- Revenue for the quarter is ₹238.4 Cr (2.9% decline YoY). EBITDA for the quarter was ₹34.2 Cr (26.8% decline YoY) with an EBITDA margin of 14.3%.
- They are facing supply chain issues due to raw material volatility and high logistics cost. They also benefited in the last few quarters due to raw material hedging for key ingredients, but those contracts expired in Q2 which caused a decline in margins. They are holding higher inventory in case of possible future disruptions.
- Currently profitability is low due to costs associated with commercialization on Unit 3. They expect more volumes from Unit 3 in the coming quarters.
- Capex of ₹75 Cr has been done in this financial year for the 9 months period. The capex plan is proceeding as expected and they expect the CMS segment to do very well and improve realizations.
- They had a very muted quarter in the prime API business. Although they did well in products like Labetalol, there were a couple of key products that did not perform upto expectations. This is primarily due to lower customer uptake and they expect to be back in the next few quarters.
- The CMS side of the business did very well. They have done the highest ever sales of ₹100 Cr in this segment. They saw an uptick in development revenues on the CMS side.
- CMS revenues may look lumpy on a quarter on quarter basis, but on an annualized basis they are steady and the company expects them to provide growth on an ongoing basis.
- They filed 3 DMFs this quarter for Aripiprazole (sterile), Vilanterol and Tafamidis Meglumine.
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- Broad spectrum antibiotics like Ciprofloxacin and Levofloxacin are degrowing. So they are working on increasing market share in other Prime APIs where there is growth potential to substitute the volume of the products that are degrowing.
- They have been shifting their supply chain from China for the last several years, even before the pandemic. Previously, 50-60% of their raw materials used to come from China which has been reduced to less than 10% today and they are trying to reduce it further.
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- The capacities in Unit 3 are fungible i.e they can be used for both GDS and CDMO. Unit 3 is where the future growth is going to come from and they have it ready for any increase in volumes.
- They expect the performance of Q4 to be better than Q3. They are more focused on margins than top line growth. So they have consciously stayed away from business which will add to the top line but erode the margin.
- They have an additional product in the CMS portfolio on which the patent has expired. But it still continues to have steady volumes because it is from the Japanese market and the innovator continues to enjoy high market share post patent expiry there.
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- The technology to make peptide APIs is very different from the technologies involved in formulating or packaging a peptide. It is a very exclusive competence. So formulation companies – both generic and innovators tend to buy a peptide API specialist rather than an integrated API player.
- Over the last 2 years, they haven’t been able to add many new customers because pharma companies cannot do plant audits and validation due to travel restrictions. So they tend to work with the companies that they are already comfortable with.
- They tend to work more with biotech companies which are in Phase 2 clinical trials but don’t have a supplier who can supply commercial volumes. Even if they can add 2 such companies a year, it would be a huge addition to the pipeline.
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