Ranvir’s Portfolio

Gufic Bio –

Q3 results and concall highlights –

Revenues – 202 vs 177 cr, up 13 pc
EBITDA – 37 vs 34 cr ( margins @ 18 vs 19 pc )
PAT – 22 vs 20 cr

New launches –

Cavim ( Ceftazidine Avibactum – used against bacterial infections ) – receiving encouraging response

First company to launch dual chamber bags of Merofic ( used in severe bacterial infections )

First company to launch Dalbavancin Injection
( used against acute skin infections ) in India

Company maintained market leadership in 2 of its products – Polyfic ( Polymyxin – used against Urinary track bacterial infections ) and Micafung ( anti fungal injections )

Company’s Botuulinum Toxin brand – Zarbot
( used in chronic Migraine’s treatment ) is gaining good acceptance among neurologists in India

Have launched Guficin – to address recurrent implantation failures in the treatment of infertility. Early feedback indicates encouraging results

Sparsh division ( basically selling 90 + injectable molecules directly to 1000 + hospitals ) – has added 70 new hospitals each month in Q3

Indore Capex – progressing well. Capacity to have capacity to make 52 million lyophilised injections and 60 million liquid ampoule injections and 30 million liquid vial injections. This will be the world’s largest single site injectable facility

Segment wise sales –

Domestic formulations( 56 pc of total sales ) – Mainly led by critical care ( 38 pc of domestic sales ), 27 pc of domestic sales come from infertility division, rest comes from mass marketed products, cosmetic brands, Sparsh division

Critical care grew by 16 pc in Q3

Fertility division grew by 18 pc in Q3

Mass marketed products grew by 14 pc in Q3

International formulations( 18 pc of total sales )

Contract manufacturing( 23 pc of sales )

APIs ( 3 pc of sales )

R&D spends for next two years expected to be at around 9-10 pc of sales as the company commercialises new products from its Indore facility

Expect to commercialise the Indore facility by Q1 FY 25. Early plan is to shift a part of domestic business from Navsari facilities to Indore to de-bottleneck the Navsari facilities wrt International orders. By end of FY 25, expect capacity utilisation from Indore at around 25 odd pc as the facility will only be catering to domestic mkts. As they get global approvals in FY 26,27 – capacity utilisation is likely to improve rapidly

Have raised Rs 100 cr from Motilal Oswal MF via preferential allotment ( in Q3 FY 24 )

Already have backlog of orders from Brazil, Germany, Canada. The shifting of domestic production from Navsari to Indore should help company to meet these orders

Disc: holding, biased, not SEBI registered