Indies Pharma Q3 sales jump 45%

The financial news out of Indies Pharma for its third quarter to July were mixed at best as sale revenues jumped a strong 45 percent to $215 million from $148 million in the 2018 period but profit inched just 9 percent higher to $34 million from $31 million in 2018.
Sale revenues for the nine months to July increased 28 percent to $576 million from $449 million in 2018 but profit soared 41 percent to $113 million from $80 million after-tax liability of $24 million in the similar 2018 period but profit before tax, rose just 8 percent. While many investors are guided by the bottom-line growth, others see great virtue in the growth of the business hence the strong sales increase is viewed as a positive indicator for future hikes in profit.
The less than spectacular growth in profits started in the second quarter ending April when the company posted $33 million before tax after tax compared to $38 million in the same quarter of 2018.
Gross profit margin in the third quarter declined to 63 percent from 68 percent in the 2018 period, but for the year to date, gross profit margin improved to 67 percent from 64 percent in the nine-month period in 2018. Cost of sales rose 68 percent to $79 million from $47 million for the quarter and increased by 18 percent to $189 million from $161 million in 2018 for the year to date. The effect, operating profit fell just 3 percent in the quarter from $35 million from $34 million but increased 4 percent year to date to $113 million from $109 million in 2018.
Administrative expenses rose stunning 51 percent to $104 million in the quarter from $69 million in 2018 and increased 52 percent in the nine months period to $276 million compared to $181 million in 2018.

Vishnu Muppuri – Executive director of Indies.

The spike in administrative expenses resulted from “significant increases incurred for rent, lease and set-up costs for the new facility in Montego Bay Freeport”, Vishnu Muppuri the company’s Executive director, reported. Finance cost declined in the quarter to $85,000 from $3 million in 2018 and from $4 million in 2018 to $281,000 for the nine-month period.
Gross cash flow from operating activities brought in $126 million but changes in working capital including increases to directors and related companies reduced the net inflows to $98 million, after paying dividends of $107 million in February, cash funds ended up at $71 million, down from $101 million at the start of the financial year. Net current assets ended the period at $660 million inclusive of receivables of $197 million, related parties and directors’ receivables of $201 million. Current liabilities stood at just $62 million. The company has no debt as all loans were retired in the 2018 fiscal year. At the end of July, shareholders’ equity stood at $680 million.
The stock traded at $3.25 on the Junior Market of the Jamaica Stock Exchange. Earnings per share came out at 3 cents for the quarter and 9 cents for the nine months and should end around 12 cents for the full year for PE of 27 times earnings. While the stock appears over-priced, the strong growth in revenues for 2019, if it continues, should see 2020 earnings hitting 25 cents per share that would reduce the PE to 13 times in the new fiscal year that starts in November.

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