Morepen Laboratories Limited · NSE:MOREPENLAB
Morepen Laboratories — Q2 FY2025 Earnings Presentation
36 slides from Morepen Laboratories's earnings presentation, Nov 11, 2024
Slide 1: Investor Presentation Q2 FY25 filing letter to exchanges
. illmEPEN C ~ ~ Year.rnf • ~ Excellence ~ Date: 11/11/2024 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai- 400 051 Dalal Street, Mumbai- 400 001 Symbol: MOREPENLAB Scrip Code: 500288 Subject: Investor Pres
Slide 2: Leading Player in Medical Devices and APIs Q2'FY25
Leading Player in Q2'FY25 Medical Devices and APIs investor Presentation - Nov 2024 MOREPEN LABORATORIES LIMITED
Slide 3: Safe Harbour
This investor presentation has been prepared for general information purposes in respect of Morepen Laboratories Limited (“Company”) together with its subsidiary, as applicable (together, with the Company, the “Group”) only, without regard to any specific objectives, suitability, financial situation
Slide 4: Index
INDEX 1 Corporate Action 2 Consolidated View 3 Business Segments 4 Financial Overview 5 Looking Forward
Slide 5: Corporate Action: Expansion and QIP
1 Corporate Action Expansion - [¥)@J[ru~□@[ru 0 Civil work & machines ordering initiated , expect project Capital Event: QIP successfully completed in Q2 on 5th August, 2024 completion by FY26 Rs. in Crores Issue Exp 8.27 Rs.200 crore Capex & WC QIP successfully completed Funds for growth in Medical
Slide 6: Consolidated View
INDEX 2 Consolidated View Significant Increase In Margins Medical Devices and Pharma
Slide 7: Consolidated Quarterly Highlights: Focus on Higher Margins
2 Consolidated 1\\0REPEN Rs. 0.65 Earnings Per Share (EPS) for the Quarterly Highlights: Focus on Higher Margins Q2'FY25 Quarter, an increase of 55% yoy Rs. in Crores ~ desc. Q2 FY’25 4% YoY Increase ~% 33% ~~% [ Revenue ) ( 442.71 ) ( +4% ) Gross Revenue EBITDA [ EBITDA )[ 49.06 ) ( +33% ) [ PBT )
Slide 8: Half-yearly Highlights: Better Margins in H1'FY25
2 Consolidated Rs. 2.53 Earnings Per Share (EPS) for the Half-yearly Highlights: Better Margins in H1'FY25 Trailing Twelve Months (TTM) Rs. in Crores ~ 9% desc. H1'FY25 Increase ®®~ 59% ~®®I@ (Revenue ) ( 901.36 ) ( +9% ) Gross Revenue EBITDA (EBITDA ) ( 104.10 ) ( +59% ) (PBT ) ( 94.19 ) ( +91% ) ~
Slide 9: Operational Performance: Quarterly and H1 Revenue
2 Consolidated 20% Growth in Exports with focus on Operational Perfomance: high-yielding markets in H1 Quarterly Revenue H1 Revenue Rs. in Crores Rs. in Crores • There was a 4% increase in Q2 revenue year-over-year and a 9% 500 443 1000 901 increase in the first half. 425 828 400 4% 800 9% • This qu
Slide 10: Business Segments: Consolidated Revenue of Rs. 901 cr
2 Consolidated 30% Q1 revenue share from Medical Business Segments: Consolidated Revenue of Rs. 901 cr, up 9% Devices as compared to 26% in FY24 Pharma Business Medical Devices Rs. in Crores Rs. in Crores 700 630 300 271 600 Devices 250 30% 500 200 400 310 150 133 H1 300 100 Pharma 200 50 70% 100 0
Slide 11: Operational Performance: Quarterly and Half Yearly EBITDA
2 Consolidated 1\\0REPEN 59% Increase in H1'FY25 EBITDA with Operational Perfomance: improved Gross Margins Quarterly EBITDA Half Yearly EBITDA Rs. in Crores Rs. in Crores Rs. in Crores 49.06 120 50 104.10 120 36.83 33% 100 59% 101.77 40 100 58% YOY 80 YOY 30 65.34 80 64.59 60 60 20 40 40 10 20 20 0
Slide 12: Operational Performance: Annual and Half Yearly EBITDA Trend
