IPO Analysis - Alkem Laboratories Ltd.

FUNDAMENTAL RESEARCHSEBI CERTIFIED – RESEARCH ANALYST
Alkem Laboratories Ltd.
Alkem Laboratories Ltd., the fifth largest pharmaceutical company in
Indian market with global operations, is engaged in the development,
manufacture, and sale of pharmaceutical and neutraceutical products.
Alkem has a total of 16 manufacturing facilities out of which 14
manufacturing facilities at 5 locations locate in India and 2 in the United
States (US). Alkem’s domestic and international operations accounted for
74.7% and 25.3% of total revenue by fiscal year 2015.
Alkem Laboratories Ltd. is coming out with an initial public offering
(IPO) of 12.9 mn equity shares of face value Rs2 each from the
promoter and selling shareholders. The issue is priced at Rs1,020-1,050
per share.
Objects of the Issue
 Company will not receive any funds from the offer for sale.
 OFS will be used for: To achieve the benefits of listing the Equity
Shares on the Stock Exchanges and for the sale of Equity Shares by the
selling shareholders.
Valuation & Recommendation
Alkem Laboratories Ltd. has a market leadership in various therapeutic
areas and ability to build market leading brands in the domestic market.
It has extensive sales, marketing and distribution network in India and
strong research and development capabilities which enhance the
company product portfolio. During FY11-FY15, EBITDA margin of the
company remained in the range of 13-18%, PAT margins at 12-17% and
currently it is growing at CAGR of over 20%. After annualizing the net
profit, FY16 EPS stands at Rs72.1 (post issue). At higher price band of
Rs1,050, Alkem’s shares are available at P/E multiple of 14.6x its
FY16EPS, which is 30% discount to the average PE multiple of around
(P/E 21x) of industry peers. Thus, we recommend investors to
‘Subscribe’ the issue.
1
Dec 05, 2015
Allocation (% of Issue Size)
QIBs 50%
Non-Institutional 15%
Retail 35%
IPO Update
Shareholding pattern
Particulars
Pre-issue
(%)
Post -Issue
(%)
Promoters & Promoters
Group
70.9% 66.2%
Non-Promoters 29.1% 33.8%
Total 100% 100%
Recommendation SUBSCRIBE
Price Band (per share) Rs1,020-Rs1,050
Issue Size Rs13,110.5 -Rs13,496.1 mn
Offer for sale 12.9 mn shares
Bidding Date Dec 08' 2015 - Dec 10' 2015
Face Value Rs2
Market Lot Size 14 shares per lot
Book Running Lead
Manager
Edelweiss Financial Services
Ltd., Axis Capital Ltd., J.P.
Morgan India Pvt. Ltd,
Nomura Fin. Adv. Pvt. Ltd.
Registrar Link Intime India Pvt. Ltd.
Sector Pharmaceuticals
Key Financials (Consolidated)
Particulars (Rs mn) FY11 FY12 FY13 FY14 FY15 H1FY16
Operating Income 16,907 20,156.4 24,952.3 31,260.0 37,887.1 25,701.3
Other Income 1,134.2 1,452.8 1,671.7 1,652.7 1,810.3 888.1
Op. Expenes. 14,042 16,404.3 21,327.8 27,159.5 33,015.9 21,097.2
EBIDTA 2,865.8 3,752.1 3,624.5 4,100.5 4,871.2 4,604.1
EBIDTA Margin 7.6% 18.6% 14.5% 13.1% 12.9% 17.9%
Adjusted PAT 2,957.7 4,058.4 3,836.3 4,353.4 4,625.6 4,312.9
NPM 17.5% 20.2% 15.4% 13.9% 12.2% 16.8%
EPS (Rs) 24.7 34.0 32.1 36.4 38.7 36.1
ROE (%) 20.7% 22.4% 17.7% 16.9% 15.4% 14.4%
Satish Kumar
Research Analyst (022-67069913)
satish.kumar@choiceindia.com

IPO Update
Indian Pharmaceuticals Industry
Indian pharmaceuticals industry with an estimated size of $36.8 billion is one of the largest industries in India and comprises
companies that are involved in the development, production and marketing of pharmaceutical products. The sector accounts
for about 1.4% of the global pharmaceutical industry in value terms and 10% in volume terms. The country's pharmaceutical
industry is expected to expand at a compounded annual growth rate (CAGR) of 22.4% over 2015-20 to reach $55 billion. With
72% of market share (in terms of revenues), generic drugs forms the largest segment of the Indian pharmaceutical sector.
