FY23Q1 Conference Call Summary
P&L Statement
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Rev 1.5KCr YUP 20%
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Rev(Formulation): 0.35KCr YDN 33%
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ARV Rev: 0.38KCr
- volume & prices will stabilize
- leading MS / will inc marginally
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Onco API
- Rev: 63Cr YUP 5%
- has largest high potent capabilities
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API (excl onco+ARV) : 0.14KCr YUP 80%
- incl diabetes, CV and asthma
- new contract supplies
- Ft: healthy growth FY23
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GPM 57% YUP 1% ← better product mix
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EBITDA: 0.45KCr / EBITDAm: 30%
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RoCE: 29%
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CAPEX: 209Cr / Ft: FY23 & FY24: 2KCr (1KCr - CDMO + 1KCr non-ARV)
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Overall GPM stable
- lower ARV margin offset by higher CDMO margin
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other expenses: 33Cr (higher)
- power sourced from pvt sources ← R: power shortage
- forex losses (restated loss, not real loss)
CDMO - Synthesis
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Rev: 580Cr/Q YUP 190% [YUP - growth YoY]
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contracts: 2
- multi CDMO contract with niche API
- global major life science
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high demand → inv in 3 mnfg sites + R&D unit
- steroids, hormones, high potent molecules
- large volume products in animal health.
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-: Mngt is not commital on future run rate
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commercial products: 7 - intermediates: 4 / API: 3
- late-stage products: many
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+: NCE - patented → long runway
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+: pricing is predictable and stable / not much pricing pressure
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Focus: commercial execution & pipeline expansion&execution
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most rev coming from CMO
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Ft: CAPEX asset turn: 1-1.5
-
Ft: Rev share: 33% ← 25%
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differentiator - speed & flexibility
Laurus Bio
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Rev: 30Cr
-
rev will pick-up with
- ramp-up of new capabilities
- debottlenecking for a large scale CDMO partner
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alternate food industries
- scale, cost and functionality will remain the core drivers
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fermentation - world is overdependent on China
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capacity built for:
- synthetic biology
- alternate foods
- recombinant food proteins
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Revenue forecast
- FY23Q1 30Cr
- FY23Q2 30Cr Same
- FY23Q3&Q4 inc in rev <–R: downstream debottlenecking
- FY24 ← flat
- FY25 Ramp-Up ← R: CAPEX
-
CAPEX 3-4M ltr capacity
- Plan: FY23Q2: land acq
- opportunity is there, lacks capacity
- facility ramp-up FY25
- start of CAPEX to peak commercial sale: 3-4Y
- competion of CAPEX to peak commerical sale: 2Y
(full capacity utilization)
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R1 facility expansion
- new R&D block
- downstream balancing equipment
R&D / Filing / Launches
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US ANDA filed: 30 / Approved: 11 / Ten App: 14
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CAN App: 11 / Launch: 5
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EU: CMO opp: product validated: 2
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DMF Filing: 74 (1 non-ARV in Q1)
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launched lopi-rito combination in US
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non-ARV formulation: lot of filing done, lot of approval anticipated
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R&D/Sales: 3%
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Products in R&D pipeline: 55 / Addressable Market Size: $40B
(review + dev)
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