Slide 1: Exchange filing cover 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: Windlas Biotech Limited Investor Presentation – November 2024
Windlas Biotech Limited Investor Presentation – November 2024
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) reported a YoY growth of 8% in Q2 FY25, with only a modest volume increase of 0.4%. Despite low volume industry growth, we are pleased to reveal another strong quarter of financial performance, achieving a revenue growth of 22% in Q
Slide 5: CEO & CFO's Message
CEO & CFO's Message “Our Highest ever quarterly revenue streak holds steady for 7th quarter. Windlas Biotech remains focused on expanding our outreach, driving efficiencies and delivering high-quality pharmaceutical products to meet the evolving needs of our customers and patients. In Generic Formul
Slide 6: Financial Performance Highlights
Financial Performance Highlights 5
Slide 7: Key Highlights: H1 and Q2 FY2025
Key Highlights: H1 and Q2 FY2025 Highest quarter Revenue Q2 187 Cr. EBITDA Q2 23 Cr. Revenue streak 01 steady for 7th quarter 02 H1 362 Cr. 03 H1 44 Cr. YoY growth 22% YoY growth 23% Strong liquidity 200 Working Capital EPS H1 13.97 04 YoY growth 11% 05 Cr. (CAPEX H1 48 Cr. ) 06 8 days & Cash from o
Slide 8: Half-yearly Performance Highlights
Half-yearly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 12.0% 13.4% 11.3% 11.2% 12.1% +22% 362.2 Consolidated 297.5 +23% Clocked in highest 43.9 35.8 ever half yearly Revenue & EBITDA H1 FY24 H1 FY25 H1 FY24 H1 FY25 Generic Formulations Trade Generics & Exports Vertical Reve
Slide 9: Quarterly Performance Highlights
Quarterly Performance Highlights Rs. Crores Revenue EBITDA & EBITDA Margin (%) 12.2% 13.4% 11.3% 11.2% 12.3% +22% 187.0 Consolidated 152.7 +23% Crossed Rs 187 Cr. 23.0 milestone, highest 18.7 revenue 7 quarters in a row Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Generic Formulations Trade Generics & Exports Ve
Slide 10: Vertical Break-up
Vertical Break-up H1FY24 H1FY25 20% 21% 77% 75% 3% 4% CDMO Trade Generics & OTC Exports CDMO Trade Generics & OTC Exports Q1FY25 Q2FY24 Q2FY25 19% 22% 20% 78% 77% 73% 2% 4% 5% CDMO CDMO CDMO Trade Generics & OTC Trade Generics & OTC Trade Generics & OTC Exports Exports Exports 9
Slide 11: Consolidated Profit & Loss Statement – H1 & Q2 FY25
Consolidated Profit & Loss Statement – H1 & Q2 FY25 Particulars (Rs. Crores) H1FY25 H1FY24 YoY% Q2FY25 Q2FY24 YoY% Net Revenue from Operations 362.2 297.5 21.7% 187.0 152.7 22.5% COGS 225.8 187.4 116.4 95.9 Gross Profit 136.3 110.1 23.8% 70.6 56.8 24.3% Gross Margin (%) 37.6% 37.0% 64bps 37.7% 37.2%
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Assets (Rs. Crores) Sep-24 Mar-24 Equities & Liabilities (Rs. Crores) Sept-24 Mar-23 Non Current assets Equity Property, Plant and Equipment 161.5 169.5 Equity Share capital 10.5 10.4 Capital work in progress 31.5 5.7 Other Equity 460.8 439.5 Right to use asse
Slide 13: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. crores) H1FY25 H1FY24 Operating profit before working capital changes 46.1 36.7 Changes in working capital -9.4 24.8 Cash generated from Operations 36.6 61.4 Direct taxes paid (net of refund) -7.0 -7.7 Net Cash from Operating Activities 29.7 53.7 Net
Slide 14: Rewarding Shareholders
Rewarding Shareholders • The earnings per share (EPS) stood at Rs. 13.97, experienced a growth of 11% YoY in H1 FY25 and stood at Rs. 7.49 a growth of 11% in Q2 FY25. • Dividend: • In line with our policy, Company declared the dividend of Rs 11.5 Cr (Rs 5.5 per share) to its shareholders for FY24, p
Slide 15: Company Overview
Company Overview 14
Slide 16: 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 17: 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 #Windlas focus is on value added and
Slide 18: 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 19: Strong Board of Directors…
Strong Board of Directors… ▪ 23+ 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 20: …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 21: 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 22: 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 23: 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 24: 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 25: 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 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 FY24) 19% No. of Brands 280 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. 122 Crores Trade Generics & Institutional Revenue 122 Low costs compared to branded Trade Generics & Institutional SBV generics +42% revenue (FY24) 91
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 69 Products during FY24 which includes Generic Medicines & Health Supplements Revenue Mix: 4% of FY24 Revenue from Operations Exports SBV: INR of 27
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 +
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 Dehradun Plant 5 commenced operations in 2001 operations in 2
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 few organized and large unorganized players Injectables • Commissioned injectable facilit
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) 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 34: 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 35: 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 36: 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 37: 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 38: 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