FY19

% Change

H1 FY20

H1 FY19

% Change

Formulation

USA 

539

431

25%

884

656

35%

Ex-USA                            

107

156

-31%

215

283

-24%

India

391

385

2%

715

716

0%

API

204

155

31%

376

335

12%

Total

1241

1127

10%

2190

1990

10%

                                         


The Profit break-up is as under:               

                                                                                                                 (Rs in Crores)

Particulars

Q2 FY20

Q2 FY19

% Change

H1 FY20

H1 FY19

% Change

EBITDA Pre R&D

505

443

14%

869

710

22%

EBITDA Pre R&D %

41%

39%

40%

36%

EBITDA Post R&D

342

305

12%

575

456

26%

EBITDA Post R&D %

28%

27%

26%

23%

Profit Before Tax before exceptional items

299

270

10%

491

392

25%

Net Profit after Tax

246

200

23%

370

291

27%

Alembic Pharmaceuticals Limited, a vertically integrated research and development pharmaceutical company, has been at the forefront of healthcare since 1907. Headquartered in India, Alembic is a publicly listed company that manufactures and markets generic pharmaceutical products all over the world. Alembic’s state of the art research and manufacturing facilities are approved by regulatory authorities of many developed countries including the US FDA. Alembic is one of the leaders in branded generics in India. Alembic’s brands, marketed through a marketing team of over 5000 are well recognized by doctors and patients.

Information about the company can be found at www.alembicpharmaceuticals.com; (reuters: ALEM.NS) (bloomberg: ALPM) (nse: APLLTD) (bse: 533573)