Blue Jet Healthcare Limited · NSE:BLUEJET
Blue Jet Healthcare — H1 FY24 Earnings Presentation
44 slides from Blue Jet Healthcare's earnings presentation, Nov 14, 2023
Slide 1: Exchange filing cover letter
November 14, 2023 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400051 Scrip Code (BSE): 544009 Symbol: BLUEJET Sub: Analysts/Investors Presentation and Earnings Call with
Slide 2: Investor Presentation November 2023
Investor Presentation November 2023 1
Slide 3: Disclaimer
Disclaimer The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any i
Slide 4: Agenda
Agenda Q2 & H1 FY24 Financials Company at a Glance Contrast Media Intermediates High Intensity Sweeteners Pharma Intermediates & API Chemistry and Manufacturing Capabilities Growth Strategy Management and Board of Directors Investment Rationale 3
Slide 5: 1. Q2 & H1 FY24 Financials
1. Q2 & H1 FY24 Financials 4
Slide 6: H1 FY24 & Q2 Earnings Highlights
H1 FY24 & Q2 Earnings Highlights Financial Highlights H1FY24 ✓ Revenue from operations for H1FY24 grew by 7.8% YoY to Rs. 3,609 mn ✓ EBITDA for H1 came at Rs. 1,216 mn up 25.3% YoY compared to Rs. 970 mn in H1FY23. EBITDA margin for H1 was at 33.7% as compared to 29.0% in H1FY23. ✓ PAT for H1 was at
Slide 7: Q2 & H1 FY24 Business Highlights
Q2 & H1 FY24 Business Highlights Business Highlights ✓ Launched one more product in PI /API segment during Q2FY24,. ✓ Plant Validation batches completed for one Contrast Media Advanced intermediate. ✓ Successfully commission 7 MW solar power plant project in September 2023. This will lead to conside
Slide 8: Q2FY24 Financial Performance – Key Metrics
Q2FY24 Financial Performance – Key Metrics Revenue from Operations – Growth Trends (Rs Mn) YoY Growth: (3.4%) (42.1%) 244.5% (4.8%) Q2FY23 Q2FY24 1,897 1,806 1,321 1,276 507 293 219 64 Contrast media intermediates High-intensity sweetners Pharma intermediates and API Total Note: Total Revenue from O
Slide 9: Profit and Loss Statement
Profit and Loss Statement Particulars (Rs. Mn) Q2FY24 Q2FY23 YoY Q1FY24 QoQ H1FY24 H1FY23 YoY Revenue from Operations 1,814 1,902 -4.8% 1,795 1.0% 3,609 3,347 7.6% COGS 783 912 792 1,576 1,596 Gross Profit 1,030 990 4.1% 1,003 2.7% 2,033 1,751 16.1% Gross Margin 56.8% 52.0% 55.9% 56.3% 52.3% Employe
Slide 10: H1FY24 Financial Performance – Key Metrics
H1FY24 Financial Performance – Key Metrics Revenue from Operations – Growth Trends (Rs Mn) YoY Growth: 17.6% (32.5%) 159.3% 7.6% H1FY23 H1FY24 3,592 3,337 2,562 2,179 1,030 695 121 314 Contrast media intermediates High-intensity sweetners Pharma intermediates and API Total Note: Total Revenue from O
Slide 11: Financial Performance over the years – Key Metrics
Financial Performance over the years – Key Metrics Revenue from operations – Growth Trends (Rs Mn) FY21-23 CAGR: 19.7% 33.5% (9.8%) 245.1% 20.6% FY21 FY22 FY23 H1FY23 6,768 7,185 4,778 5,070 4,942 3,536 3,592 2,562 1,575 1,759 987 695 418 412 340 314 1.33 3 16 22 Contrast media intermediates High-in
Slide 12: Financials for the last three years
Financials for the last three years Summary Statement of Profit and Loss Summary Statement of Assets and Liabilities Particulars (Rs. Mn) FY21 FY22 FY23 H1FY24 Particulars (Rs. Mn) FY21 FY22 FY23 H1FY24 I. Assets Revenue from Operations 4,989 6,835 7,210 3,609 Property, plant and equipment 1188 1185
Slide 13: Shareholder Information
Shareholder Information Shareholding as on 30th October 2023 MF Others 2.3% 7.9% Other DIIs Share Information as on 30th October 2023 1.1% FII NSE Ticker BLUEJET 2.7% BSE Ticker 544009 Shares Outstanding 17,34,65,425 Industry Pharmaceuticals Promoters 86.0% *Source: NSE & BSE 12 12
Slide 14: 2. Company at a Glance
2. Company at a Glance 13
Slide 15: Our Journey
Our Journey ◼ Received USFDA Establishment Inspection Report of Blue Circle ◼ Commenced semi- Organics Private 2021 automated Limited for Unit II manufacturing block ◼ Established Blue for contrast media 2020 Circle Organics ◼ Commenced intermediate business ◼ Began Private Limited (at manufacturing
Slide 16: A specialty pharmaceutical and healthcare ingredient and intermediate company
A specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products with an approach of “Collaboration, Development, Manufacturing” to CDMO business 15
Slide 17: Blue Jet Healthcare at a glance
Blue Jet Healthcare at a glance Key metrics 441 1,020.90KL INR7,209.82mm INR2,190.88mm Commercialized product reaction capacity across Revenue (FY23) (20.2% FY21-23 CAGR) EBITDA (FY23) (30.39% margin) portfolio (H1FY24) 3 facilities (H1FY24) INR2,830mm 31.91% 26.60% 5.62x Cash and Cash Equivalents +
Slide 18: Overview of our Business Segments
Overview of our Business Segments Contrast Media Intermediates High Intensity Sweeteners Pharma Intermediates & APIs ◼ Contrast media are agents used in medical imaging to ◼ High-intensity sweetener business involves ◼ Collaboration with innovator pharmaceutical enhance the visibility of body tissue
Slide 19: 3. Contrast Media Intermediates
3. Contrast Media Intermediates 18
Slide 20: Overview of Contrast Media and its growth drivers
Overview of Contrast Media and its growth drivers What is contrast media? Types of contrast media ◼ Chemical agents that enhances the contrast of an imaging modality in diagnostic ◼ X-ray / Computed Tomography (CT) contrast agents: iodine-based contrast media imaging, thereby aiding diagnosis of dis
Slide 21: Overview of Contrast Media and its growth drivers (cont’d)
Overview of Contrast Media and its growth drivers (cont’d) Segmental breakdown of Contrast Media Growth Forecasts for Contrast Media Microbubble Iodine based contrast media 2% Pre-COVID growth (2014-18) Historical value growth (2019-23) Forecasted value growth (2023-25) Gadolinium 24% 12-15% Market
Slide 22: The global Contrast Media industry is highly concentrated
The global Contrast Media industry is highly concentrated Global Contrast Media competitive landscape ✓ Player 1 Highly concentrated and dominated by multi-national 17% Others corporations, 25% Total value US$5.9bn Player 2 ✓ (MAT Jun 2023) 20% Collectively hold ~75% of the global sales of contrast
Slide 23: High entry barriers for key intermediates’ vendors
High entry barriers for key intermediates’ vendors Characteristics of the Contrast Media market Blue Jet's positioning Contrast Media Intermediate segment performance In INRmm ✓ More than two decades of experience Strict internal standards for ✓ 75%+ of exports of a selected contrast media intermedi
Slide 24: Continue to forward integrate into more advanced intermediates for Contrast Media
Continue to forward integrate into more advanced intermediates for Contrast Media Key benefits ◼◼Strong Strongproduct productdevelopment andand development process process optimization optimizationcapabilities underpinned capabilities by in-house underpinned by in- R&D capabilities house R&D capabil
Slide 25: 4. High Intensity Sweeteners
4. High Intensity Sweeteners 24
Slide 26: Blue Jet contributes ~3,000-4,000MT to the Global Saccharin Market by capacity
Blue Jet contributes ~3,000-4,000MT1 to the Global Saccharin Market by capacity Varied uses cases of Saccharin Global high intensity 37,000- Oral care sweetener (US$2.9-3.0bn) (2023) 40,000MT 5–6% Capacity ~3,000- Non-alcoholic beverages 4,000MT1 6–8% BlueJet capacity Bakery and Confectionery Global
Slide 27: Overview of High Intensity Sweetener market and its growth drivers
Overview of High Intensity Sweetener market and its growth drivers Several drivers contributing to the demand… …of high intensity sweetener market ❑ Growing incidence of diabetes and obesity: ~537mm adults living with diabetes in 2023; projected to rise to Saccharin accounted for ~12- 643mm by 2030
Slide 28: Blue Jet’s positioning in High Intensity Sweetener segment
Blue Jet’s positioning in High Intensity Sweetener segment Blue Jet's positioning High Intensity Sweeteners segment performance Revenue (INR mn) Products ◼ Adherence to strict internal standards to ensure consistency in quality, performance, taste, and impurity profile ◼ Multiple products and applic
Slide 29: 5. Pharma Intermediates & API
5. Pharma Intermediates & API 28
Slide 30: Trends and features of the Pharma Intermediates and APIs segment