2 Consolidated 1\\0REPEN Highest Highest EBITDA for last four Operational Perfomance: quarters in a row in the recent past Annual EBITDA Trend Half Yearly EBITDA Rs. in Crores Rs. in Crores Rs. in Crores 120 107.26 104.10 33% 11.55% 12 10.13% 100 YOY 9.44% TTM EBITDA 10 80 8 6 6.02% 60 Rs.211cr 4 40
Slide 13: Operational Performance: Quarterly and Half Yearly PAT
2 Consolidated 1\\0REPEN 98% Increase in H1'FY25 PAT with Operational Perfomance: improved EBITDA margins Quarterly PAT Half Yearly PAT Rs. in Crores Rs. in Crores Rs. in Crores 34.85 80 35 71.02 98% TTM PAT 30 64% 21.26 60 YOY Rs.132cr 25 yoy 20 40 35.89 15 10 20 PAT for last four consecutive 5 qua
Slide 14: Medical Devices
INDEX 3 Business Segments Medical Devices
Slide 15: Medical Devices Operational Performance: H1 product split
Business Segments 3 Medical Devices 9.35% Increase in H1 revenue with Operational Perfomance: increased installed Gluometers base Quarterly Revenue H1 Revenue Rs. in Crores Rs. in Crores 300 271 133 133 others 140 248 250 9.35% BP Monitors 4.2% 120 18.2% 100 200 80 150 60 H1 100 40 20 50 Glucometers
Slide 16: Glucometers: 13 million installed base
Business Segments 3 Medical Devices 13 million Customer base with repeat purchase of strips every year Glucometers: Cumulative Glucometers Installed Gluco Strip Sold No. of Glucometers installed * No. of Strips Sold ** 14 (million) 25 Cumulative no. Srips Sold* (million) (million) 12 13.01 20 221 20
Slide 17: Blood Pressure Monitors
Business Segments 3 Medical Devices 6.33mn BP Monitors sold till Q2'FY25 Blood Pressure Monitors: with increasing health awareness No. of BP Monitors Sold Sales Revenue • Consistent growth in product demand Numbers in Millions Rs. in Crores and expansion into new markets 3.5 23.70 25 23.10 • 100% ma
Slide 18: Medical Devices Business Update
3 Medical Devices New Products and backward Business Update: integration remains the focus New Project Building New Product Addition New Product Listing Civil work in full swing for 120K sqft Nebuliser and Ortho support Class -I Medical Devices registered facility, would be completed in Q3 productio
Slide 19: Pharma Business
INDEX 3 Business Segments Pharma Business API, Finished Dosages, Rx and oTC
Slide 20: APIs and Finished Dosages Operational Performance
Business Segments APIs and Finished Dosages 3 Pharma Business 1\\0REPEN 21% Increase in Exports of High Operational Perfomance: Value APIs in H1 (10% in Q1) Quarterly Revenue H1 Revenue Rs. in Crores Rs. in Crores Rs. in Crores 700 630 337 350 310 600 581 350 292 9% 300 280 21% 300 500 250 6% 250 YO
Slide 21: API and Formulation Revenue Split
Business Segments APIs and Finished Dosages 3 Pharma Business 1\\0REPEN 75% Business share of API from long Operational Perfomance: term cusotmers Quarterly Revenue H1 Revenue Rs. in Crores Rs. in Crores 350 700 FDF (Rx/OTC) 310 630 292 600 581 25.4% 300 82 8% 160 8% 250 RX+OTC 75 500 RX+OTC 148 200
Slide 22: Category Leaders in Six APIs
Business Segments API Business 3 Pharma Business 1\\0REPEN #One Category Leaders in Six APIs: Substantial increase in Export Market Share 4 APIs; Lorata, Deslorata, Monte & Fexo top export charts of India LORATADINE DESLORATADINE MONTELUKAST 69% 49% 70 64% 50 80 70% 60 42% 40 60 50 #1 #1 44% #1 Mark
Slide 23: API Business: Exports to over 80 Countries