Growing number of stress related diseases owing to change in lifestyle, industry cost efficiencies and manufacturing hub for
generics drugs are some of the leading factor credited for high growth of the domestic pharma industry. Further, Indian
pharma market is also growing at a significant pace on the back of strong growth drivers such as favorable demographics,
rising health awareness, increasing penetration of health insurance and rising government spending on healthcare
infrastructure. From 2015 to 2017, drugs with estimated total sales of US$43.8 billion are expected go off-patent, leading to a
huge surge in generic products, which would also provide remarkable opportunities to the Indian companies. Structure of
Pharma sector in India is given below ….
Indian pharmaceutical industry is an important contributor to the foreign reserve of the country with around 50% of industry
revenue coming from overseas market. Country wise, the US is major importer of Indian pharma products followed by Russia,
Germany and Austria. Industry exports grew by 16.3% CAGR over the past five years to around $24.6 billion in FY15.
Industry's export is mainly driven by low cost manufacturing, high process chemistry skills, approved manufacturing facilities
and increasing numbers of drug master filings.
Over the past years, pharmaceutical industry have grown inorganically through acquisition, but due to significant demand
drivers, companies have been now focusing more on improving operational efficiencies and also seeking more licenses for
innovators products and newer technologies. However, rising competition and regulatory approvals and compulsory licensing
has become a key concern for the industry, which requires careful considerations by the domestic pharma firms. To sustain
the robust growth for the future and to play major role in global pharma market, Indian pharma companies will have to
adjust regulatory environment, strengthening the supply of low-cost, quality medicines across the world besides capitalizing
growth opportunities provided by the global pharma market.
2
Source: Choice Broking, Company data, RHP
Active Pharmaceuticals
Ingredients/ Bulk drugs
Branded Generics
Formulations
AcuteChronic
Pharmaceuticals
6
37
55
0
10
20
30
40
50
60
2005 2015 E 2020 (P)
Industry Revenue ($ bn)
71%
19%
10%
Market share by Revenue
Generic drugs
OTC Medicines
Patented drugs

IPO Update
Company Introduction:
Alkem Laboratories Ltd., the fifth largest pharmaceutical company in Indian market with global operations, is engaged in the
development, manufacture, and sale of pharmaceutical and neutraceutical products. The company produces branded
generics, generic drugs, active pharmaceutical ingredients (“APIs”) and Nutraceuticals, which they market in India and 55
countries internationally, primarily the United States (US). Alkem has a total of 16 manufacturing facilities out of which 14
manufacturing facilities at 5 locations locate in India and 2 in the United States. The company 5 of their facilities are USFDA,
TGA and UK-MHRA approved. Of the Indian manufacturing facilities, 12 are for manufacturing formulations and 2 for
manufacturing APIs.
Business Overview:
Alkem’s domestic and international operations accounted for 74.7% and 25.3% of total revenue by fiscal year 2015. Alkem
was the fifth largest pharmaceutical company in India in terms of domestic sales in FY15. The company has the largest
number of brands with five brands ranking among the top 50 brands of the Indian pharmaceutical industry as of fiscal year
2015 in domestic sales. The company’s most significant therapeutic areas in the domestic market are anti-infectives, gastro-
intestinal, pain and analgesics, and vitamins, minerals, and nutrients. These therapeutic areas accounted for 80.7% of total
sales in the domestic market for fiscal year 2015. Company domestic business has grown has grown at a CAGR of 17.6% in the
period from fiscal year 2011 to fiscal year 2015. Alkem is the third 3rd fastest growing company in terms of sales in 2011-
2015 among the 10 largest pharmaceutical companies in the Indian domestic formulations market.
