Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q2 FY24 Earnings Presentation
33 slides from Shilpa Medicare's earnings presentation, Nov 10, 2023
Slide 1: Exchange filing cover letter
Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 10 November 2023 Corporate Relationship Departme
Slide 2: Q2 & H1 FY24 Results Presentation
Shilpa Medicare Limited (SML) Q2 & H1 FY24 Results Presentation 1
Slide 3: Disclaimer
2 Disclaimer Certain statements in this document may be forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and API Units, Raichur many other factors that could cause our actual
Slide 4: Table of content
Table of content 3 1 Company overview 2 Financial performance 3 Business highlights 4 Annexures
Slide 5: Company Overview
Company Overview 4
Slide 6: Company Overview
Company Overview 5 Pursuing niche growth businesses like Biologics, Transdermal & Oral Dissolving Films Formulations Established presence in Active Pharmaceutical Ingredients (APIs) and Formulations for Affordable & Robust research domestic & international markets Effective orientation resulting in
Slide 7: Managing Director's Message
Managing Director’s Message 6 Commenting on Q2 FY 24 performance, Mr. Vishnukant Bhutada, Managing Director Shilpa Medicare Limited said “I am pleased to inform you that our relentless efforts on bringing operational efficiencies and strengthening our business is getting reflected in continuous impr
Slide 8: Formulation update - Topical
Formulation update - Topical 7 Topical Lotion (SMLTOP09) for the Treatment of Androgenic Alopecia ▪ Phase II trial completed ▪ Phase III will be planned to be initiated in Q3 FY24 ▪ Covered by granted patents in India, USA, China, Japan, Korea till June 2038 ▪ Patent pending in Europe ▪ The global a
Slide 9: Formulation update – Non Oncology
Formulation update – Non Oncology 8 SMLNUD07 : ▪ Received approval from CDSCO for proceeding further for Phase III studies of oral product SMLNUD07 ▪ Phase III studies have been initiated for the indication of NAFLD (Non-alcoholic fatty liver disease) ▪ Tentative completion of the study Q1/Q2 FY25 ▪
Slide 10: Formulation update – Oral Films and Patches
Formulation update – Oral Films and Patches 9 Betahistine Dihydrochloride Orodispersible Films, 24 mg ▪ First company to receive approval for the 24 mg strength as a Film formulation in the UK ▪ Approval is a hybrid product application, which is bioequivalent to the reference product ▪ Indicated for
Slide 11: Biosimilar update
Biosimilar update 10 Launch of High Concentration Adalimumab injection in India ▪ Used for the treatment of Rheumatoid Arthritis (moderate to severe active RA & severe active and progressive RA) ▪ Increased patient comfort based on reduced injection volume ▪ Launched Adalimumab under Shilpa own bran
Slide 12: Financial Performance
Financial Performance 11
Slide 13: Financial Performance – SML Standalone
12 Financial Performance – SML Standalone (INR in Cr.) % % Particulars Q2 FY24 Q1 FY24 change Q2 FY23 change Revenues 97.4 104.5 -7% 86.8 12% Gross Margin 78.7 84.9 -7% 54.1 46% Gross Margin % 81% 81% 0% 62% 30% Employee Cost 26.3 27.8 -5% 29.6 -11% Other Expenses 22.4 21.0 7% 30.8 -27% EBITDA 30.0
Slide 14: Balance Sheet – SML Standalone
Balance Sheet – SML Standalone 13 (INR in Cr.) Particulars 30-Sep-23 30-Jun-23 30-Sep-22 Fixed Assets 598.9 598.3 603.0 Tangible Assets 512.5 509.1 529.8 Intangible Assets 86.4 89.2 73.2 Capital WIP 227.4 230.5 251.5 Tangible Assets 27.1 38.7 54.1 Intangible Assets 200.3 191.8 197.4 Slump Sale Consi
Slide 15: Financial Performance Consolidated
Financial Performance Consolidated 14 (INR in Cr.) Particulars Q2 FY24 Q1 FY24 % change Q2 FY23 % change Revenues 314.8 262.1 20% 267.3 18% Gross Margin 189.0 173.9 9% 150.8 25% Gross Margin % 60% 66% 56% Employee Cost 73.1 72.9 0% 73.6 Other Expenses 53.8 51.2 5% 60.7 -11% EBITDA 62.1 49.8 25% 16.5
Slide 16: Balance Sheet Consolidated
Balance Sheet Consolidated 15 (INR in Cr.) Consolidated Particulars 30-Sep-23 30-Jun-23 30-Sep-22 Fixed Assets 1,361.0 1,371.6 1,353.7 Tangible Assets 1,160.0 1,163.7 1181.8 Intangible Assets 201.0 208.0 171.9 Capital WIP 681.2 657.1 602.9 Tangible Assets 389.1 377.7 302.3 Intangible Assets 292.1 27
