Windlas Biotech Ltd. · NSE:WINDLAS
Windlas Biotech — Q3 FY2025 Earnings Presentation
36 slides from Windlas Biotech's earnings presentation, Feb 11, 2025
Slide 1: Windlas Biotech Limited – Results Presentation Filing Letter
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: Investor Presentation – February 2025
Windlas Biotech Limited Investor Presentation – February 2025
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 “The Indian Pharmaceutical Market (IPM) registered a 7% year-on-year growth in Q3FY25, primarily driven by price increases, as volume growth remained negative. We are pleased to report a resilient performance, as we have registered YoY revenue growth of 21% in 9M and 20%
Slide 5: CEO & CFO's Message
CEO & CFO's Message “Our all-time high revenue streak persists into the 8th quarter. For 9M FY25, revenue reached Rs. 557.2 crore showcasing 21% YoY growth and Q3FY25 revenue rose by 20% YoY to Rs. 195.0 crores. We are committed to enhancing our capabilities, expanding into new regions and providing
Slide 6: Financial Performance Highlights
Financial Performance Highlights 5
Slide 7: Key Highlights: 9M and Q3 FY2025
Key Highlights: 9M and Q3 FY2025 Consistently delivered Revenue 9M 557 Cr. Record revenue highest revenue 01 quarter 8th time in a 02 Q3 195 Cr. 03 Trade Generics & Inst. YoY growth > 20% 49.6 Cr. 74% growth row EBITDA 9M 69 Cr. Injectable facility EPS 9M 21.42 04 GMP certified 05 Q3 25 Cr. 06 YoY g
Slide 8: Nine-Monthly Performance Highlights
Nine - Monthly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 12.2% 13.4% 11.3% 11.2% 12.3% +21% 557.2 Consolidated 459.7 +22% 68.6 Clocked in highest 56.2 ever nine monthly Revenue & EBITDA 9M FY24 9M FY25 9M FY24 9M FY25 Generic Formulations Trade Generics & Exports Vertical
Slide 9: Quarterly Performance Highlights
Quarterly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 12.5% 13.4% 11.3% 11.2% 12.6% +20% 195.0 Consolidated 162.2 +21% Crossed Rs 195 Cr. 24.6 Revenue, Highest 20.3 ever Revenue 8th quarter in a row Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Generic Formulations Trade Generics & Export
Slide 10: Vertical Break-up
Vertical Break-up 9MFY24 9MFY25 19% 23% 77% 73% 4% 4% CDMO Trade Generics & OTC Exports CDMO Trade Generics & OTC Exports Q2FY25 Q3FY24 Q3FY25 22% 25% 18% 73% 77% 5% 5% 70% 5% CDMO CDMO CDMO Trade Generics & OTC Trade Generics & OTC Trade Generics & OTC Exports Exports Exports 9
Slide 11: Consolidated Profit & Loss Statement – 9M & Q3 FY25
Consolidated Profit & Loss Statement – 9M & Q3 FY25 Particulars (Rs. Crores) 9MFY25 9MFY24 YoY% Q3FY25 Q3FY24 YoY% Net Revenue from Operations 557.2 459.7 21.2% 195.0 162.2 20.2% COGS 346.7 289.0 120.8 101.6 Gross Profit 210.5 170.6 23.4% 74.2 60.6 22.5% Gross Margin (%) 37.8% 37.1% 66bps 38.0% 37.3
Slide 12: Rewarding Shareholders
Rewarding Shareholders • The earnings per share (EPS) stood at Rs. 21.20, experienced a growth of 7% YoY in 9M FY25 and stood at Rs. 7.38 a growth of 2% in Q3 FY25. • Dividend: • In line with our policy, Company paid the dividend of Rs 11.5 Cr (Rs 5.5 per share) to its shareholders for FY24, in Oct.
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 Innovator Value Chain Patent Expiry Clinical Bulk Drugs Formulation Research Marketing trials (I-III) Manufacturing Manufacturing Value Chain # # Generics Formulation API dev & dev & Clinical (III+ ) Packaging Marketing Manufacturing Manufacturing Gen
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 Ex 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 Nand
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