Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q3 FY2024 Earnings Presentation
37 slides from Shilpa Medicare's earnings presentation, Feb 8, 2024
Slide 1: Cover letter to stock exchanges
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 08 February 2024 Corporate Relationship Departme
Slide 2: Q3 & 9M FY'24 Results Presentation
Shilpa Medicare Limited (SML) Q3 & 9M FY’24 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: Affordable & Effective Pharmaceutical Solutions
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 Q3 FY’24 performance, Mr. Vishnukant Bhutada, Managing Director Shilpa Medicare Limited said “I am pleased to inform you that our consistent endeavor to improve operational efficiencies and cost rationalization with a focus on development of niche opportun
Slide 8: API update
API update 7 o About Developments Adding 3 molecules in the portfolio which are at validation stage and which are expected to be completed in Q4 FY24 tentatively • Methotrexate – Onco molecule its Validation is in progress & expected to complete by end of March its import substitute molecules • Li
Slide 9: Formulation update – Topical
Formulation update – Topical 8 o Topical Lotion (SMLTOP09) for treatment of Androgenic Alopecia. Phase II trial completed Phase III study likely to start by March 24 Scientific advice for EU successfully submitted and received agency feedback Covered by granted patents in India, USA, China,
Slide 10: Formulation update – Oncology
Formulation update – Oncology 9 o Grant of Code “J” for Pemetrexed Injection (NDA) About Product • Used in the treatment of non-small cell lung cancer in combination with other chemotherapy agents • Also indicated in the treatment of mesothelioma in combination with cisplatin • A novel ready-to-us
Slide 11: Formulation update – Non Oncology
Formulation update – Non Oncology 10 o SMLNUD07 Phase III studies have been initiated for the indication of NAFLD (Non-alcoholic fatty liver disease) Tentative completion of the study Q3 FY25 About NAFLD • Most common liver disease and it is estimated to effect up to 25% of the population in W
Slide 12: Formulation update – Non Oncology
Formulation update – Non Oncology 11 o Dr. Clot Spray is a cutting-edge innovative formulation of Tranexamic Acid, designed to address the critical issue of uncontrolled bleeding during trauma, accidents, battle field, surgery, suturing and ambulance transportation of patients from the site of accid
Slide 13: Formulation update – TDS & ODF
Formulation update – TDS & ODF 12 o ODF Betahistine ODF approved in UK market and opens up partnering opportunities Tadalafil ODF MA successfully filed in Europe market Bilastine ODF clinical study is successfully completed and expected to be filed in Q1 FY25 Successfully launched ODF produc
Slide 14: Biosimilar update
Biosimilar update 13 o Launch of High Concentration Adalimumab injection in India market Launched as High Concentration 40Mg/0.4ml injection in prefilled syringe (PFS) Used for the treatment of Rheumatoid Arthritis (moderate to severe active RA & severe active and progressive RA) Contribute to
Slide 15: Biosimilar update
Biosimilar update 14 o Aflibercept Phase III approval received from CDSCO and plans underway to initiate the clinical trial - a significant milestone in the development • Manufacturing of CT batches ongoing for phase III trial • Phase III will be initiated from Q1 FY 25 and completion by Q1 FY 26
Slide 16: Financial Performance
Financial Performance 15
Slide 17: Financial Performance – SML Standalone
16 Financial Performance – SML Standalone (INR in Cr.) % % Particulars Q3 FY24 Q2 FY24 change Q3 FY23 change Revenues 86.3 97.4 -11% 69.2 25% Gross Margin 67.8 78.9 -14% 54.6 24% Gross Margin % 79% 81% -3% 79% 0% Employee Cost 25.3 26.2 -3% 26.6 -5% Other Expenses 23.5 22.7 4% 20.7 13% EBITDA 19.0 3
Slide 18: Balance Sheet – SML Standalone
Balance Sheet – SML Standalone 17 (INR in Cr.) Particulars 31-Dec-23 30-Sep-23 31-Dec-22 Fixed Assets 588.6 598.9 602.2 Tangible Assets 503.5 512.5 526.7 Intangible Assets 85.1 86.4 75.5 Capital WIP 235.5 227.4 246.9 Tangible Assets 24.3 27.1 49.1 Intangible Assets 211.2 200.3 197.9 Slump Sale Consi
Slide 19: Financial Performance Consolidated
