Neuland Labs
Q3 FY 24 concall highlights –
Sales – 394 vs 270 cr, up 46 pc
EBITDA – 122 vs 55 cr, up 124 pc
PAT – 80 vs 30 cr, up 165 pc
Segment wise sales break up –
Prime APIs – 25 pc
Speciality APIs – 20 pc
CDMO – 49 pc
Others – 6 pc
Segment wise contribution from top 5 products –
Prime APIs – 80 pc
Speciality APIs – 67 pc
CDMO – 91 pc
For 9M FY24, Breakup of CDMO sales –
Development – 221 vs 96 cr YoY
Manufacturing – 362 vs 165 cr YoY
No of molecules in various phases of development / manufacturing ( APIs + Intermediates ) –
Phase 1 – 19
Phase 2 – 20
Phase 3 – 7
Pre Commercial – 14
Commercial – 18
Company is Net Debt free
Capex for 9M FY 24 @ 68 cr
Expect a 20 pc kind of CAGR for the company over next 4-5 yrs ( although the journey won’t be linear )
FY 25 may be a moderate growth year. Expect growth to pick up post FY 25 as more molecules (as expected) go commercial
When a biotech customer of their’s gets acquired by a Pharma major ( as was the case with the acquisition of Karuna Therapeutics by BMS ), it opens up several new business opportunities for the company
Since Neuland works with a lot of small Biotech partners, a prolonged funding winter for these Biotech companies may be a risk wrt new business for Neuland
Current capacity utilisation of Unit-3 is 57 pc. Company has still bought land adjacent to Unit-3 for further expansion
Company has 03 generic molecules in its pipeline. Will file DMF for one of them in this calendar yr, in the next CY for the other two. Both these are lucrative molecules
Company has 02 peptide molecules in their CDMO pipeline which are nearing commercialisation. However, company is not the primary supplier for these molecules
Company owns a commercial property which should end up being liquidated in next FY. Expecting an exceptional income of aprox 100 cr from that property
Capex lined up for next 2-3 yrs @ 100 to 120 cr/yr – in that range
Disc : its a major portfolio holding for me, biased, not SEBI registered
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