Slide 1: Stock exchange filing cover letter for results presentation
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 – August 2023
Windlas Biotech Limited Investor Presentation – August 2023
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 first quarter of fiscal year 2024, the Indian Pharma Market (IPM) witnessed a sales growth of 10.7% compared to the same period last year. However, this growth was primarily due to significant increase in realisation, which rose by 16.0%, while the volume reco
Slide 5: CEO & CFO's Message
CEO & CFO's Message “The company has achieved its highest ever quarterly revenue, for two quarters in a row, following the listing. We have witnessed growth across all verticals resulting in a 21% YoY increase in topline. The company remains committed to its multifaceted Generic Formulations CDMO st
Slide 6: Financial Performance Highlights
Financial Performance Highlights 5
Slide 7: Key Highlights: Q1FY2024
Key Highlights: Q1FY2024 Highest ever Highest ever quarter EPS stood at Rs 5.79 01 quarter, YoY growth 02 Revenue of 03 from Rs 4.50, YoY of 21% post listing Rs. 145 crores growth of 29% Buyback of Rs. 25 EBITDA of Rs. 17.1 crores Strong liquidity of 04 crores, a growth of 05 successfully 06 Rs. 138
Slide 8: Consolidated Quarterly Performance Highlights
Quarterly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 11.5% 13.4% 11.3% 11.2% 11.8% +21% 144.8 Consolidated 119.9 +24% Clocked in highest 17.1 13.8 ever quarterly Revenue and EBITDA Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Generic Formulations Trade Generics & Exports Vertical Revenu
Slide 9: Vertical Break-up
Vertical Break-up Q4FY23 Q1FY23 Q1FY24 16% 21% 18% 79% 81% 76% 5% 2% 3% Generic Formulations CDMO Generic Formulations CDMO Generic Formulations CDMO Trade Generics & Institutional Trade Generics & Institutional Trade Generics & Institutional Exports Exports Exports 8
Slide 10: Consolidated Profit & Loss Statement – Q1 FY24
Consolidated Profit & Loss Statement – Q1 FY24 Particulars (Rs. Crores) Q1FY24 Q1Y23 YoY Growth% Net Revenue from Operations 144.8 119.9 20.7% COGS 91.5 76.4 Gross Profit 53.3 43.5 22.5% Gross Margin (%) 36.8% 36.3% 53bps Employee Expenses 20.6 16.6 Other Expenses 15.6 13.1 EBITDA 17.1 13.8 24.3% EB
Slide 11: EBITDA Bridge for Q1 FY24
EBITDA Bridge for Q1 FY24 Q1FY24 EBITDA Bridge (Rs. Crores) 17.1 0.8 4.0 9.0 2.5 13.8 Q1FY23 - EBITDA Higher/Lower Sales Gross Margin Employee Benefit Expenses Other Expenses Q1FY24 - EBITDA Impact on Gross Margins Improvement/ Reduction 10
Slide 12: Rewarding Shareholders
Rewarding Shareholders • The earnings per share (EPS) experienced a growth of 29% YoY. i.e., in the first quarter of fiscal year 2024 (Q1FY24), the EPS stood at Rs. 5.79, as compared to EPS of Rs. 4.50 recorded in the first quarter of fiscal year 2023 (Q1FY23). • Buy Back: • As announced, the buybac
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 Consistently maintained Gross Margins in terms of Revenue variable pay above 35% since FY19 License to manufacture 5,370* Products (as of Digitali
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 We invest in creating our own formul
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… 22+ 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 – 18+ Years; 54+ 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 This vertical consists of Trade Generics Export vertical is engaged in identifying focused on providing products & services which includes products sold to high growth opportun
Slide 20: Generic Formulations CDMO Business Highlights
Generic Formulations CDMO Business Highlights No. Of Customers 371 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 FY23) 78% 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 371 Lead Proposal Contract Client +40% 285 Identification Negotiation Winning Management Creation 204 143 97 Key Factors that lead to Expansion of Customer base Audits by several MNC & Domestic
