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Jul 28 • 18 tweets • 5 min read
#LaurusLabs Q1 FY23 concall highlights 💊💊

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1. Revenue for the quarter was ₹1539 Cr (20% growth YoY). The EBITDA margin was 29.5% for the quarter despite inflationary pressures.

2. They saw significant growth in their CDMO business
(196% growth YoY, 60% growth QoQ) which helped offset the muted performance of the ARV business.

3. RM prices remain elevated due to the geopolitical situation and the Covid lockdown in China. But they are expecting gradual decrease in RM prices during the year
4. They are confident of achieving the aspirational target of $1 billion in revenue which will be supported by several approvals during the year.

5. With respect to their ARV business in LMIC markets - the demand was soft but the major issue is that the pricing has been largely
depressed and has been at record low levels for a while. However, they are confident of maintaining their leadership position in both APIs and formulations.

6. Their performance in the developed markets was stable. They saw an increase in the volumes
but it was more than offset by the pricing pressure.

7. The ARV APIs contributed to 25% of sales and ARV FDFs contributed to 17% of sales. So put together, the ARV business contributed to 42% of sales during the quarter.
8. They continue to invest in their non-ARV FDF infrastructure. They have commissioned the brownfield expansion at Unit 2 taking their total capacity to 10 billion units. The facility has been qualified and will be fully utilized by the end of the calendar year.
9. They have also commissioned their sterile R&D lab and have started working on a few priority projects.

10. They have the largest high potency API capacity in the country and they continue to add capacities. They are seeing good uptake in oncology APIs. Their aim is to
strengthen their global leadership in onco APIs for not only generics but also innovative molecules.

11. In the non-ARV non-onco API space, they have filed 1 DMF during the year and plan to file more in the current financial year. They have very good order book visibility for
these products and are increasing manufacturing capacity accordingly.

12. Their capex for the Synthesis business is progressing as per expectations. This includes the greenfield investment for a dedicated R&D centre for the synthesis business and 3 manufacturing units at Vizag.
The facilities will have capabilities to manufacture steriles, hormones, high potent molecules and other large volume products in animal health.

13. They have zeroed in another land parcel for a greenfield site for a large scale fermentation facility.
They plan to add about 600,000 to 1,000,000 liters capacity at the new site.

14. They plan to invest about ₹2000 crores for capex in FY23 and FY24. Of this, they have invested about ₹209 crores in Q1 FY23. About 40-50% of the total capex will be in the synthesis business and
the remaining will be non-ARV APIs and formulations or backward integration.

15. In the Synthesis business, they had signed a multi-year multi-product contract with a global life sciences company and are building a dedicated facility to cater to that. They are currently
developing the products which will go to that manufacturing site. They also have 1 NCE molecule undergoing validation at an existing site. The revenues from this contract are not significant now, but they will be when the plant has been qualified -
which is expected to happen in the second half of FY24.

16. They have not just added significant capacities but also significant capabilities with their capex. They can now do hydrogenation at scale, cryogenic reactions at scale, biocatalysis at scale and
continuous flow reactions at scale. That is why they can attract new customers and insource several products at the late clinical stage or commercial stage

17. In the CDMO business, they currently have 7 commercial molecules - 4 intermediates and 3 APIs. They also have a very
good number of products in the late stage clinical trials.

18. Their fermentation capacities will be for synthetic biology, alternate foods and recombinant proteins. So they are not necessarily competing with China in fermentation of steroids, vitamins or large molecules.
19. They are currently supplying interim capacities to the animal health company from Unit 4. The commercial supply will begin toward the end of FY24 when the dedicated facility comes online.
Register for Model Portfolio to Get detailed understanding of Various Pharma Companies

We have covered in depth analysis of
1. #Piramalpharma
2. #Suvenpharma
3. #Manoramaindustries
4. #Natcopharma
5. #Lauruslabs
6. #Mayuruniquoters

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More from @ValueEducator

Jul 28
Detailed Thread on #apollopipes

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Topics Covered :