Business Segments API Business 3 Pharma Business 1\\0REPEN 20% Increase in exports with consistent repeat orders Exporting to over 80 Countries: ,,..,~............ ,, - •7. ~ ~.~ . . S.America USA 4.8% 16.2% Over Over India 29.7% 500 200 71% Q1 Europe Customers Customers in 21% India Exports Worldwi
Slide 24: API Region Wise Growth
Business Segments API Business 3 Pharma Business 60% Increase in Exports to highly Region Wise Growth: Growth in high-value Export markets in H1'FY25 regulated European market Rs. in Crores USA Europe 200 India APAC S. America 80 71 92 143 114 30 27 67 100 150 120 106 130 100 25 21 60 5% 80 60% 7% 5
Slide 25: API Business Update: Capacity and New DMFs
3 API Business 1\\0REPEN 50KL API Capacity added making Business Update: H1 available API capacity 450KL New Project Building New Product Addition New DMFs (14) Civil work going for expansion of Production blocks: P8-P10 Apixaban Resmetirom Korea, Serbia, Switzerland, Saphra Non- Alcoholic Fatty Liv
Slide 26: Formulation Export: New International Standard Facility
3 Formulation Export 1\\0REPEN 1.02 bn Dosages capacity with 720 million Brand New International Standard Facility Commissioned: tablets and 300 million capsules Inside Views of the new facility
Slide 27: Consumer Health: Burnol
3 Consumer Health Burnol Lot of marketing initiatives around Diwali time Diwali campaign with Kartik Aaryan on his recent movie New Products Coming Soon million views of various activities across multiple platforms
Slide 28: Financial Overview
INDEX 4 Financial Overview Excellent EBITDA Margins and PAT
Slide 29: Quarterly Performance
4 Financial Overview 33% EBITDA growth with a focus on cost Quarterly Performance: reduction & better price realisation Rs. in Crores Rs. in Crores Gross Revenue EBITDA EBITDA %age 500 60 425 443 49.06 12 11.08% 400 4% 50 YOY 33% 10 8.66% 40 36.83 YOY 8 300 30 6 200 20 4 100 10 2 0 0 0 Q2'FY24 Q2'FY
Slide 30: Half-yearly Performance
4 Financial Overview 59% EBITDA growth with a focus on cost Half-yearly Performance: reduction & better price realisation Rs. in Crores Rs. in Crores Gross Revenue EBITDA EBITDA %age 1000 901 120 104.10 12 11.55% 828 9% 59% 800 100 10 YOY YOY 80 7.89% 600 65.34 8 60 6 400 40 4 200 20 2 0 0 0 H1'FY24
Slide 31: Quarterly Profitability
4 Financial Overview 64% Increase in Profit after tax in Q2 on Quarterly Profitablity: with improved EBITDA Rs. in Crores Rs. in Crores Rupees Profit Before Tax (PBT) Profit After Tax (PAT) Earning per Share (EPS) 46.02 35 34.85 50 3.0 60% 30 64% 2.53 40 YOY 2.5 YOY 25 21.26 30 28.68 20 2.0 15 1.5 5
Slide 32: Half-yearly Profitability
4 Financial Overview 98% Increase in Profit after tax in H1 on Half-yearly Profitability: with improved EBITDA Rs. in Crores Rs. in Crores Rupees Profit Before Tax (PBT) Profit After Tax (PAT) Earning Per Share (Rs.) 100 94.19 80 71.02 1.36 1.4 92% 91% 98% 80 60 1.2 YOY YOY YOY 1.0 60 49.19 35.89 0.
Slide 33: Half-yearly Ratios
4 Financial Overview 98% Increase in Profit after tax in H1 on Half-yearly Ratios: with improved EBITDA Return on Capital Employed Return on Equity Fixed Asset Turnover (ROCE) (ROE) (FAT) 20 12.79% 10 16.70% 14 8.97 x 15.61% 12 11.35% 7.76 x 15 8 10 8 6 10 6 4 5 4 2 2 0 0 0 FY24 H1'FY25* FY24 H1'FY2
Slide 34: Morepen 2.0 Strategic Growth Plan
INDEX 5 Looking Forward Morepen 2.0 Startegic Growth Plan
Slide 35: Rs. 5000 crore by 2030
5 Looking Forward Rs. 5000 crore * By 2030 20% 10% CAGR PAT *Forward-Looking Statement
Slide 36: Thank you
Thank you www.morepen.com
Morepen Laboratories — Q2 FY2025 Earnings Presentation on 6ix