Investment Rationale
1) Market leadership in various therapeutic areas
The established record of strong performance and reputation for quality products in various therapeutic areas has helped
Alkem Laboratories to build reputable brands in the pharmaceutical market in India. The company is a leader in the largest
therapeutic area (anti-infective category) with 11.2% market share and during FY15 it ranks third in terms of market share in
the therapeutic areas of gastro-intestinal (5.6% market share) and pain/analgesics (5.0% market share) in India. Further,
Alkem has the highest number of brands (five) among the top 50 brands (along with another leading pharmaceutical
company) in the Indian pharmaceutical industry and also had 13 brands among the top 300 brands in the Indian
pharmaceutical industry for fiscal year 2015. Alkem’s product selection revolves around their desire to find products, which
will potentially enjoy a large prescriber base. Better response to products helps Alkem to build big brands. Rest of the
business model is aligned to this process, right from an industry-leading distribution network of more than 7,000 stockists
and close to 6,000 medical representatives.
As a result of our strong sales, marketing and distribution capabilities, company’s products are prescribed by an estimated
210,885 prescribers constituting 70.7% of total prescribers. In spite of enhancing reach in domestic region, the company is
also improving sales and distribution infrastructure through focusing more on infrastructure technology. We are of the view
that focused marketing strategies, trained medical representatives and distribution network enable the company to increase
our market share across key therapeutic areas and build and develop brands.
3
Names of Brands Number of Brands Sales Range (Rs mn, FY15)
Clavam, Taxim-O, Taxim 3 Above 1,500
Pan, Pan D 2 1,000 – 1,499
Gemcal, A to Z NS, Sumo, Ondem, Xone 5 500 – 999
Swich, Zocef, Xone-XP, Pipzo, Hemfer, Uprise-D3, Traxol,
Cheri, Enzoflam, Taximax, Indclav, Traxol-S
12 250 – 499

IPO Update
2) Strong research and development capabilities
Pharmaceuticals business depends to a significant degree on the company ability to successfully conduct research and
development (R&D) with respect to products. Continued focus on R&D helped Alkem to strengthened product offering in
India, the United States and other international markets. Company’s research and development department carries out
process development, formulation development and analytical research for domestic and international markets. R&D
expenses for FY15 stood at 4.5% of revenue and 3.3% of revenue during H1FY16. The company has four research and
development facilities, two in India and two in the United States. As of October 31, 2015, Alkem has employed 480 scientists
working on various drug products and substances in India and the United States. In addition, Alkem has the regulatory affairs
and intellectual property experts, which are responsible for various filings and approvals related to the products and
understanding and filing with respect to intellectual property rights in India and internationally.
3) Taking initiatives to diversify business
Earlier, Alkem focused on building their presence in India market. However over the past few years, Alkem is expanding its
business internationally through organic and inorganic approach. International markets now account for 25% of Alkem
revenue and US business represented around 17% of the company revenue. This has been largely possible due to company’s
efforts to build its presence in the US. As of October 31, 2015, Alkem has filed 69 ANDAs in the United States of which 21
have been approved and 2 have received tentative approvals. Out the 69 ANDAs, 30 were Para IV filings including first-to-files
(“FTFs”). Alkem has also filed 1 New Drug Application (“NDA”) -that has received final approval. The remaining ANDAs are at
various stages of the approval process. As of October 31, 2015, Alkem has filed the following applications in international
markets:
4) International business growing at rapid pace
Having established in the Indian pharmaceuticals market, Alkem has expanded internationally through both organic growth
and certain strategic acquisitions. The United States is the key focus market for their international operations. Alkem market
and sell their products in the United States under the brand “Ascend”. to major pharmacy chains’ stores, wholesalers,
managed care companies, distributors, food and grocery stores and pharmaceutical retailers. In addition to the US, Alkem
sells products in 54 countries, including Australia, Chile, Philippines and Kazakhstan. Revenues from their international
operations have grown at a CAGR of 45.7% during 2011-2015. The contribution of the net revenues from the international
operations has grown from 12.6% of the net revenues from operations in fiscal year 2011 to 25.3% of the net revenues from
operations in fiscal year 2015.