Slide 17: Business Highlights
Business Highlights 16
Slide 18: H1 FY24 Consolidated Performance
H1 FY 24 Consolidated Performance 17 (INR in Cr.) Revenue 18% 20% 8% 577.0 262.1 314.8 267.3 536.5 H1'24 H1'23 Q1 FY'24 Q2 FY'24 Q2 FY'23 EBIDTA 148% 274% 24% 62.1 49.9 112.0 16.6 45.2 Q1 FY'24 Q2 FY'24 Q2 FY'23 H1'24 H1'23
Slide 19: H1 FY24 Consolidated Performance
H1 FY 24 Consolidated Performance 18 (INR in Cr.) PBT PAT 122% 33% 11.1 16.1 1.2 1.6 5.0 2.8 -20.2 Q1 FY'24 Q2 FY'24 Q2 FY'23 -23.5 -18.6 -17.8 H1'24 H1'23 H1'24 H1'23 Q1 FY'24 Q2 FY'24 Q2 FY'23 ❖ PBT excluding share of loss in JV/Associates ❖ Excluding exceptional items
Slide 20: Consolidated Revenue Break-up – Q2 24
Consolidated Revenue Break-up – Q2 24 19 (INR in Cr.) Q1 FY’24 Q2 FY’24 Q2 FY’23 INR 262.1 Cr. INR 314.8 Cr. INR 267.3 Cr. Growth of 18% vs Q2 FY’24 API 4.9, 2% Formulation 4.8, 2% 9.0, 3% Others 70.1, 26% 91.8 , 35% 165.6 , 63% 85.7 , 27% 220.1 , 70% 192.3, 72% Growth of 20% vs Q1 FY’24
Slide 21: Consolidated Revenue Break-up – H1 FY24
Consolidated Revenue Break-up – H1 FY 24 20 (INR in Cr.) H1’24 H1’23 INR 576.9 Cr. INR 536.6 Cr. 4.9, 1% 20.9, 4% 186.4 , 32% 138.9, 26% 385.7 , 67% 8% Growth 376.8, 70% API Formulation Others
Slide 22: API Business
API Business | noting affordable healthcare
Slide 23: API Business-Highlights Q2 FY24
API Business-Highlights Q2 FY 24 22 (INR in Cr.) Oncology CDMO/Service 42% 16% -3% 48% 8.3 8.0 114.2 98.5 5.4 80.6 Q1 FY'24 Q2 FY'24 Q2 FY'23 Q1 FY'24 Q2 FY'24 Q2 FY'23 Q1 FY’24 gwth Q2 FY’24 gwth Q2 FY’23 Non Oncology 165.6 33% 220.4 14.6% 192.3 Others 23% 108% 14% -14% 89.8 9.7 72.7 78.7 8.3 4.0 Q
Slide 24: API Business-Highlights H1 FY24
API Business-Highlights H1 FY 24 23 (INR in Cr.) Oncology CDMO/Service -1% 57% 197.2 16.3 10.4 194.7 H1'24 H1'23 H1'24 H1'23 Non Oncology H1’24 Others 385.7 21% -65% 162.4 Gwth 134.5 2% 34.7 12.3 H1’23 376.8 H1'24 H1'23 H1'24 H1'23 *Numbers are excluding captive consumptions
Slide 25: DMF Filing update
DMF Filing update 24 New product introduction and increase in geographical coverage replicated with 237 number of DMF filings done with major regulatory authorities 70 61 60 50 45 40 30 28 24 22 20 20 17 10 10 8 2 0 US FDA EU/ EMEA TPD-Canada PMDA-Japan TGA MEDSAFE-NZ EDQM KFDA Korea GCC & ROW WHO A
Slide 26: Formulation Business
25 Formulation Business
Slide 27: Formulation Business- Highlights Q2 FY24
Formulation Business- Highlights Q2 FY 24 26 (INR in Cr.) Europe License Fees/ ROW -15% -38% -53% 558% 70% -14% 53.1 -51% 26.8 26.5 32.9 8.0 22.8 5.0 3.9 2.3 Q1 FY'24 Q2 FY'24 Q2 FY'23 Q1 FY'24 Q2 FY'24 Q2 FY'23 Q1 FY'24 Q2 FY'24 Q2 FY'23 Q1 FY’24 Degwth Q2 FY’24 Gwth Q2 FY’23 US 91.8 7% 85.7 21% 70
Slide 28: Formulation Business-Highlights H1 FY24
Formulation Business-Highlights H1 FY 24 27 (INR in Cr.) Europe License Fees ROW -36% 289% -24% -22% 86.0 8.2 49.6 63.9 22.1 6.2 H1'24 H1'23 H1'24 H1'23 H1'24 H1'23 H1’24 US 177.5 Domestic -32% Gwth 13% 26% 38.0 25.9 H1’23 9.8 8.7 140.9 H1'24 H1'23 H1'24 H1'23
Slide 29: Regulatory Filings
Regulatory Filings 28 Robust regulatory filings to strength the base for growth in the formulation segment Approved Pending 446 65 236 22 26 12 43 210 14 3 1 2 US ANDA (SML) US NDA (SML) EU Filings ROW As on 30th September 2023
Slide 30: Annexures
Annexures 29
Slide 31: Manufacturing Excellence
Manufacturing Excellence 30 Dharwad Jadcherla Unit • Biologicals Manufacturing plant & R&D • Formulations (Onco & Adjuvant Therapy of Facility Onco – Injectable & Oral) Bengaluru Unit Hyderabad • Formulations (Oral Dissolving Films) • TDS & ODF Manufacturing Facility & • Bio Analytical Lab, Pharmaco
Slide 32: About Shilpa Medicare Ltd.
About Shilpa Medicare Ltd. 31 Shilpa Medicare Limited (SML) started its operations as API manufacturer way back in 1989 at Raichur, Karnataka- India. Today Shilpa Medicare Limited is a global brand in manufacturing and supplying of affordable API and Formulation globally in different regulated marke
Slide 33: Thank You
32 Thank You