Windlas Biotech Ltd. · NSE:WINDLAS
Windlas Biotech — Q4 FY2024 Earnings Presentation
36 slides from Windlas Biotech's earnings presentation, May 20, 2024
Slide 1: Cover letter to stock exchanges
Windlas Biotech Limited Reg. Off.: 40/1, Mohabewala Industrial Area Dehradun, Uttarakhand 248 110, India Tel.:+91-135-6608000-30, Fax:+91-135-6608199 Corp. Off.: 705-706, Vatika Professional Point, Sector-66, Golf Course Ext. Road, Gurgaon, Haryana 122 001, India Tel.:+91-124-2821030 CIN-L74899UR200
Slide 2: Windlas Biotech Limited Investor Presentation – May 2024
Windlas Biotech Limited Investor Presentation – May 2024
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Windlas Biotech Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 4: Managing Director's Message
Managing Director’s Message “During the fiscal year 2024, the IPM witnessed a YoY growth of 7.6% with volume constituting 0.7%. We are very happy to share that your company has achieved record growth of 23% in FY24. The strategic decisions made in the preceding years, such as expanding our customer
Slide 5: CEO & CFO's Message
CEO & CFO's Message “Windlas Biotech remains focused on expanding our capabilities, pursuing expansion in newer geographies, driving innovation and delivering high-quality pharmaceutical products to meet the evolving needs of our customers and patients. Our strategic initiatives and operational effi
Slide 6: Financial Performance Highlights
Financial Performance Highlights 5
Slide 7: Key Highlights: FY2024
Key Highlights: FY2024 Revenue Rs. 631 Cr. - EBITDA Rs 78 Cr. - PAT Rs. 58 Cr. - 01 02 03 YoY growth 23% YoY growth 30% YoY growth 37% EPS stands at Rs. 27.97 – Strong liquidity Rs. 206 Cr. Generated net operating 04 05 06 YoY growth 42% as on 31st March 2024 cashflows of Rs. 109 Cr Commissioned RoC
Slide 8: Consolidated Annual Performance Highlights
Annual Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 11.7% 13.4% 11.3% 11.2% 12.4% +23% 631.0 Consolidated 513.1 +30% Clocked in highest 78.2 ever yearly 60.2 Revenue & EBITDA FY23 FY24 FY23 FY24 Generic Formulations Trade Generics & Exports Vertical Revenue CDMO Institutional
Slide 9: Consolidated Quarterly Performance Highlights
Quarterly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 11.7% 13.4% 11.3% 11.2% 12.8% +22% 171.3 Growth momentum Consolidated 140.7 +34% 22.0 consistent across five quarters in a row. 16.4 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Generic Formulations Trade Generics & Exports Vertical R
Slide 10: Vertical Break-up
Vertical Break-up FY23 FY24 18% 19% 78% 77% 4% 4% CDMO Trade Generics & OTC Exports CDMO Trade Generics & OTC Exports Q3FY24 Q4FY23 Q4FY24 18% 16% 20% 77% 79% 75% 5% 5% 5% CDMO CDMO CDMO Trade Generics & OTC Trade Generics & OTC Trade Generics & OTC Exports Exports Exports 9
Slide 11: Consolidated Profit & Loss Statement – Q4 & FY24
Consolidated Profit & Loss Statement – Q4 & FY24 Particulars (Rs. Crores) FY24 FY23 YoY% Q4FY24 Q4FY23 YoY% Net Revenue from Operations 631.0 513.1 23.0% 171.3 140.7 21.7% COGS 396.2 325.4 107.2 88.9 Gross Profit 234.8 187.6 25.1% 64.1 51.8 23.7% Gross Margin (%) 37.2% 36.6% 64bps 37.4% 36.8% 60bps
Slide 12: Rewarding Shareholders
Rewarding Shareholders • Highest ever EPS in FY24 and Q4 post listing. The earnings per share (EPS) experienced a growth i.e. in FY24 the EPS stood Rs 27.97 a growth of 42% YoY and in Q4, the EPS stood at Rs. 8.17 YoY growth of 52%. • Dividend: • In line with our policy, Company proposed the dividen
Slide 13: Company Overview
Company Overview 12
Slide 14: Windlas Biotech at Glance
