- Revenues for the quarter stood at ₹358 Cr (4.8% growth YoY). Growth was mainly driven by the Formulations business which grew at 18.5% YoY on a constant currency basis whereas the API business declined by 20% YoY driven by logistic challenges and subdued demand for Albendazole.
- Growth in the API portfolio excluding Albendazole has been strong in the first 9 months. Albendazole demand still remains subdued but there is a strong recovery in demand QoQ.
- There was a significant improvement in the API order book during the quarter although congestion at ports led to 15% of API dispatches not making it to reported numbers. API sales are almost at Q3 FY21 levels which was their best ever quarter in terms of API sales.
- Growth outlook in the API business for FY23 looks strong as there is going to be a strong recovery in Albendazole and the commercialization of the multi-year supply agreement with a Top 10 animal health company.
- Strong performance in India, Latam and Turkey were the main drivers in the growth of the formulations business.
- Turkey business grew at 34% on a constant currency basis although they faced a lot of volatility in terms of the currency. They continue to build Turkey as a major hub for the export business.
- The Formulation business has been plagued with rising input prices. Although the price of raw materials is still high, there is a stabilization around the volatility. They have taken some price increases to protect the margins – the major impact of this will come in Q4.
- The acquisition of Nourrie in Brazil has helped them enter the fast growing companion animals segment. They also acquired the minority interest in Alivira Brazil during the quarter, making it a wholly owned subsidiary. They now have 100% ownership of all subsidiaries except 40% in Spain and a very negligible share in Sweden.
- About 1/3rd of revenues from the API business come from Albendazole. WHO is the main buyer for this product and they are currently not buying because schools in Africa are closed. The schools in Africa are opening up and the WHO demand is coming back.
- The first supplies against the multi-year agreement with a Top 10 Animal Health company are going to happen towards the end of Q1 FY23 or early Q2 FY23. They will not hit the peak revenues from that contract in FY23, the peak will be hit in FY24.
- Turkey is a very important market to them as it is one of the Top 10 AH markets globally and it is also a very important exporter for the region. It is an injectable based business with good margins and a EU approved facility. The cost of manufacturing in Turkey today is significantly lower than India.
- The Turkey facility is a comprehensive facility across 8 manufacturing formats including injectables, orals and liquids. Products manufactured in Turkey are going to be exported to all markets excluding the US.
- The Brazil business has posted good growth consistently without many fluctuations. They had bought the company when it was bankrupt and it has become one of their best performers.
- The Bremer (Germany) facility has been delayed due to COVID. It has been delayed for 18 months, it is expected to start this year and it will be ready for USFDA inspection by the end of the calendar year.
- The Capex over the next 2 years is a little over ₹100 Cr. It will be split between Brazil, Turkey, India and the major part will go towards Germany.
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