You have to be specific.

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Beta Drugs - Annual Report excerpt

• We delivered our highest annual growth ever. The company’s FY22 revenues grew by 58% to Rs 183.84crores while consolidated EBITDA grew by 72% to Rs 43.5 crores from 25.24 crores compared with the year-ago period. EBITDA margins expanded to 23.6% from 21.7. Net profit too increased by 112% to Rs 24.8crores from Rs 11.7 crores compared with the same period a year ago.

• The company is poised for strong growth for the next few years on the back of its strong R&D efforts to develop complex generics in the oncology space and continued expansion into new geographies. Beta is focused on getting plant approvals and has many inspections/ audits lined up for this year. It is continuing to file new product registrations across the ROW countries and is poised to enter regulated markets soon.

• Beta Drugs’ strong product pipeline of twenty-three products which are going off-patent in next five years includes NIBs, NDDS & PARP inhibitors which will continue to support top line and margin expansion.

• The company is also expanding its API capabilities by developing new products. It plans to file CEP by Oct 2022. This backward integration helps the company to continuously expand its margins. The company has further got an allotment of 12 acres of land on 95years lease in a special area allocated for API & intermediates, where there is a single-window. This will help the company to take care of its future API capacity expansion

• Beta has also entered into long term partnerships with three multinational pharma companies for its CMO business.

• We believe that all our segments are slated to clock healthy growth with EBITDA margins in the range of 24% to 25%.

• The company is in the midst of developing new drug delivery systems, new dosage formulations and applying the latest technology for better processes.

Sir,
As a Banker in my previous stint, I have a few perspectives on this issue :

Provision:/Interest Rates: Housing Loans are favourably viewed as RBI mandates lower provisions. While developer loans are limited by quantum(5% of NW) and attract higher provisions (Real-estate Exposure). Interest rates are higher on developer loans and very low on Home Loans. Home loans have also benefit of being included in priority sector lending(if below 35/25 lacs in urban/rural areas).

Tenure/ Payment options: Housing Loans are typically 15-25 years. Bank prefer this book as likelihood of prepayment is very less. Housing Loans have fixed EMI. Developer Loans are project loans where payment is usually due in 3-5 years and payment is based on advances from customers and project milestones.

Moratorium for developers is upto Project start i.e. getting plan approved/ project launch. For Home loans EMI starts based on pre determined date/ completion of house whichever is earlier. Interest is charged in both the cases on amount drawn.

Hope it is clear. All the best.

Hello Surender,
I agree with your assessment of the management and the management has done poorly on almost all business aspects from operations/sales/marketing/strategy and even capital allocation. What makes me stay +ve on the company are emerging large opportunities on the electronic/railway side and the way they have deleveraged their balance sheet. In my experience business momentum takes precedence over everything else and sometimes when management starved of capital gets access to it a lot of past ills get fixed. It can also go otherwise where they squander these opportunities and that is a risk I am taking.