1. Company overview
2. Management
3. APL Apollo Tubes Ltd
4. Products
5. Margins
6. Plants
7. Distribution
8. Marketing
9. Revenue mix
10. Company’s Key Focus Areas
11. Future Capex
12. Financials
13. EBITDA Margins

1. Company Overview
Apollo Pipes is among the top 10 leading piping solution providing companies in India. Headquartered at Delhi, the Company enjoys strong brand equity in the domestic markets. With more than three decades of experience
in the Indian PVC Pipe Market, Apollo Pipes holds a strong reputation for high quality products and an extensive distribution network.
Read 36 tweets
Jul 28
#SuvenPharma Annual Report 2022 Key Takeaways 💊💊

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1. They had a great performance in FY22. They had initially given a guidance of 10-15% growth in revenues and ended the year with 47% growth in topline.
The EBITDA margin was above 50% for the year despite inflationary pressure.

2. A major part of the growth came from the Specialty Chemicals segment. Revenue for this vertical grew by 51% YoY due to increased volumes. They saw good volume offtake for the 1st commercialized
molecule which is now generic. But the partner developed a robust life cycle management which generated good volumes.

3. There was also a commercialization of a 3rd molecule in this segment which helped increase volumes. They currently have 1 more molecule in development
Read 16 tweets
Jul 27
#apollopipes Q1 23 Concall Highlights

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1. Revenue in Q1 FY23 grew by 59% to 218.9 crs from 137.6 crs in Q1 Fy22 but down 11.5% sequentially from 247.5 crs. Volume grew 38% to 14406MT from 10200MT in Q1 FY22.
2. EBITDA was 20.0 crs as against 17.4 crs y-o-y but dropped from 28.4 cr in previous quarter. Margin also dropped to 9.2% from 11.5% q-o-q. EBITDA per tonne dropped to 14000 per tonne from 17500 per tonne. This drop was because of drop in pvc prices.
Company is targeting 20000 EBITDA per tonne in next two years.
3. Growth looks robust y-o-y basis because of low base last year but weak sequentially because
of massive correction in PVC prices. This created uncertainty among channel partners who went into destocking mode.
Read 12 tweets
Jul 27
#FinolexPipes Q1 23 Concall Highlights

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1. Total revenue registered a y-o-y growth of 23% to Rs. 1,190 Cr from Rs. 965 Cr, but down
25% q-o-q from 1595 cr.
2. Degrowth in EBITDA was 40% to 126cr in Q1 23 from 210 cr in Q1 22. Margins also dropped
to 11% from 22%. Reasons for fall in EBITDA were because of Weak agri demand and
inventory losses due to fall in PVC prices.
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Read 13 tweets
Jul 26
#tatvachintan Q1 23 concall Highlights 🧪🧪

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1. Q1 23 Revenues 88.4 Cr vs Q1 22 106.8 Cr - Decline of 17%

2. EBITDA 15.2 Cr Q1 23 vs 26.3 Cr - Decline of 42%

3. EBITDA margins 17% for Q1 23 vs 25%
Forex loss of 4.9 Cr.
Actual EBITDA = 20.17 Cr. EBITDA margins 23%

4. Geopolitical issues, covid lockdowns in china and semiconductor shortages affected the company’s performance as SDAs demand gone down.
Expecting Good revival from Q3 FY 23 for SDA
5. SDA have highest margins compared the other products manufactured by Tatva Chintan
Read 12 tweets
Jul 15
Update on #SyngeneInternational 💊🧬

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#Syngene announced a 10 year agreement with Zoetis to manufacture the biological entity for Librela(bedinvetmab). It is the first monoclonal antibody for the treatment of osteoarthritis in dogs Image
1. About the drug
Currently, the product is only approved for sale in Europe but management has indicated that US approval is expected by the end of 2022. Zoetis launched the product in the second quarter of 2021 in Europe.
Sales for the product were $15 million in both Q3 and Q4 of 2021 and $20 million in Q1 of 2022. Zoetis management has said that the product will be a blockbuster by the end of 2022 bringing in $100 million from the EU alone. (Blockbuster product in animal health is products with
Read 15 tweets

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