4
Country Filed Approved
US(ANDA) 69
21 (3 tentative
approval)
US (NDA) 1 1
Australia 22 18
Europe 16 7
Philippines (Dossiers for each
strength)
55 51
Chile (Dossiers for each
strength)
110 69
Kazakhstan (Dossiers for each
strength)
66 52
Other Countries 1,166 743
87%
75%
13%
25%
0%
20%
40%
60%
80%
100%
120%
FY11 FY15
Initiatives to diversify into new
markets have yielded positive results
India International
Source: Choice Broking, Company data, RHP

IPO Update
5) Strong Financial growth : Sales grew at 22.5% CAGR during FY11-FY15 to Rs37,887.1 mn led by strong domestic sales and
increasing international presence. PAT grew to Rs4625.6 mn in FY15 from Rs2,957.7 mn in FY11. Cash flow from operations
increased to Rs 3,282 mn in FY15 from Rs1,479.2 mn in FY11. EBITDA margins contracted from 18.6% in FY12 to 12.9% in
FY15, led by higher cost of raw material and employee cost. Alkem’s revenue grew 36% and NPM jumped to 18% during
1HFY16. The major reason for the jump in revenues is consolidation of financial of the two independent subsidiaries namely
Cachet and Indchemie. Both Cachet and Indchemie operated as Alkem’s sister companies with similar promoter shareholding
as Alkem. As a part of the listing effort, a majority stake (51%) in these entities has been acquired by Alkem. Due to this, their
numbers are now consolidated with Alkem for the first time during 1HFY16.
Risks & Concerns
 Rising competition and investment in Research and Development (R&D)
 Change in policies related to tax, duties or other such levies applicable
 Currency Fluctuation: Volatility in exchange rate can impact the exports business of pharma companies
 EBITDA margins contracted over the last three years
Valuation
Alkem Laboratories Ltd. has a market leadership in various therapeutic areas and ability to build market leading brands in the
domestic market. It has extensive sales, marketing and distribution network in India and strong research and development
capabilities which enhance the company product portfolio. During FY11-FY15, EBITDA margin of the company remained in
the range of 13-18%, PAT margins at 12-17% and currently it is growing at CAGR of 20%. After annualizing the net profit, FY16
EPS stands at Rs72.1 (post issue). At higher price band of Rs1,050, Alkem’s shares are available at P/E multiple of 14.6x its
FY16EPS, which is 30% discount to the average PE multiple of around (P/E 21x) of industry peers. Thus, we recommend
investors to ‘Subscribe’ the issue.
5
0.0
10,000.0
20,000.0
30,000.0
40,000.0
FY11 FY12 FY13 FY14 FY15
Rsmn
Sales grew by 22% CAGR during FY11-FY15
Operating Income EBIDTA Adjusted PAT
Relative Valuation
Companies (Rs mn)
CMP
(Rs)
6M R(%)
12M
R(%)
P/E (x)P/Bv (x)
EBIDTA
Margin (%)
