Strides Pharma/OneSource – The Last Stand Will Create Wealth?

OneSource credit rating report dated 25th Jul, 2024.

202407130742_OneSource_Specialty_Pharma_Limited.pdf (careratings.com)

Few interesting points –

• Stelis achieved sales of 173cr in FY24 compared to 40cr in FY23.
• Stelis achieved EBITDA breakeven for the first time in Q4 FY24.
• Stelis achieved sales of 78cr achieved with EBITDA of 9cr in Q1 FY25 with margins of 12%.
• Stelis’ order book as on Jun 30, 2024, is around 33mn $ (~270cr) with around 83cr advances received.
• Stelis’ sales is expected to be around 250-350cr in FY25.
• There are plans to raise equity in OneSource prior to listing.

There are few well known negative points which are also covered like – inventory write off for Sputnik vaccine, contingent liability linked to that, corporate guarantee & pledging in Strides to support OneSource.