Financial Performance Consolidated 18 (INR in Cr.) Particulars Q3 FY24 Q2 FY24 % change Q3 FY23 % change Revenues 288.7 314.8 -8% 265.2 9% Gross Margin 192.2 189.0 2% 159.7 20% Gross Margin % 67% 60% 60% Employee Cost 69.1 73.1 -6% 68.5 1% Other Expenses 55.0 53.8 2% 57.2 -4% EBITDA* 68.2 62.1 10% 3
Slide 20: Balance Sheet Consolidated
Balance Sheet Consolidated 19 (INR in Cr.) Consolidated Particulars 31-Dec-23 30-Sep-23 31-Dec-22 Fixed Assets 1,359.8 1,361.0 1,365.7 Tangible Assets 1,162.4 1,160.0 1190.1 Intangible Assets 197.5 201.0 175.7 Capital WIP 726.4 681.2 625.5 Tangible Assets 420.7 389.1 319.7 Intangible Assets 305.7 29
Slide 21: Business Highlights
Business Highlights 20
Slide 22: 9M FY'24 Consolidated Performance
9M FY’24 Consolidated Performance 21 (INR in Cr.) Revenue 9% -8% 8% 314.8 865.6 288.7 801.8 265.2 9M 9M Q2 FY'24 Q3 FY'24 Q3 FY'23 FY'24 FY'23 EBIDTA 127% 100% 10% 68.2 180.1 62.1 79.3 34.0 9M 9M Q2 FY'24 Q3 FY'24 Q3 FY'23 FY'24 FY'23 * EBITDA for Q3FY24 is after provision of certain receivables to
Slide 23: Q3 FY'24 Consolidated Performance
Q3 FY’24 Consolidated Performance 22 (INR in Cr.) PBT PAT 194% 36% 31.3 15.2 4.7 7.5 11.1 1.6 -7.9 -31.4 Q2 FY'24 Q3 FY'24 Q3 FY'23 9M FY'24 9M FY'23 -6.6 -22.9 Q2 FY'24 Q3 FY'24 Q3 FY'23 9M FY'24 9M FY'23 PBT excluding share of loss in JV/Associates Excluding exceptional items
Slide 24: Consolidated Revenue Break-up – Q3 FY'24
Consolidated Revenue Break-up – Q3 FY’24 23 (INR in Cr.) Q2 FY’24 Q3 FY’24 Q3 FY’23 INR 314.8 Cr. INR 288.7 Cr. INR 265.2 Cr. Growth of 9% vs Q3 FY’23 API 9.0, 3% 13.7, 5% 11.7, 4% Formulatio n 85.7 , 27% Others 71.8 , 25% 59.5, 23% 220.1 , 70% 203.2 , 70% 194.0, 73% De-growth of 8% vs Q2 FY’24
Slide 25: Consolidated Revenue Break-up – 9M FY'24
Consolidated Revenue Break-up – 9M FY’24 24 (INR in Cr.) 9M FY’24 9M FY’23 INR 865.6 Cr. INR 801.8 Cr. 27.5, 3% 29.5, 4% 249.3 , 29% 201.8, 25% 588.8 , 68% 8% Growth 570.5, 71% API Formulation Others
Slide 26: API Business
API Business | noting affordable healthcare
Slide 27: API Business-Highlights Q3 FY'24
API Business-Highlights Q3 FY’24 26 (INR in Cr.) Oncology CDMO/Service -23% -2% 64% 495% 13.1 114.2 88.3 90.2 8.0 2.2 Q2 FY'24 Q3 FY'24 Q3 FY'23 Q2 FY'24 Q3 FY'24 Q3 FY'23 Q2 FY’24 Degwth Q3 FY’24 Gwth Q3 FY’23 220.1 8% 203.2 5% 194.0 Non Oncology Others 4% -1% 5% -35% 93.8 12.4 8.1 8.0 89.8 89.2 Q2
Slide 28: API Business-Highlights 9M FY'24
API Business-Highlights 9M FY’24 27 (INR in Cr.) Oncology CDMO/Service -2% 134% 287.9 29.5 283.5 12.6 9M FY’24 588.8 9M FY'24 9M FY'23 Gwth 9M FY'24 9M FY'23 Non Oncology 3% Others 18% 9M FY’23 -64% 256.4 570.5 53.4 216.6 19.4 9M FY'24 9M FY'23 9M FY'24 9M FY'23 *Numbers are excluding captive consum
Slide 29: DMF Filing update
DMF Filing update 28 New product introduction and increase in geographical coverage replicated with 239 number of DMF filings done with major regulatory authorities 70 61 60 50 45 40 30 28 25 23 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 30: Formulation Business
29 Formulation Business
Slide 31: Formulation Business-Highlights Q3 FY'24
Formulation Business-Highlights Q3 FY’24 30 (INR in Cr.) Europe License Fees/ CDMO ROW -14% -1% -53% 122% 54% -42% 32.9 445% 32.7 33.6 6.0 22.8 19.6 14.7 3.9 1.1 Q2 FY'24 Q3 FY'24 Q3 FY'23 Q2 FY'24 Q3 FY'24 Q3 FY'23 Q2 FY'24 Q3 FY'24 Q3 FY'23 US Domestic 13% -24% -61% 147% Q2 FY’24 DeGwth Q3 FY’24 G
Slide 32: Formulation Business-Highlights 9M FY'24
Formulation Business-Highlights 9M FY’24 31 (INR in Cr.) Europe License Fees/ CDMO ROW -36% 99% 369% -22% 118.8 88.7 59.8 12.2 69.2 2.6 9M FY'24 9M FY'23 9M FY'24 9M FY'23 9M FY'24 9M FY'23 US 9M FY’24 Domestic 249.3 -10% 17% Gwth 24% 38.0 14.8 12.7 34.3 9M FY’23 201.8 9M FY'24 9M FY'23 9M FY'24 9M
Slide 33: Regulatory Filings
Regulatory Filings 32 Robust regulatory filings to strength the base for growth in the formulation segment Approved Pending 465 69 238 23 27 13 46 227 14 3 1 2 US ANDA US NDA EU Filings ROW As on 31st December 2023
Slide 34: Annexures
Annexures 33
Slide 35: Manufacturing Excellence
Manufacturing Excellence 34 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 36: About Shilpa Medicare Ltd.
About Shilpa Medicare Ltd. 35 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 37: Thank You
36 Thank You