NPM (%)
CAGR Sales
(P4FY)
Net
Worth
Alkem Laboratories Ltd. 1,050 - - - 4.2 12.9% 12.2% 23.4% 29,952.4
Torrent Pharmaceuticals Ltd. 1,489 22.4% 26.1% 19.3 10.2 28.0% 16.1% 20.0% 24,905.6
Alembic Pharmaceuticals Ltd. 680 25.6% 50.4% 25.6 14.5 19.7% 13.7% 12.0% 8,846.4
Glenmark Pharmaceuticals Ltd. 953 12.3% 16.5% 17.4 8.6 29.3% 19.1% 47.6% 30,003.4
Average 1043 20.1% 31.0% 20.8 9.4 22.5% 15.3% 25.7% 23426.9
Particulars Pre Dilution Post Dilution
EPS - 30th Sept 15 36.1 36.1
EPS - Annualised 72.1 72.1
P/E Ratio
At Rs1,020 14.1 14.1
At Rs1,050 14.6 14.6

IPO Update
6
Profit and Loss Statement
Particulars (Rs mn) FY11 FY12 FY13 FY14 FY15
Operating Income 16,907.9 20,156.4 24,952.3 31,260.0 37,887.1
Other Income 1,134.2 1,452.8 1,671.7 1,652.7 1,810.3
Total Operational Expenditure 14,042.1 16,404.3 21,327.8 27,159.5 33,015.9
Cost of Material Consumed 5,219.5 6,257.2 7,118.5 7,728.3 8,620.3
Changes in Inventories of FG
& WIP
(84.9) (1,144.3) (1,413.8) (502.1) (336.8)
Employee Benefit Expenses 2,670.9 3,034.5 4,122.9 5,315.6 6,374.9
Other Expenses 3,850.2 5,025.1 6,644.9 7,987.0 9,735.2
Purchase of traded goods 2,386.4 3,231.8 4,855.3 6,630.7 8,622.3
EBIDTA 2,865.8 3,752.1 3,624.5 4,100.5 4,871.2
EBIDTA Margin 7.6% 18.6% 14.5% 13.1% 12.9%
Depreciation & Amortization 274.3 290.3 397.9 522.6 703.0
PBIT 2,591.5 3,461.8 3,226.6 3,577.9 4,168.2
Financial Charges 412.3 581.0 882.3 930.8 811.1
Profit before Tax 3,313.4 4,333.6 4,016.0 4,299.8 5,167.4
Tax 355.7 275.2 179.7 (53.6) 541.8
Profit After Tax (PAT) 2,957.7 4,058.4 3,836.3 4,353.4 4,625.6
Less: Exceptional items 0 0 0 0 0
PAT after excep. Items 2,957.7 4,058.4 3,836.3 4,353.4 4,625.6
Add/(Less): Minority interest 1.9 (7.0) (1.9) 0.0 0.0
Adjusted PAT 2,955.8 4,065.4 3,838.2 4,353.4 4,625.6
NPM 17.5% 20.2% 15.4% 13.9% 12.2%
EPS (Rs) 24.7 34.0 32.1 36.4 38.7
Financial Ratios
Particulars FY11 FY12 FY13 FY14 FY15
RoE (%) 20.7% 22.4% 17.7% 16.9% 15.4%
RoCE (%) 15.8% 17.4% 15.1% 15.0% 14.5%
Basic EPS (Rs) 24.7 34.0 32.1 36.4 38.7
BVPS (Rs) 119.5 151.8 181.7 215.8 250.5
Cash EPS (Rs) 14.3 20.6 26.6 30.7 44.1
Inventory days 54.2 69.7 81.0 72.4 75.6
Debtor days 36.9 44.7 46.5 42.8 50.8
Trade payable days 36.2 50.0 42.1 35.7 44.5
119.5 34.2 61.6 23.0 31.9
Total assets turnover 0.6 0.6 0.6 0.7 0.7
Fixed assets turnover 3.5 3.0 2.8 3.2 3.3
Total Debt (Rs mn) 9,093.6 9,819.5 14,690.5 10,774. 11,620.0
D/E 0.6 0.5 0.7 0.4 0.4
Debt/EBIDTA 3.2 2.6 4.1 2.6 2.4
Interest Coverage 6.3 6.0 3.7 3.8 5.1
Cash Flow Statement
Net cash flow from operating
activities
1,479.2 1,590.5 780.5 2,900.3 3,282.0
Net cash flow from investing
activities
(8,227.9) (2,475.0) (4,035.2) 3,504.4 (2,370.)
Purchase of fixed assets (1,203.2) (2,493.7) (2,348.2) (1,036.0) (1,381.)
