Themis Medicare Limited has informed the Exchange about Investor Presentation

TML: CS: BSE/NSE CORR: 2022-23

9th February, 2023

Listing Department, BSE Limited, P. J. Towers, Dalal Street, Mumbai-400001

Listing Department, National Stock Exchange of India Ltd. “Exchange Plaza”, Bandra – Kurla Complex, Bandra – East, Mumbai- 400 051

Dear Sir/Madam,

Sub: Subject: Investor Presentation

In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), we submit herewith the Investors’ Presentation of the Company, with respect to Business Overview of Themis Medicare Limited (‘the Company’).

Further, a copy of the same is also available on the website of the Company, viz., https://www.themismedicare.com

Kindly take the above on record and acknowledge receipt of the same.

Thanking you,

Yours faithfully, For THEMIS MEDICARE LIMITED

Sangameshwar Iyer Company Secretary & Compliance Officer Encl : as above

Themis Medicare Limited Corporate Office: 11/12 Udyog Nagar, S V Road, Goregaon (W), Mumbai – 400 104, India *Tel.: 91-22-67607080*Fax: 91-22-67607070/ 28746621 Regd. Office: Plot No. 69-A, G.I.D.C., Industrial Estate, Vapi-Gujarat CIN No.: L24110GJ1969PLC001590 *Tel/ Fax No.: Regd. Off.: 0260-2431447/ 2430219 *E-mail: themis@themismedicare.com*Website: www.themismedicare.com

In every possibility lies an innate, latent power to change lives

Themis Medicare Ltd.

Investor Presentation Q3 & 9M FY23

Disclaimer

This presentation has been prepared by Themis Medicare Limited (the “Company” or “Themis” or “TML”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

2

Table of Contents

Company Overview

Business Overview

Financial Highlights

Key Growth Drivers

3

Company Overview

Snapshot of Company

1969 Themis Chemicals established

Strategic focus To become Leader in Hospital Business in India

3 State of art manufacturing facilities in India – 1 Formulations and 2 APIs

4,000+ Nationwide stockists' network

44+ Countries that we Export

Rs. 1,240 Cr Market Cap (As on 31st Dec 2022)

Rs. 73 Cr PAT (For FY21-22)

Proven R&D expertise with Experienced

professionals - 14 PhDs, 349 Masters and 1,118 Others (as on 30th Sept 2022)

Strong long-standing partnerships with Global players for licensing its products across geographies

153 Total patents applied 37 Active applications 9 Patents granted Include - Platform technologies, Drug substances, Drug products & IP on Polymorphs

24% EBITDA; >20% ROCE in FY21-22 & trending upwards on back of strategic initiatives

Strong Balance sheet – Total Debt to Equity at 0.38 in FY21-22

5

Journey So Far…

 Themis Chemical established (now in partnership with Gedeon

TML*) Richter Ltd., Hungary

 Becomes 2nd Company in the world and 1st in India to produce Vitamin B12 by non-sterile fermentation

 2nd Company in the world and 1st in Ethambutol produce

to

India Dihydrochloride

 Themis Chemicals renamed Themis Medicare

Limited  Develops

and

introduces

SEPGARDTM- unique wound healing agent, 1st time in India facility at

Formulations

commercial

 Themis Medicare

operations

commences Haridwar

 Themis JV with Gedeon Richter – EOU unit

commences operations at Vapi

1969- 76

1985-99

2001-06

2006-22

 Produces RIFAMPICIN for 1st time in

India

 Indigenously develops Simvastatin

for first time in Asia

 Launch of E MALTM Alpha Beta

Arteether, THEMIS-CDRI product, by the Prime Minister Shri Atal Bihari Vajpayee on Technology Day

 Long-term partnership with Novartis for exclusive marketing rights of AQUADOL TPM Gel (Voveran TPM Gel) for India  EU GMP plant for Haridwar plant - manufacturing tablets &

topicals

 Agreement for Development And Supply With Cipla For Anti

TB Product Globally

 Addition Of Prefilled Syringe Line For Value-added

Injectables For Global Supply

 Launched Lenzetto® (NDDS) for treatment of Menopausal 6

system

*TML - Themis Medicare Limited

Strong & Professional Management Team

Dr. Dinesh S. Patel (Executive Chairman)

Dr. Sachin D. Patel - (Managing Director & CEO)

 Doctorate in Medicinal Chemistry and Fellow of Royal Society of

 On board since 2004 & Managing Director & CEO since February 14,

Chemistry, London, U.K.

