Results are out, please go to the below link –

Almost no change in topline yoy and degrowth of 5% in bottomline.

You was right @phreakv6 their PPF line is operating at peak capacity backed by orders from US clients.

Also the company is debt free and has 350cr of cash which can utilised for expansion.

Disclosure – Invested and holding.

They run on franchise models where Company deals with different franchise partners.
It is through this model, they can maintain asset light model. Otherwise, it becomes opex heavy structure.

The loan was taken for carbon business, however I understand your point that you expect Rain to sell Cement business to reduce debt sooner, Also the interest rate has increased form this quarter at 12.5%. we need to see how the company plan to reduce and what options they use. so far cement business was also earning profits. Since they have said there is no more capex and focus is on debt reduction that’s what we need to see in 1-2 years from now.

Jagan is a good capital allocator they have invested well when the debt had less interest rate, they should reap its benefits when market improves now… old investors should wait at least two more years to get clearer picture.
Thank you for bringing up these points,

Marksans Pharma reported robust performance, with notable growth in revenue, gross profit, EBITDA, and net profit.

Q2FY24 Financial Highlights:

• Operating revenue reached Rs. 531.2 cr., marking a YoY growth of 17.4%, driven by increased demand and market share gains.
• Gross profit stood at Rs. 278.5 cr., a substantial YoY growth of 21.4%, with a gross margin of 52.4%.
• EBITDA experienced a significant surge of 41.9%, reaching Rs. 113.9 cr., with an EBITDA margin of 21.4%.
• Earnings per share (EPS) grew by 21.2% YoY, reaching Rs. 1.8.

H1FY24 Financial Highlights:

• Operating revenue for the half-year was Rs. 1,031.3 cr., showing a YoY growth of 16.3%, attributed to new product launches and gains in market share.
• Gross profit for H1FY24 was Rs. 535.8 cr., with a gross margin of 52.0%.
• EBITDA for H1FY24 reached Rs. 215.9 cr., reflecting a robust growth of 41.0%, with an EBITDA margin of 20.9%.
• EPS for H1FY24 grew by 12.3% YoY, reaching Rs. 3.4.

Business Highlights: US Market:

• The US & North America Formulation business reported a growth of 14.1% YoY in H1FY24, reaching Rs. 415.6 cr., attributed to market share gains, new product launches, and increased share of existing customers.
• The company has 32 products in the pipeline, including 20 oral solids and 12 ointments and creams.

UK and Europe Market:

• Revenue from the UK and Europe Formulation business in H1FY24 reached Rs. 459.2 cr., reflecting a strong YoY growth of 22.6%.
• Marksans Pharma has planned 34 new filings over three years, with 16 products already filed and awaiting approval.

Australia and New Zealand Market:

• The Australia and New Zealand business reported Rs. 107.0 cr. in H1FY24, growing by 10.9% YoY due to incremental market share.
• There are 10 products in the pipeline expected to be launched over two years.

Rest of World (RoW) Market:

• RoW business reported Rs. 49.5 cr. in H1FY24.

Other Highlights:

• Capex incurred in H1FY24 was Rs. 119.9 cr., aligned with the plan for scaling the acquired manufacturing unit from Teva Pharma in Goa.
• Cash balance at the end of September 30, 2023, is Rs. 661 cr.
• Cash from operations in H1FY24 is at Rs. 90.6 cr., and Free Cash Flow is at -29.3 cr., primarily due to high capex in the quarter.

Kolte-Patil enters into second agreement with Marubeni Corporation (Japan) for Rs. 110.9 crore.

As a part of this agreement, Marubeni Corporation will invest Rs. 110.90 crore in the Alora project, entitling them to a total saleable area of 59,949 square feet in the project. The Alora project was launched in February 2023 and has a total development potential of ~1.3 lakh sq. ft.