Shilpa Medicare Limited 
– Q4 & FY24 Earnings Call Key Takeaways
Financial Performance (Consolidated, INR Cr)
- Q4 FY24:
- Revenue: 294.2 (11% YoY growth, 2% QoQ growth)
- EBITDA: 72.6 (80% YoY growth, 6% QoQ growth)
- PAT: 24.5
- EBITDA Margin: 24.6%
- PAT Margin: 9.2%
- FY24:
- Revenue: 1,159.8 (9% YoY growth)
- EBITDA: 252.7 (111% YoY growth)
- PAT: 32.0
- EBITDA Margin: 21.7%
- PAT Margin: 3%
Operational Performance
- API:
- Capacity expansion of Tranexamic Acid expected by December 2024
- Three new molecules at validation stage
- Improvement in volume pickup for UBDCA
- USDMF and EU filing for GMP approval of UBDCA
- Development of eight oncology APIs
- Formulations:
- Successful US launch of Pemetrexed RTU
- Phase 3 studies for NUD 07 initiated
- Phase 2 trials for SMLTOP09 completed
- Launch of Dr. CLOT Spray in Indian market
- Partnerships for EU and emerging markets
- Expansion into ODF products in emerging markets
- Biosimilars:
- Market share growth for Adalimumab in India
- Partnership for Aflibercept commercialization
- CDSCO approval for Phase 3 trial of Aflibercept
- Biologic CDMO projects in progress
- Recombinant Albumin:
- Large-scale fermentation facility construction underway
- Completion expected by end of Q1 FY25
- Phase 1 trials completed
- Excipient grade DMF filing by Q1 FY25
Future Outlook
- Focus on complex, innovative products across segments
- Expansion into emerging markets
- Leveraging CDMO capabilities
- Recombinant Albumin facility operational in FY25
Concerns
- Pending US FDA inspection outcome for Jadcherla facility
- Ongoing litigation for Lenalidomide product
- No specific revenue or profitability growth guidance
Other Points
- Raised Rs. 500 crores through QIP issuance
- Funds used for deleveraging and growth
- Partial NCD debt repayment in August 2024
- Jadcherla facility GMP certification from AGES, Austria
- Emphasis on improving business mix and operational efficiency for growth and profitability.
Till now everything is getting executed inline with expectations, excited to see how things pan out in next few quarters if so, it can be a strong re-rating story:money_with_wings:
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