2017

 Expertise in Pharmaceutical Research, Biotechnology, Fermentation

 Holds Doctorate in Biological Chemistry from Christ’s College, University

Technology, Banking and Business management

of Cambridge, UK

 Industrialist having working experience in Pharma Industry since 1973

 Industrialist having working experience in Pharma Industry since 2000

Dr. Gabor Gulacsi (Representative of Foreign Collaborator)

Mr. Rajneesh K. Anand (Director)

 An economist, was appointed as Deputy Managing Director upon

joining Gedeon Richter in 2000

 Responsible for Finance. Economist, University doctorate in

Economic Sciences. Previously General Secretary of State, Ministry of Economic Affairs in Hungary

 Graduate in Mechanical Engineering from M.S. University, Baroda, and postgraduate in Management from Jamnalal Bajaj Institute, Bombay University. He is certified Chartered Engineer

 CEO & Director of Richter Themis Medicare (I) Pvt. Limited, JV Company

between Gedeon Richter Ltd. and Themis Medicare in India

 Associated with Themis since 1977

Mr. Hariharan Subramaniam (Independent Director)  Indian Patent Attorney with over 32 years of experience  He was voted No. 1 Patent Attorney by several leading law

magazines and was featured in cover story ‘Top 50 IP lawyers you must know in Asia and Pacific’ in Asia Law magazine  Vice president of Anti-Counterfeiting Group of India

Mr. Bhasker Vemban Iyer (Independent Director)  Bachelor’s degree in Science and Masters in Marketing Mngt. from JBIMS  Strategic business leader with over four decades of experience in

pharmaceutical and healthcare industry

 Global leadership positions with Wockhardt in India, Astra Zeneca in Asia Pacific based in Singapore and country management positions in Astra Zeneca, Nicholas Piramal India Ltd, ICI Pharmaceuticals and senior roles in Glaxo India Ltd

7

Strong & Professional Management Team contd…

Ms. Manjul Sandhu (Independent Director)  B.Com. Graduate and passed Intermediate examination

of Chartered Accountancy course

 Well known as Business Woman and more than 20 years

experience in Business field

 Good knowledge of Finance, Accounts and Audit

Mr. Tushar Dalal (Chief Financial Officer)

 Qualified Chartered Accountant and Associated with Themis group

for last sixteen years

 More than four decades of experience and expertise in areas Finance,

Accounts, Audit , Taxation and General management

 Oversees Finance, Accounts, Audit, Direct and Indirect Taxation and

other Corporate functions at Group level

Mr. Vijay Agarwal (Independent Director)  A practicing Chartered Accountant with expertise in

Finance and Taxation

 On Board f Themis since 2002 as Independent Director  Member of Company’s Audit Committee and

Remuneration Committee

Mr. Sangameshwar Iyer (Company Secretary)

 Qualified Company Secretary & Law Graduate  Extensive experience of over three decades in Company

secretarial & Legal Functions in various types of companies, both in manufacturing and service sector

8

Business Overview

Business Segments

Formulations

APIs

3 Facilities

1 Formulations

Haridwar

2 Synthetic API’s

Vapi

Hyderabad

Contributes 65% of Total Revenue (FY21- 22)

Contributes 35% of Total Revenue (FY21-22)