Trends and features of the Pharma Intermediates and APIs segment Features of a typical arrangement to supply of intermediates to Key trends in Pharma Intermediates and CDMO market innovators of NCEs Increased propensity to outsource manufacturing of intermediates & APIs Revenue and capacity utilizat
Slide 31: Overview of Blue Jet’s Pharma Intermediates and APIs segment
Overview of Blue Jet’s Pharma Intermediates and APIs segment ◼ Commenced manufacturing pharma intermediates two decades Pharma Intermediate and APIs segment performance ago, leveraging the customer relationships through high-intensity In INR mn sweetener business ◼ Key focus areas include high-value
Slide 32: Leverage long-standing customer relationships to enter adjacencies in pharma intermediates and API
Leverage our long-standing customer relationships to continue entering adjacencies in the pharma intermediate and API category Focus on three niche areas in providing CDMO services Blue Jet’s positioning Investigational new drugs and new chemical entities (NCEs) ◼ Develop advanced intermediates for
Slide 33: 6. Manufacturing and R&D Capabilities
6. Manufacturing and R&D Capabilities 32
Slide 34: Build additional production capacity to keep in step with customer demand
Build additional production capacity to keep in step with the envisaged increase in customer demands Key features Capacity enhancement (KL) Expansion plans to add capacities ◼ Company consistently implementing GMPs across at Unit II, Unit III, and Unit IV manufacturing facilities and focused on sust
Slide 35: Our R&D framework
Our R&D framework R&D capabilities across Process research Process scale-up and Regulatory filings and Portfolio evaluation ProcessStep development 2 validation approvals Analytical research Chemistry research Method development Characterization of Polymorphism screening Pharmaceutical salt Literatu
Slide 36: Sustainability
Sustainability Various initiatives on energy efficiency, renewable energy, and water conservation to reduce carbon footprint Invested in windmills with installed capacity of 3.3MW Created carbon sinks Focus on enhancing through tree plantations energy efficiency Effluent treatment plants with modern
Slide 37: 7. Growth Strategy
7. Growth Strategy 36
Slide 38: Our strategies
Our strategies Focus on operational efficiency and Continue to forward integrate into more mitigation of supply chain risks advanced intermediates for Contrast Media Leverage our long-standing customer Continue to invest in R&D relationships to continue entering adjacencies infrastructure and capabi
Slide 39: 8. Management and Board of Directors
8. Management and Board of Directors 38
Slide 40: Experienced and visionary management team backed by independent Board of Directors
Experienced and visionary management team backed by independent Board of Directors Management team Akshay Bansarilal Arora Shiven Akshay Arora Executive Chairman Managing Director ◼ Has more than three decades of experience with the Company ◼ Has more than six years of experience with the Company ◼
Slide 41: Management team and independent board of directors (cont’d)
Experienced and visionary management team backed by independent Board of Directors (cont’d) Management team (cont’d) Archana Akshay Arora Sweta Poddar Head – Business Development Company Secretary and Compliance Officer ◼ Has over 28 years of experience with the Company ◼ Has experience of over a de
Slide 42: 9. Investment Rationale
9. Investment Rationale 41
Slide 43: Investment Rationale
Investment Rationale 1. Large manufacturer of contrast media intermediates in India 2. Presence in niche categories with high barriers to entry 3. Long-standing relationships and multi-year contracts with multi-national customers 4. Strong product development and process optimization capabilities wi
Slide 44: Thank You
Thank You November 2023 BLUEJET HEALTHCARE LIMITED INVESTOR RELATIONS AT Registered Office Bluejet Healthcare Limited 701,702, 7th Floor, Bhumiraj Costarica, Sanjay Sinha, Deputy Chief Financial Officer Sector 18, Sanpada, Navi Mumbai Thane sanjay.sinha@bluejethealthcare.com 400705, Maharashtra, Ind