Lincoln Pharma came out with their annual report, a brief summary is below. Related party loans continue and have actually increased in FY22. FY23 growth should come on the back of new launches from Cephalosporin facility in Australia and EU.
AR22 notes:
- Revenues grew by 11.3% from 424 cr. to 472 cr. with PAT increasing by 11.3% to 69 cr.
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Revenue break-up:
o India: 205.9 cr. (vs 163.55 cr. in FY21)
o Export: 266.18 cr. (vs 260.63 cr. in FY21)
o 1 customer contributes 17.69% of revenue (vs 15.37% in FY21) - Subsidiaries: Zullinc Healthcare: Sale 36.41 lakhs| PAT -0.32 lakhs
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R&D (breakup not given)
o 30+ scientists, received 7 patents (same as FY21) and filed 25+ patents (same as FY21)
o 1700 product registrations with 700 more in pipeline, developed 600 formulations (same as FY21) - Received approval from Australia’s medicines and medical devices regulator – Therapeutic Goods Administration (TGA).
- 86th rank in IQVIA in July 2022 (vs 90th in June 2021)
- Launched 14 products in India and filed 110 dossiers in other geographies. Looking to build a chronic portfolio in India focusing on women’s healthcare, dermatology, gastro and pain management to complement acute portfolio
- 2 manufacturing units (same as FY21)
- Due to amalgamation of Lincoln Parenteral Limited, share count increased by 29,728 (from existing share count of 2 cr.)
- Acquired plant in Mehsana, Gujarat for Cephalosporin product range (tablet, capsule, dry syrup, injectable). Invested 30 cr. for capacity expansion. Plant is expected to contribute 150 cr. sales in 3-years and EU-GMP, WHO-GMP, TGA and ISO-9001:2015 certifications
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Growth drivers
o Expansion in Cephalosporin products
o Foray in EU and Australian markets
o Expand presence in Africa and South East Asian countries - Promoter holding: Increased to 42.05% (vs 37.26% in FY21)
- Number of employees: 1’525 (vs 1’246 in FY21) (managerial remuneration increased by 15-16% and other employee by 20-21%), contractual workers: 750 (vs 700 in FY21)
- KMP remuneration: 1.59 cr. (vs 1. 6 cr. in FY21)
- Anand A. Patel is appointed on board. He specializes in procuring of raw and packing material, business, administration, distribution channel and social activities. He was Whole Time Director of the erstwhile Lincoln Parenteral Ltd since 2010
- CSR: Spent 1.48 cr. (excess of 10.93 lakhs which will be setoff next year)
- Shareholders: 32’975 (vs 21’415 in FY21), price (low): 221.3, price (high): 414.75
- Audit fee: 11.5 lakhs (vs 11 lakhs in FY21)
- Income tax dispute: 0.23 cr. (vs 2.3 cr. in FY21)
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Current loans given
o Inter-Corporate Loans 17 cr. (vs 14 cr. in FY21)
o Loans and advances given to others 14.53 cr. (vs 4.78 cr. in FY20) -
Non-current loans given
o Inter-Corporate Loans 2.3 cr. (vs 2.3 cr. in FY21)
o Loans given to others 24.54 cr. (vs 22.79 cr. in FY21)
Disclosure: Invested (position size here, bought shares in last-30 days)