Hospital business Centre of growth

Hospital Business of Total Revenue 41%

Other Businesses of Total Revenue 24%

Presence across Dosage Forms

Injectables

Tablets

Ointments

Integrated

Vertically Manufacturing Capabilities into APIs resulting in greater Control over manufacturing leading to Higher Efficiencies

10

Strong Business Model

Product Development (R&D)

03

01

n

02

Hospital Business

 Critical Care Division  Narcotics  Instuition Business  Exports

Trade Business

API Business

n

 API Legacy Business  Alternate Strategies Being Worked On

n

 Pharma Division  Ortho Division  Gynecology Division

Businesswise Revenue – 9M FY22-23

API & Co. Mkt 54%

Hospital 34%

Trade 12%

Businesswise Revenue – FY21-22

API & Co. Mkt 48%

Hospital* 41%

Trade 11%

* Contains one-time Covid related export order

11

Hospital Business – Major Growth Diver

n

Hospital Portfolio can Include…

Anti Infectives

Sterile Injectibles

Surgical Products

Anesthesia

Unique / Differentiated Products

New Opportunities…

Product Portfolio

Anesthesia

Intensive Care

Medical Devices

Nutrition

Oncology

Renal Care

Large Volume Parenteral

Current TML Portfolio 



To be Included











12

TML Presence across Hospital Business

n

Critical Care Division (CCD) and Narcotics

Institutions

Intensive Care

 11 years old  Good presence in hospital

business

 Stable team and Leadership  Addition of Narco products  Aiming to consolidate Nursing

Homes

 System to touch new Nursing

Homes is implemented

 305+ Sales force (248 B + 57 M)

 Proprietary TML

Formulations Key Molecules

 ESIC / States Formulary /

CGHS / PSU’s

 Autonomous Institutions

 West and South part of India to be fully operational from December 2022 – will extend launch All India in 3 to 6 months

 Dedicated Intensive care team

(33+ SFs)

 Covering Metros + A class

towns

 Full range of products

(including transferred to CCD)

13

Hospital Sector - Trends and Statistics

n

Cost of Hospitalization

Medical Trends

8% Earlier

17.8%

2021

Spike primarily due to COVID and associated co-morbidity treatment protocols

Market Intelligence

Total Indian Population (Mn)

% of Surgeries Annually (Global)

Global Ratio of Surgeries Per Mn Population

Surgeries in India Per Mn Population

Total Surgeries in India Annually

Total Number of Patients for ICU Sedation

Total ICU Beds (Data 2018)

Market

135 Mn

11%

50,000

36,460

49.22 Mn

12.48 Mn

95,000

Hospital Statistics (In Nos.)

Private Hospitals : 43,486

11.80

59,264

29,631

Beds (Lacs)

ICUs

Ventilators

Public Hospitals : 25,778

7.14

35,700

17,850

Note: For all numbers following article to be referred: Reference 1: https://link.springer.com/article/10.1007/s00268-020-05794-7; Estimation of National Surgical Needs in India - World Journal of Surgery 45, 33-40 (2021)

14

Beds (Lacs)

ICUs

Ventilators

Hospital Business Opportunity

n

Why Hospital Business Segment?  Growing market - Themis has strong foot in door through

Anesthesia

 Market Highly Fragmented unlike West where 3-4 players control

90% market share

High Entry Barriers  

Large Product Portfolio needed to service this segment Takes time to build relationship and reputation with key accounts

Opportunities Ahead  Focus on achieving Leadership position in India with Corporate Hospitals and Nursing Homes  With Expertise in Development of Complex Injectables - Company well placed to reap benefits

15

API Segment – Overview & Strategy

Major Existing Products





Simvastatin - Largest selling API product for Company

Out of Total Production – API (FY21-22)

Fumagilline - Niche product

 Ketamine - DMF filings are planned in semi regulated

markets

Business Strategy for New Products

 Explore synergies for development

 New molecules to have global plans and not restricted

to in-house requirement

In-House Consumption 2%

Exports 98%

16

Vertically Integrated State of Art Manufacturing Capabilities

Particulars

Location

Haridwar

Hyderabad

Themis Medicare Ltd.

