Q2 FY24: • The Bio-Processing segment outperformed by 26% during the quarter. In this segment, food business grew by 43%.
• Domestic sales showed a robust growth of 25%
CONCALL:
• Margin improvement is expected to be better going forward.
• Pharma, API and biocatalyst in domestic markets and nutrition in international markets primarily supported the numbers in the human nutrition.
• We have recently got approval for food dossiers this year filed with EFSA somewhere around in 2014. We filed somewhere around 14 dossiers years in 2013, ’14 and onwards. It’s always like a long time for their approval. Just recently, we’ve got the two products. And I think those are the two different lipases
• The B2C segment has contributed $1.14 million as compared to $1.11 million during the same period in the previous year HY
• Expect US to start growing from this quarter. Seeing signs of business picking up. Margins will improve once US business starts contributing.
• The product segment where we are in India, we maintain more than 80% of the market share and we will continue to do that.
• SUB SEGMENT SALES DETAILS:
o India pharma sales: 59.3cr vs 44cr yoy
o India probiotic sales: 6.9cr vs 5 cr yoy
o India Biocatalysts sales: 7.7cr vs 6.5cr yoy
o Biocatalysts international sales: 0.8cr vs insignificant sales yoy
• Innovative products to start contributing: We are going with some innovative ideas and innovative products, and those took some time. So, as you look – the gestation time was about five to seven months. And as I was telling from the earlier also, we should start seeing this from this quarter onwards. It should – gradually it should start building up.
• Bakery segment in food processing has started contributing to growth in ASIA ex-India sales. Took a long time to get registrations.
• The largest product i.e., serratiopeptidase: Majority sales comes from the Indian market. We have also filed this product for the novel food, and we are expecting some clearance. We are also filing this product into some of the bigger Asian markets.
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