Here are the youtube sources for the company

Wealth First -A Strong Re-rating Opportunity?| Wealth First Vs Nuvama Vs Motilal |Wealth First Stock

Wealth First Portfolio Managers, Varun Beverages, CERA, Control Print

I hope you find them useful.

I have recently entered this stock and is just 1% of my stock holdings.

dr.vikas

**Eris Lifesciences – **

Q2 FY 25 results and concall highlights –

Revenues – 741 vs 505 cr, up 46 pc

Gross Profit – 555 vs 411 cr, up 35 pc. GMs @ 75 vs 81 pc due significant changes in product mix

EBITDA – 265 vs 181 cr, up 46 pc ( margins @ 35.7 vs 35.8 pc )

PAT – 97 vs 122 cr ( due accelerated depreciation, amortisation and finance costs – because of a series of acquisitions made by the company in last 12 months )

Net Debt @ 2500 cr, ahead of schedule ( had guided for net debt of 2600 cr by 31 Mar 25 )

Guiding for a consolidated revenue of 3000 cr for FY 25 with EBITDA margins of 35 pc

Acquisitions made by the company in last 24 months –

Oaknet Pharma – entry into Derma business – paid Rs 650 cr

Select brands of Glenmark Pharma – paid Rs 340 cr

Derma brands of Dr Reddy’s – paid Rs 275 cr

Biocon’s domestic Nephro and Derma business – paid Rs 366 cr

Swiss Parenterals – sterile Injectables business – paid Rs 870 cr for 70 pc stake

Biocon Biologics India formulations business ( has significant presence in Onco and Anti-Diabetic therapies ) – paid Rs 1240 cr

Total cost of all acquisitions put together – 3740 cr

Total revenues of the acquired assets at the time of acquisition – 1070 cr

Launched Liraglutide ( GLP-1 ) brand – ERLY in Sep 24

Despite the drop in gross margins, the EBITDA margins of the consolidated business remain strong at 35 pc due successful business integration and cost + scale benefits thereof. Also, the company’s new manufacturing facility at Ahmedabad is ramping up with Q2 capacity utilisation @ 65 pc vs 55 pc in Q1. Additionally, company’s in-house production of Derma products has gone up to 30 pc vs NIL in previous FY. This number ( ie – percentage of in-house derma business ) is improving MoM. All these things are helping improve the Gross margins of base business and EBITDA margins of the consolidated business

Pre-Biocon acquisition, company’s anti-diabetes franchise was limited to OHAs ( oral hypoglycaemic agents ) with a topline of Rs 600 cr, 900 MRs and a yield per MR @ Rs 5.4 lakh/month. Post the acquisition and integration, the Anti-Diabetes franchise has OHAs + Injectables with a topline of 1000 cr +, 1200 MRs with a yield per MR @ 7.1 lakh/month – clearly company is benefitting from significant scale business in their Anti-Diabetes business

The OHA and Injectables teams are complementing each other at the field level – which is a great news for the company

Company has added six senior level officials to the Swiss Parenterals business – in the business development and regulatory compliance roles for business expansion in the African, Asia-Pacific and Latin American mkts

Likely to commence – Oral solid Dosage exports business. Expecting regulatory approvals from EU-GMO and ANVISA ( Brazilian regulator ) for the Ahmedabad site. Once approved, exports may commence in mid FY 26

In the process of commencing – CMO business wrt Injectables for the EU mkts. Target customers would be EU focussed big generics players. Looking to get into stable 3-5 yr manufacturing contracts with them

Company acquired 30 pc stake in Levim Lifetech for 54 cr in Q2 FY 25. Levim has developed and commercialised 3 products – Liraglutide ( GLP-1 ), Streptokinase ( used to treat blood clots in Heart, Lungs, blood vessels ) and Pregaspargase ( Onco drug used to treat a type of blood cancer ). Successful development of Liraglutide by Levim builds confidence for a future GLP play. They are likely to commission a large scale manufacturing facility in Mid-2025. Levim’s R&D pipeline is expected to expand significantly going forward

Company’s brand ERLY is based on the active ingredients manufactured at the Levim’s manufacturing facility

Capex for FY 25 should be at 150 cr ( aprox ) + 54 cr investment in Levim’s business

Breakdown of Q2 revenues –

Base business – 501 cr
Biocon’s business – 131 cr
Swiss Parenteral’s business – 82 cr

H2 should see a flurry of launches in the base business. Base business is expected to grow by 10 pc in FY 25

GLP-1 drugs should end up being a big opportunity in India. At present, company is going to play it via Liraglutide. Post FY 26, they ll introduce Semaglutide

As Levim is able to develop more products, ERIS is likely to increase their stake in that business

Expect the Insulins business ( acquired from Biocon ) to grow in high teens in next 2-3 yrs. Only concern here is the supply shortages of Insulins – not only in India but across the world

Swiss Parenterals should do a 330 cr kind of Topline for FY 25. This business is also likely to keep growing at a good pace going forward. CMO to Europe ( once it starts ) – should be an added kicker for future growth

Disc: holding, biased, added more recently, biased, not SEBI registered, not a buy/sell recommendation

I am optimistic about KPIT from these levels. Already, the stock is at 50 PE. If the price remains the same for a year, the PE will become 40. That is the level where I will be super comfortable buying large chunks.

Now, coming to management guidance, we should listen to Kishore Pandit’s interview. Here, he talks about a strong pipeline in place. But due to the overall slowdown across Western markets, some of the programs are not getting initiated as expected earlier in the upcoming quarters.

What one can understand from this that this is not a permanent loss of growth for the company. Just this year, they will be behind. Also, even if it grows at 18% a year, I will be happy to buy KPIT for 45 PE for sure. Because one has to ask himself – do you see KPIT going bankrupt or reducing revenues 10 years down the line. And, for a company of KPIT’s quality, one should buy when there is blood on the market.

It Will End The Year At The Lower End Of Its 18-22% Guidance Band: KPIT Tech | CNBC TV18

Jiomart online did not start as quick commerce but free home delivery. Sometimes it used to take days for the product to be delivered home. But recently (article says from June) they too entered in quick commerce and they charge a small fee for this quick delivery.

tailwind continued, overall sector is posting good numbers.

dis: invested
(i am holding these stocks, please share your thought)