Windlas Biotech at Glance Scalability Durability Profitability Leading Domestic Generic Formulations CDMO Well aligned workforce with ESOPs and EBITDA stood at INR 78.2 crores for FY24 in terms of Revenue variable pay with 12.4% EBITDA margin License to manufacture 6,849* Products (as of Mar
Slide 15: Windlas Biotech's Presence in Pharma Value Chain
Windlas Biotech’s Presence in Pharma Value Chain #* * * Drug API Formulation Research Packaging Development Manufacturing Manufacturing Value Chain CRO Vertical Generic Formulations CDMO Vertical *Signifies Presence of Windlas Biotech in the Respective Verticals #Windlas focus is on value added and
Slide 16: Journey So Far…
Journey So Far… Commenced operations at Commenced operations at Received first USFDA inspection clearance • Revenues crossed ₹300 Crores for the FY 2016-17 Dehradun Plant – I and initiated Dehradun Plant – IV Revenues crossed ₹200 Crores for the FY • Launched first product in the United Stat
Slide 17: Strong Board of Directors…
Strong Board of Directors… 23+ years of experience in the Chairman of Confederation of Indian pharmaceutical industry, he has a Industries , Uttarakhand State Council, Bachelor’s degree in Law from the Established Windlas Biotech in 2001. Hemwati Led Windlas Biotech as MD till 2020 Nandan
Slide 18: …Coupled with Proficient Management Team
…Coupled with Proficient Management Team Mr. Ashok Kumar Windlass, Ms. Komal Gupta, Whole Time Director CEO & CFO Founded Windlass Biotech in 2001 Experience – 19+ Years; 55+ Years of Experience in the industry, he has led Windlas Educational Qualification - CA, CS & CWA Biotech as MD till 2020. Wor
Slide 19: Vertical Overview
Vertical Overview Generic Formulations Trade Generics Exports CDMO & Institutional Generic Formulations CDMO vertical focused on This vertical consists of Trade Generics Export vertical is engaged in identifying providing products & services across- a diverse range which includes products sold
Slide 20: Generic Formulations CDMO Business Highlights
Generic Formulations CDMO Business Highlights No. Of Customers 583 Brand Used Brand of the end CDMO Customer Products Fixed dosage, Fixed dosage plus modified release, Customized generics, chewable/ dispersible and plain oral solids Revenue Mix (% of FY24) 77% Amongst the leading Domestic Generic Fo
Slide 21: Well Diversified Product Portfolio
Well Diversified Product Portfolio Windlas provides Generic Formulations CDMO products & services ranging from product discovery, product development, licensing and commercial manufacturing of complex generic products in compliance with current GMP Company’s product portfolio predominantly overlaps
Slide 22: Large Marquee Customer Base
Large Marquee Customer Base Streamlined Client Acquisition Process Added New Customers at a rapid pace 583 Lead Proposal Contract Client +60% Identification Negotiation Winning Management Creation 441 285 204 143 Key Factors that lead to Expansion of Customer base Audits by several MNC & Domesti
Slide 23: De-Risking the Customer Concentration
De-Risking the Customer Concentration Long-term nature of the relationships help in pre-plan the Capex and eventually help in achieving sustainable growth and profitability Long-term Relationships Ease is Increased Strengthened Competitive cost with Pre-Planning Economies of Purchasing Power structu
Slide 24: Domestic Trade Generics & Institutional Business Overview
Domestic Trade Generics & Institutional Business Overview Brand Used Company’s Brand Names Products Focus on Respiratory, Anti-diabetic, Gastroentology & other chronic + sub chronic TA’s Revenue Mix (% of FY24) 19% No. of Brands 280 23
Slide 25: Leveraging Trade Generics & Institutional Market Opportunity