Artemis Biotech (Division of Themis Medicare Ltd.)

Vapi

Themis Medicare Ltd.

Segment

Products

Formulations

Synthetic APIs

Synthetic APIs

Injections Tablets (incl. Rifampicin Tablet) Ointment/Cream /Gel,

Simvastatin (Ph. Eur. USP, JP, IP)

Artemether, Ferracrylum, Lumefantrine, Ketamine Hydrochloride, Rifapentine, Palanesetron, R&D Products, Centbutridine, Riluzole, Cisatracurium

Capacity (per annum)

Tablets (Nos.) - 520 mn 9 mn Ointment (No. of Tubes) - 36 mn Ampoules (No. of Amp) - 12 mn Vials (No. of Vials) - 6 mn Pre-filled Syringes (Nos.)-

120 MT

Regulatory Approvals

EU GMP Certificate – Tablets & Gels

EU GMP

191 MT

GMP

Photos

17

Strong Research and Development Capabilities

Continued Investment in R&D (Rs. Cr.)

Business

13.64

Total Manpower

API

54

Formulations

12

8.50

5.16

5.28

4.59

3.43

R&D

29 (Incl. 5 PhD)

6 (Incl. 1 PhD)

Analytical Lab Development

Groups

15

5

6

3

Product in a year with documentation

5 – 8

20-24

FY16-17

FY17-18

FY18-19

FY19-20

FY20-21

FY21-22

Products in work rolling

3 – 5

31

18

Key Strengths

Among top 3 players in Anesthesia Segment with complete range of portfolio

Vertically Integrated Manufacturing Capabilities - presence in Formulations and APIs

Strong Balance Sheet and growing profitability leading to better Cash Flows

05

04

03

Presence in Corporate Hospitals across regions

02

01

Experienced Management complemented by strong R&D Expertise

19

Consolidated Financial Highlights

Consolidated Quarterly Financial Highlights – Q3 FY22-23

Particulars (Rs. Cr.)

Net Revenue Cost of Material Consumed Purchase of SIT Changes in Inventory Employee Expenses Other Expenses Total Expenditure EBITDA EBITDA Margin Other Income Depreciation Interest / Finance Cost

Add: Share of P/L of Associates & JV

PBT Tax PAT PAT Margin%

Add: Other Comprehensive Income

PAT after MI EPS in Rs.

Q3 FY22-23 88.78 29.77 6.26 (2.60) 16.62 23.46 73.51 15.27 17.20% 5.90 2.67 2.23

1.23

17.50 4.19 13.31 14.99%

(0.09)

13.23 14.47

Q3 FY21-22 94.92 25.66 7.85 5.17 13.23 25.72 77.63 17.29 18.22% 4.14 2.37 2.13

0.30

17.25 4.79 12.46 13.12%

(0.08)

12.38 13.54

Y-o-Y (%) (6.47%)

(11.71%)

(102 bps)

6.86%

6.87%

Q2 FY22-23 91.00 17.71 5.29 4.53 15.48 26.66 69.66 21.34 23.45% 1.97 2.56 2.37

4.25

22.63 4.85 17.78 19.54%

(0.10)

17.69 19.33

21

Consolidated Financial Highlights – 9M FY22-23

Particulars (Rs. Cr.)

Net Revenue Cost of Material Consumed Purchase of SIT Changes in Inventory Employee Expenses Other Expenses Total Expenditure EBITDA EBITDA Margin Other Income Depreciation Interest / Finance Cost

Add: Share of P/L of Associates & JV

PBT Tax PAT PAT Margin%

Add: Other Comprehensive Income

PAT after MI EPS in Rs.

