KOPRAN –
Q4 and FY 24 results and concall highlights –
Q4 outcomes –
Revenues – 186 vs 158 cr, up 18 pc
EBITDA – 22 vs 12 cr, up 76 pc ( margins @ 12 vs 8 pc )
PAT – 19 vs 7 cr, up 168 pc
FY 24 outcomes –
Revenues – 615 vs 551 cr
EBITDA – 74 vs 52 cr ( margins @ 12 vs 9 pc )
PAT – 51 vs 27 cr
Total API sales @ 94 cr vs 76 cr YoY ( exports @ 50 pc )
Total formulations sales @ 89 cr vs 76 cr YoY ( all exports )
Company has a product basket of 26 commercialised APIs. Company is a major player in Carbapenems and is a leader in Atenolol. Other APIs made by the company include – Macrolides, Cephalosporins, Pregabalin. All API blocks are located at their plant @ MIDC Mahad, Maharashtra
Formulations plant located @ Khopoli, Maharashtra. It’s WHO compliant. Also approved by US FDA, EU GMP for non-sterile products
Company’s new API plant is ready @ Panoli
(Gujarat). Expected to start commercial production in Q3 FY 25
Company is guiding for 18 – 20 pc revenue growth without factoring in anything from the new Panoli plant. Also guiding for 100 cr EBITDA without the Panoli plant
Company’s gross margins stay in the band of 32-37 pc depending on competition from China, general demand scenario, RM prices etc
Company has submitted validation batches of Atenolol to the largest Atenolol ( anti-hypertensive ) – formulation player in US. Expect the commencement of commercial supplies in about 6 months from now. Also expect the commencement of supplies of Nitroxoline ( antibiotic ) into EU mkts wef June 24
Not looking at any major Capex for this FY. Next leg of Capex is expected at Panoli – ie addition of a new block, commencing sometime next FY. Capex for next 3-4 yrs shall only be brownfield – ie at existing facilities
Disc : hold a tracking position, looking out for margin expansion, biased, not SEBI registered
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