Net cash flow from financing
activities
7,788.7 (110.7) 3,556.4 (5,999.5) (517.8)
Net Increase in Cash and Cash
Equivalents
1,040.0 (995.2) 301.7 405.2 394.2
Cash and cash equivalents At
the beginning
199.8 1,239.6 263.5 573.1 1,008.2
Net Increase in Cash and Cash
Equivalents
1,239.8 244.4 565.2 978.3 1,402.4
Effect of exchange rate
changes on cash and bank
balances
0.0 3.4 1.3 19.3 5.6
Cash and cash equivalents At
the end
1,239.6 263.5 573.1 1,008.2 1,396.0
Cash balance as per balance
sheet
1,239.6 263.5 573.1 1,008.2 1,396.0
diff 0.0 0.0 0.0 0.0 0.0
Balance Sheet
Share Capital 119.6 119.6 119.6 119.6 239.1
Reserves & Surplus 14,160.9 18,024.5 21,597.1 25,673.9 29,713.3
Net Worth 14,280.5 18,144.1 21,716.7 25,793. 29,952.4
Deffered Govt. grant 35.8
Minority Interest 18.2 1.9 856.5
Non-Current Liabilities 4,370.4 5,279.7 3,655.0 3,316.6 2,048.6
Long term borrowings 2,462.6 3,089.7 2,555.9 2,322.5 334.3
Deffered tax liabilities
(net) 228.1 336.6 481.3 441.9 945.6
Other long-term
liabilities 6.7 1.9 123.3 77.8 51.4
Long-term provisions 1,673.0 1,851.5 494.5 474.4 717.3
Current liabilities 9,848.6 11,235.9 17,348.0 14,055. 20,120.0
Short term borrowings 6,631.0 6,729.8 12,134.6 8,452.2 11,285.7
Trade payables 1,676.9 2,760.3 2,875.9 3,057.3 4,619.2
Other current liabilities 903.9 1,118.0 1,874.5 2,042.8 3,370.9
Short term provisions 636.8 627.8 463.0 503.5 844.2
Total Liabilities 28,517.7 34,661.6 42,719.7 43,165. 53,013.3
Fixed Assets 4,885.0 6,741.1 8,963.6 9,796.7 11,429.3
Goodwill on
consolidation 2,042.3 2,450.6 1,757.6 1,903.4 3,421.0
Non current investments 61.0 2,989.1 4,103.3 3,382.4 4,197.6
Long term loans and
advances
1,539.8 2,588.2 3,393.9 4,184.0 5,421.7
Other non current
assests
4,604.1 6,765.3 2,927.2 7,826.8 5,063.0
Deferred tax assets (net) 4.4 11.9 51.1 44.8
Total non current assets 13,132.2 21,538.7 21,157.5 27,144. 29,577.4
Current Assets 15,385.5 13,122.9 21,562.2 16,021. 23,435.9
Current Investments 477.0 237.8 673.1 2,497.7 610.5
Inventories 2,508.7 3,849.2 5,539.6 6,203.3 7,842.3
Trade receivable 1,710.2 2,466.1 3,182.1 3,669.3 5,270.8
Cash and bank balance 9,898.2 5,138.1 9,954.5 2,062.9 7,907.6
Short term loans and
advances 430.1 973.5 1,330.7 1,259.8 1,296.3
Other current assets 361.3 458.2 882.2 328.5 508.4
Total Assets 28,517.7 34,661.6 42,719.7 43,165. 53,013.3
diff 0.0 0.0 0.0 0.0 0.0

FUNDAMENTAL RESEARCHSEBI CERTIFIED – RESEARCH ANALYST 7
INITIATING COVERAGE
Choice Equity Broking Pvt. Ltd.
Choice House, Shree Shakambhari Corporate Park, Plt No: -156-158,
J.B. Nagar, Andheri (East), Mumbai - 400 099.
+91-022-6707 9999
+91-022-6707 9959
www.choiceindia.com
Choice’s Rating Rationale
The price target for a large cap stock represents the value the analyst expects the stock to reach over next 12 months. For a
stock to be classified as Outperform, the expected return must exceed the local risk free return by at least 5% over the next
12 months. For a stock to be classified as Underperform, the stock return must be below the local risk free return by at least
5% over the next 12 months. Stocks between these bands are classified as Neutral.
Disclaimer
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the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and
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POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – • Analyst interest of the stock /Instrument(s): - No. •
Firm interest of the stock / Instrument (s): - No.

IPO Analysis - Alkem Laboratories Ltd.

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