Supriya Lifesciences -
Q3 FY 24 results and concall highlights -
Revenues - 140 vs 105 cr ( up 33 pc )
EBITDA - 41 vs 14 cr ( margins @ 30 vs 13 pc !!! )
PAT - 30 vs 10 cr ( up 200 pc !!! )
Geography wise sales mix -
Asia - 42 pc
Europe - 42 pc
LATAM - 8 pc
North America - 5 pc
Others - 4 pc
Therapy wise business mix -
Analgesics + Anesthetic - 49 pc
Anti-Histamines - 15 pc
Vitamins - 14 pc
Anti-Asthmatic - 7 pc
Anti- Allergic - 5 pc
Anti- Malarial - 2 pc
Company overview -
Niche portfolio of 38 APIs
Exporting to 86 countries
Reactor capacity @ 597 KL / day
04 separate manufacturing blocks - separated therapy wise
Largest exporters of - Chlorpeniramine Maleate ( Anti - Histamine ), Ketamine Hydrochloride ( Anaesthetic ) and Salbutamol Sulphate ( Anti -Asthmatic ) from India
15 of company’s key products are backward integrated. They represent 73 pc of company’s sales
Export sales as a percentage of total sales @ 80 pc
Top 10 customers represent 45 pc of total sales
Company has acquired adjacent land parcel for future expansion. Have also purchased a land parcel 20 km from their existing site for backward integration projects
Company has spent 60 cr towards a new CDMO facility. Should go live by end of Q1 FY 25
Four new products from Anti-Diabetes, Anti-Anxiety and Aesthetic therapies are lined up for launch in FY 25
Company believes that a sustainable EBITDA margin for them should be between 28-30 pc for medium to long term. Company guiding for > 20 pc growth in revenue ( CAGR ) for next 3 yrs
Aim to hit a 1000 cr topline in next 3 yrs. Major growth drivers should be -
Descent growth should continue in company’s top 3 molecules
Company has a basket of 8-10 molecules that are now scaling up well in the regulated markets
Company expects CMO/CDMO to scale up well. Already have got a descent size contract for an export substitute anti-anaesthetic molecule. Most countries including US, EU, India are dependent on China for this prodct. Once the company ramps up this product, it can potentially be a large molecule for the company. Plus the company is likely to get more opportunities
LATAM countries have completely revamped their regulatory framework. It has a become far stricter now. Company expects its LATAM business to accelerate going fwd as they have just cleared the Brazilian Audit in Jan 24
From Q2 FY 25, company will start commercial supplies of Whey Protein. This will further add to the revenue growth. Company expects to ramp up commercial supplies to 800-900 MT/yr iro Whey Protien
Currently, the top 3 products contribute to 45 odd pc of the revenues. In the next 3 yrs or so, company expects this to come down to 25 pc of revenues as other products ramp up
Expecting higher topline in Q4 vs Q3 with margins @ 28-30 pc
Disc: holding, added today, biased, not SEBI registered
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