9M FY22-23 274.22 65.73 19.54 5.30 48.42 78.26 217.25 56.97 20.78% 8.56 7.70 6.86

11.25

62.22 13.73 48.50 17.68%

(0.26)

48.23 52.71

9M FY21-22 314.82 86.51 25.57 9.31 38.33 73.86 233.59 81.23 25.80% 4.70 7.09 6.85

8.93

80.92 17.99 62.93 19.99%

(0.24)

62.69 68.41

Y-o-Y (%) (12.90%)

(29.86%) (502 bps)

(22.94%)

(22.95%)

22

Consolidated Financial Highlights

Revenue (Rs. Cr.)*

394.6

183.8

201.6

230.7

274.2

Revenue (Rs. Cr.)

API

Formulation

262.6

129.2

136.0

150.3

132.0

54.6

65.6

80.5

173.5

91.7

FY18-19

FY19-20

FY20-21

FY21-22

9M FY22-23

FY18-19

FY19-20

FY20-21

FY21-22

9M FY22-23

EBITDA (Rs. Cr.)** / Margin (%)

PAT (Rs. Cr.) / Margin (%)

120

100

80

60

40

20

0

1.2% 2.3

24.2%

21.5%

17.7%

95.6

35.7

49.5

20.8%

57.0

30%

25%

20%

15%

10%

5%

0%

FY18-19

FY19-20

FY20-21

FY21-22 9M FY22-23

*Revenue consists of Other Operating Revenue **EBITDA is excl. Other Income

15.5%

12.3%

18.5%

72.9

17.7%

48.5

35.7

-5.9%

-10.8

24.8

FY18-19

FY19-20

FY20-21

FY21-22

9M FY22-23

80

70

60

50

40

30

20

10

0

-10

-20

20%

15%

10%

5%

0%

-5%

-10%

23

Annual Consolidated Financial Highlights – FY21-22

Particulars (Rs. Cr.)

Net Revenue

Cost of Material Consumed

Purchase of SIT

Changes in Inventory

Employee Expenses

Other Expenses

Total Expenditure

EBITDA

EBITDA Margin

Other Income

Depreciation

Interest / Finance Cost

Add: Share of P/L of Associates & JV

PBT

Tax

PAT

PAT Margin%

Add: Other Comprehensive Income

PAT after MI

EPS in Rs.

FY19-20

201.59

51.38

15.30

(3.49)

44.28

58.47

165.93

35.66

17.69%

3.46

8.27

12.88

8.91

26.87

2.09

24.78

12.29%

(0.07)

24.71

26.97

FY20-21

230.67

67.92

11.55

(0.90)

39.99

62.61

181.18

49.49

21.46%

3.62

8.55

12.71

9.47

41.33

5.63

35.70

15.48%

(0.41)

35.29

38.86

FY21-22

394.61

113.63

31.45

3.06

51.97

98.87

298.98

95.64

24.24%

6.54

9.48

8.77

11.34

95.26

22.38

72.88

18.47%

(0.34)

72.54

79.22

24

Key Consolidated Balance Sheet Ratios

Working Capital Days

Debt to Equity*

219

231

158

167

120

0.60

0.67

0.67

0.46

0.27

FY17-18

FY18-19

FY19-20

FY20-21

FY21-22

FY17-18

FY18-19

FY19-20

FY20-21

FY21-22

RoCE***

8.29%

-1.27%

25.34%

10.93%

14.69%

FY17-18

FY18-19

FY19-20

FY20-21

FY21-22

RoE**

6.57%

FY17-18

13.50%

16.15%

25.23%

FY18-19 -6.84%

FY19-20

FY20-21

FY21-22

*Equity for D/E calculation does not include PPE Revaluation reserves

**RoE = Net Profit/Net Worth ***RoCE = EBIT/(Shareholders Fund + Total Debt- Non Current Investments)

25

Consolidated Balance Sheet as on 30th Sept ’22

Rs. Cr.