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: Underpinned by Strong Tailwinds for Organized Players
Underpinned by Strong Tailwinds for Organized Players Key Updates in Generic Formulations CDMO industry Scaled CDMOs shifting identity from “Supplier” to “Partner” Customers asking for higher quality systems in R&D as well as Generic Formulations CDMOs deploying superior R&D manufacturing infrastruc
Slide 25: Capex & Outlook For Injectables
Capex & Outlook For Injectables Multiple Triggers for Revenue Growth and Improved Return Ratios Key Highlights Key Growth Drivers Impact Ongoing mechanical Foray into High Growth Rise in chronic diseases Would help improve completion for injectables Emergence of New Drug economies of scale I
Slide 26: 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 FY23) 18% No. of Brands 278 25
Slide 27: 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. 91 Crores Trade Generics & Institutional Revenue 91 Low costs compared to branded Trade Generics & Institutional SBV +35% generics revenue (FY23) 61 44
Slide 28: 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 74 Products during FY23 which includes Generic Medicines & Health Supplements Revenue Mix: 3.9% of FY23 Revenue from Operations Exports SBV: INR of 2
Slide 29: 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 8
Slide 30: 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 operations in 2001 operations in 2014 operations in 2018 oper
Slide 31: 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 400 Organized and 15,000 unorganized players Injectables • On going new plant for ampoule
Slide 32: Historical Financial Snapshot
Historical Financial Snapshot 31
Slide 33: Financial Snapshot
Financial Snapshot Consolidated Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores) +14% 513 +12% 43 466 60 38 428 55 +31% 52 329 29 307 38 34 16 14 FY19 FY20 FY21 FY22 FY23 FY19* FY20 FY21* FY22 FY23 *FY19 FY20 *FY21 FY22 FY23 EBITDA Margin (%) PAT Margin (in %) EPS 8.2% 8.3% 12.3% 12.7% 19.7
Slide 34: Financial Snapshot
Financial Snapshot Consolidated Asset Turnover Ratio Net Worth (Rs. Crores) Net Debt to Equity (x) 4.7 4.9 4.8 0.1 4.4 395 402 0.0 0.0 3.2 194 210 199 FY19 FY20 FY21 FY22 FY23 -0.1 -0.3 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 ROCE (In %) ROE (In %) 26% Net Debt to EBITDA (x) 29% 0.3 0.1 18
Slide 35: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Consolidated Particulars (Rs. Crores) FY23 FY22 FY21 FY20 FY19 Net Revenue from Operations 513.1 465.9 427.6 328.9 307.3 COGS 325.4 302.8 274.4 211.6 191.9 Gross Profit 187.6 163.1 153.2 117.3 115.3 Gross Margin (%) 36.6% 35.0% 35.8% 35.7% 37.5% Employee Expenses
Slide 36: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Assets (Rs. Crores) FY23 FY22 FY21 FY20 FY19 Equities & Liabilities (Rs. Crores) FY23 FY22 FY21 FY20 FY19 Non Current assets Equity Property, Plant and Equipment 102.6 88.4 92.5 66.1 59.7 Capital work in progress Equity Share capital 10.5 10.9 6.4 6.4 6.4 13.8
Slide 37: Consolidated Cash Flow
Consolidated Cash Flow Consolidated Particulars (Rs. Crores) FY23 FY22 FY21 FY20 FY19 Net Profit before Tax and Extraordinary items 57.0 45.6 21.7 24.7 76.1 Adjustments for: Non Cash Items / Other Investment or 7.3 10.0 36.3 17.3 -33.9 Financial Items Operating profit before working capital changes
Slide 38: IPO Proceeds Utilization
IPO Proceeds Utilization Utilized as on 31st Particulars (Rs. Crores) Proposed Balance March 2023 Purchase of equipment required for (i) capacity expansion of our existing facility at our Dehradun Plant – IV 50.0 50.0 0.0 (ii) addition of injectables dosage capability at our existing facility at Deh
Slide 39: 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