Leveraging Trade Generics & Institutional Market Opportunity Highlights Key Drivers Fastest Growing SBV in the last three years chart INR Crores Rs. 122 Crores Trade Generics & Institutional Revenue 122 Low costs compared to branded Trade Generics & Institutional SBV generics +42% revenue (FY24) 91
Slide 26: Export Business Overview
Export Business Overview No. Of Customers Focused on Emerging & Semi-Regulated Markets Brand Used Own Brands and End Customer Brands Products Exported 69 Products during FY24 which includes Generic Medicines & Health Supplements Revenue Mix: 4% of FY24 Revenue from Operations Exports SBV: INR of 27
Slide 27: Robust R&D Capabilities
Robust R&D Capabilities Robust R&D capabilities help in Customize and Market Complex; Generic Products to Customers and differentiate from Competition Consistent in R&D Expenditure Robust Growth in Complex Generics R&D INR Crores Key Highlights R&D Expenditure No. of Variations in Complex Generics +
Slide 28: Competencies in Manufacturing Facilities
Competencies in Manufacturing Facilities Efficiency & Effectiveness in Regulatory & Quality Compliance act as solid Entry Barriers Dehradun Plant 1 commenced Dehradun Plant 2 commenced Dehradun Plant 3 commenced Dehradun Plant 4 commenced Dehradun Plant 5 commenced operations in 2001 operations in 2
Slide 29: Strategies & Way Forward…
Strategies & Way Forward… Strategic Investments/ Acquisitions • Leading in Generic Formulations CDMO status benefits the company from the Industry consolidation trend in an already highly fragmented market with few organized and large unorganized players Injectables • Commissioned injectable facilit
Slide 30: Historical Financial Snapshot
Historical Financial Snapshot 29
Slide 31: Financial Snapshot
Financial Snapshot Consolidated Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) 631 58 +18% 78 +23% 513 +38% 466 43 428 60 55 38 52 329 29 34 16 FY20 FY21 FY22 FY23 FY24 FY20 FY21* FY22 FY23 FY24 FY20 *FY21 FY22 FY23 FY24 EBITDA Margin (%) PAT Margin (in %) EPS 12.7% 9.2% 28.0 12.4% 8.3% 1
Slide 32: Financial Snapshot
Financial Snapshot Consolidated Asset Turnover Ratio Net Worth (Rs. Crores) Net Debt to Equity (x) 6.0 0.0 450 4.9 4.8 395 402 0.0 4.4 376 3.5 FY20 FY21 FY22 FY23 FY24 3.2 210 199 -0.1 -0.1 -0.3 FY20 FY21 FY22 FY23 FY24 FY24* FY20 FY21 FY22 FY23 FY24 FY24* ROCE (In %) ROE (In %) 34% Net Debt to EBIT
Slide 33: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Consolidated Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Net Revenue from Operations 631.0 513.1 465.9 427.6 328.9 COGS 396.2 325.4 302.8 274.4 211.6 Gross Profit 234.8 187.6 163.1 153.2 117.3 Gross Margin (%) 37.2% 36.6% 35.0% 35.8% 35.7% Employee Expenses
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Assets (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Equities & Liabilities (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Non Current assets Equity Property, Plant and Equipment 169.5 102.6 88.4 92.5 66.1 Capital work in progress Equity Share capital 10.4 10.5 10.9 6.4 6.4 5.
Slide 35: Consolidated Cash Flow
Consolidated Cash Flow Consolidated Particulars (Rs. Crores) FY24 FY23 FY22 FY21 FY20 Net Profit before Tax and Extraordinary items 77.1 57.0 45.6 21.7 24.7 Adjustments for: Non Cash Items / Other Investment or 6.6 7.3 10.0 36.3 17.3 Financial Items Operating profit before working capital changes 83
Slide 36: Contact Us
Contact Us Company: Investor Relations Advisor: CIN: 74899UR2001PLC033407 CIN: U74140MH2010PTC204285 Ms. Komal Gupta Mr. Jigar Kavaiya / Parin Narichania Email: komal@windlasbiotech.com E: jigar.kavaiya@sgapl.net / parin.n@sgapl.net Contact no.: +91 124 2821034 T: +91 9920602034 / +91 9930025733 www