Shareholders Funds Share Capital Other Equity Non Controlling interest Non Current Liabilities Long Term Borrowing Lease Liabilities LT Provisions Deferred Tax Liability(net)

Current Liabilities Short term Borrowings Lease Liabilities Trade Payables Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises Other Financial Liabilities Other Current Liabilities Short term Provisions Current Tax Liabilities (Net) Total Equity & Liabilities

As on 31st Mar’21 218.51 9.19 209.32 0.00 24.33 22.20 1.18 0.00 0.95 128.31 56.93 0.84

As on 31st Mar’22 287.49 9.20 278.29 0.00 30.77 23.88 0.42 0.00 6.47 109.52 54.67 0.76

As on 30th Sept’22 317.89 9.20 308.69 0.00 28.71 22.15 0.00 0.00 6.56 120.54 53.49 0.82

0.38

1.74

1.42

30.41

30.13

30.97

28.42 9.83 1.49 0 371.14

16.86 0.74 1.86 2.75 427.78

22.50 0.99 2.21 8.15 467.15

Rs. Cr.

Non Current Assets

As on 31st Mar’21 185.67

As on 31st Mar’22 213.62

As on 30th Sept’22 229.45

Plant, Property & Equipment

129.75

141.79

143.02

Capital Work In Progress Right-of-use Assets Intangible Assets Investments Financial Assets Investments Other Financial Assets Deferred tax Assets (Net)

Other Non-Current Assets

Current Assets Inventories Financial Assets Trade Receivables Cash & Cash Equivalents

Bank balance other than above

Other Financial Assets Other Current Assets Total Assets

2.47 2.14 1.21 44.76

0.20 0.28 0.00

4.86

185.47 58.49

77.61 19.02

5.62

5.32 19.41 371.14

2.56 1.22 0.99 56.08

0.23 1.82 0.00

8.93

214.16 60.81

100.56 20.28

6.22

4.94 21.34 427.78

9.03 0.83 0.88 66.09

0.25 0.35 0.00

9.00

237.69 54.54

141.19 12.96

5.52

4.51 18.98 467.15

26

Way Ahead

Key Growth Triggers

DISTRIBUTION NETWORK & RELATIONSHIPS

 Strong relationships with both private and Govt. hospitals & institutions

 Deep distribution network to cover Pan India with 4,000+ stockiest and growing

PRODUCT PIPELINE

 First to Launch opportunities  Complex generic Pipeline in development  Generics – target to launch 10 – 12

products per year

 NDDS – strive for 1 product launch every

year

INCREASE IN HEALTH INSURANCE COVERAGE

 India has increasing Middle Class with health insurance coverage  Coupled with rising burden of new

diseases

 Higher access to hospitals

HEALTHCARE DEMAND

STABLE TEAM

 Huge demand for hospital industry from global and domestic investor

 Increasing Govt. spending

(budgetary allocation) for Public health (2.5% of GDP BY 2025)

 Well experienced team with one decade

of experience for Hospital Business  Leadership is committed to business

goals and has identified focus areas for growth

28

Our Aspirations

Strategy

 Focus on Hospital business  APIs to be developed - in-house consumption and commercial production

Growth

 CAGR of 35% over next 3 years  Maintain EBIDTA of over 25%

Vision & Position

 Provide hospitals and health systems ‘The Best Experience Leader business model” to ensure customer satisfaction

 Leadership in Anesthesia and Critical Care

New Target Markets

 Expansion in new RoW Markets in Phase I (0 to 3 years

- CIS, Latin America, GCC)

 Enter Regulated Markets in Phase II within 3 to 5 years

– EU, USA

29

Thank You

It takes one word

to change

the world “POSSIBILITY”

For further information, please contact:

Mr. Sangameshwar Iyer

Mr. Amit Sharma / Ms. Disha Shah Tel: +91 9867726686 / 9699060134

Themis Medicare Ltd Email: sangameshwar.iyer@themismedicare.com Website: www.themismedicare.com

Adfactors PR Pvt Ltd Email: amit.sharma@adfactorspr.com / disha.shah@adfactorspr.com Website : www.adfactorspr.com

30