I found out there is no direct way to invest in the NCD’s through traditional stock brokers like Groww, Zerodha, HDFC Sky, Upstox, etc. Some of the NCD’s can be purchased using GoldenPi platform but they don’t list all the NCD which are available for trading and they list only a selective few.

I went to the BSE official website and found out all NCD IPO can be found at:

I did not find any direct way of investing using above official website of BSE. Additionally, not all NCD IPO which are listed at BSE/NSE are made available at GoldenPI. So how do we invest in any NCD of our choice? Is there any way do this?

Also, I heard that listed NCD can be sold back into the markets. How do we do that because traditional stock brokers don’t offer the facility of buying/selling (traditional) of NCD’s.

Some of the upcoming NCD IPO can be found at:

Objectives

• Largest animal health company from India and amongst the top 25 in the world
• Presence across nearly 100 countries in regulated and less regulated markets
• 2/3rd of our revenue comes from regulated markets
• Only company in India to have set up a U.S. FDA-approved greenfield veterinary API facility.
• Commercialization of new products as part of our long-term contract with a leading animal health player in the world
• in the top 5, in fact, now in the top 3 of the ruminant cattle animal health business
• Aiming to grow in double digits
• Planning on hitting double-digit margins for the company by the exit of this year

Key Points

Spain

• Has both manufacturing as well as distribution
• It’s also one of the largest animal health markets in Europe
• Planning to launch new products in Spain, in the area of ruminant animals which is Production Animals.

Belgium

• Distributing more Companion Animal products in the area of pet care.

Netherlands

• Distributing more Companion Animal products in the area of pet care.

Scandinavia, Sweden

• Distributing more Companion Animal products in the area of pet care.

Germany :

• Planned to close the injectables plant factory, is a formulation unit.
• Buy APIs from other suppliers in Germany

Turkey

• Turkey is one of the leading markets in the world for animal health and our company has a strong presence there
• Turkey is a very important animal health market. It is in the top 10 markets of the world
• Turkey also injectables and has Europe GMP-certified facility
• Turkey also has manufacturing facility
• Actions taken on currency devaluation and Macro risk :
• Taken price increases to take advantage of opportunity to counter the inflation.
• Started looking at the basic operating and cost structure to ensure that they are efficient in such a volatile environment
• Opportunity to use Turkey as a base for exports, which also hedges in terms of foreign exchange and at the same time

Mahad Maharastra :

• Non USFDA plant
• Largely makes albendazole
• WHO Geneva pre-approval inspection underwent

Visakhapatnam | Vizag

• USFDA Plant
• Vishakhapatnam facility underwent a US FDA inspection at the end of which we had one procedural observation and a response to which has been shared

Brazil

• Brazil is one of the world’s, and the top 5 market as far as animal health is concerned
• Planning to Grow in double digits, partly because they had made entry into companion animals last year -they had acquired a small company to sort of make the entry into companion animals

Tarapur :

• Discontinuation of API manufacturing operations in Tarapur.

Tineta business : Didn’t went through
Nourrie Business : Brazil – Dont know how this is spanning

API Business : 70% of business in the API comes from the regulated markets.
Company mentions Scale of operations and the volume increases on API will get them to cost advantage even in places where they may not be able to pass on the price.

Turkey Issue with LIRA devaluation :

• Management is seeing growth in the business constantly, and that reflects really ability to grow both volume as well as pass on price increases linked to that.
• As far as the depreciation of the lira is concerned, the only place that can potentially help us is if we increase our exports out of Turkey.
• That is an effort which is going on, we are slowly increasing our exports out of Turkey. But that’s really not substantial enough to say that it will, it’s going to make a big impact on the results. But right now, the thing is, yes, because we manufacture locally in Turkey, it helps us to be competitive.

Products

• Total products in pipeline are close to 8 products and then eventually 12 for which they are developing the necessary dossiers
• Launched range of formulations for gut health of animal in Europe
• Filed for new products with 8 new filings this year and we have started the commercialization of new products as part of their long-term contract with a leading animal health player in the world.
• On course to build a strong portfolio in gut health products as planning to expand these launches to other markets outside of Europe.
• Launching new products in Injectables for Ruminant animals later in this year.
• Medicines for Production animals
• Production animals business has been impacted by high feed costs due to issues relating to war and other farm-related issues. . This, in turn, has impacted the demand for nutritional additives and medicines.
• Medicines for companion animals
• The demand for medicines for companion animals remains intact and is growing as pet adoption, incidence of diseases and lifetime of pets increases.
• Filings : 30 USVMFs and 17 CEP filing
• They have commercialized a new product with one of the top animal health companies. But this will really fructify into a formal business more after one year or two years : At this point of time, it has been commercialized, validated, NBF being approved, and management thinks that this will also turn out to be a bigger opportunity for them going ahead, the further products are also under development.
• Three to four projects which are in the pipeline for the next year

Challenge

• Specific challenge in Turkey due to the high inflation and devaluation of the currency which had impacted results this quarter. However, they had already initiated strong pricing actions as well as cost containment measures, which will result in margin improvement from the fourth quarter.
• Also Europe inflation and pricing challenge.

Management steps ahead
Project Pragati : Management said that they are in the mid stage so somewhere between 2-3rd point.

• First is really around the improvement of yields and efficiencies around some of our products : which make the cost of manufacturing lower and also make these products more competitive.
• The second part of Project Pragati involves the overall cost structure of the operation in terms of the manufacturing footprint, etc
• The third is in the area of procurement.
• The fourth is relating to consumables, raw materials, utilities, etc
• The fifth course making sure that they are driving the higher-margin pipeline in this

Turkey

Turkey wage increased by 49%

On the positive side if the company can export the products – there is a positive sign however since the company mentions that Turkey is its biggest market – due to current levels of the inflation – it would be difficult.

You bought Trent at increasing price points. What will be your action (and it’s rationale) for Trent if the price goes south?

On reconciling the last 4 Yrs. PnL and Operating CFs, I conclude that Reported (Operating) Net Income is inflated due to various 1-Time or Non-Operating sources [Yellow Colored]. In turn, rich valuation looks poor as compared to the real valuation.

i think good idea to add revenue, ebita, pat and cashflow growth over 3, 5 and 10 years for both to understand true essence of their current valuations…

Crunchbase & pitchbook are peers I guess. But they are not listed