Q4FY24:
• EBITDA MARGINS – 35% (33% QOQ, 32% YOY)
• FY24 VS FY23:
Bio-Processing segment – In this segment, food business stood at ₹ 776 million delivering a growth of 30%.
Domestic sales grew by 21%. The revenue grew by 9% in Americas, 12% in Europe and rest of the world registered a robust growth of 78%, while degrew by 3% in Asia (ex-India).
• Q4FY24 VS Q4FY23:
Bio-Processing segment – In this segment, food business performed well, it grew by 33% to ₹ 197 million on y-o-y basis during Q4 FY24.
• The revenue increased by 32% in Americas, 31% in Europe and 14% in Asia (ex-India). While it registered a de-growth of 29% in Rest of the world. Domestic sales grew by 3%.
• Q4 VS Q3 – The revenue grew by 20% in Europe, 50% in Asia (ex-India), while it de-grew by 15% in Americas and 24% in rest of the world. Domestic sales grew by 1%.
• 14 Food Enzyme Dossiers filed with EFSA (13 last quarter, 12 yoy), out of which positive R&D opinion is received for 9 Dossiers & 5 are under evaluation. (9 & 4 qoq, 4 & 8 yoy)
• 8 GRAS Dossier evaluated by US FDA (7 qoq and yoy), No question letter received for 7 Dossier & another 1 Dossier is self-affirmed (5 and 2 under evaluation qoq, 4 and 3 yoy)
CONCALL NOTES:
• API and Probiotic mainly supported the growth in human nutrition business.
• Input cost more or less is stable in terms of raw material prices and other prices, and we expect the same to continue.
• Margins should improve and we expect it to improve further because we expect like somewhat growth has to come back even from the US now and that will really improve.
• Guidance – Double digit sales growth (13-16%) – US business to improve this FY – New products to drive growth.
US business should growth at least 10% for the next two years.
• US NEW PRODUCTS: we introduced a couple of segments like on the weight management and other areas and the sugar management and those are the products which are going to drive the growth for this year as well. Customers are nutraceutical companies.
• Human nutrition business Q4:
51.3cr in India and international sales is 51.1cr
Within India – Pharma is 40.2cr, probiotics about 6.3cr and biocatalysis about 4.8cr.
• SciTech: We are launching different new products. We just got one of our products, we got just first one like effervescent pharma approval. We see a good growth this year going forward next year as well
• EBITDA margin of 37% in USA and in India it is about 29%.
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