Themis Medicare Limited has informed the Exchange about Investor Presentation
TML: CS: BSE/NSE CORR: 2023-24
17th August, 2023
Listing Department, BSE Limited, P. J. Towers, Dalal Street, Mumbai-400001
BSE Scrip Code: 530199
Listing Department, National Stock Exchange of India Ltd. “Exchange Plaza”, Bandra – Kurla Complex, Bandra – East, Mumbai- 400 051
NSE Scrip Code: THEMISMED
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 Q1 FY24
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.
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Table of Contents
Consolidated Financial Highlights
Company Overview
Way Ahead
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Consolidated Financial Highlights
Management Comment
Commenting on the result, Dr. Sachin Patel, Managing Director & CEO. said-
“The current quarter performance is in line with our strategy to become a leader in hospital business with contribution from this segment slowly inching towards the 40% mark. While this business grew by 11% y-o-y, we have been investing in building a strong sales and marketing team. Now, with a strong infrastructure in place this segment is expected to witness significant growth in the coming quarters.
At the sametime, new product launches have been planned with enhanced focus on the Intensive Care Division with products in the areas of Anti-infectives, Cardio, Diabetes and Neuro. Thirteen new product launches have also been planned in the Critical Care Division, further expanding our portfolio for the Hospital business.
We have debottlenecked our production capacity that is also likely to contribute towards growth in the coming quarters.
The consolidated EBITDA margins for Q1FY24 increase slightly inspite of the higher employee expense on the back of better gross margins and other cost control measure. The consolidated EPS for Q1FY24 stood at Rs. 19.77 with the consolidated TTM EPS being Rs. 62.70. ”
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Consolidated Quarterly Financial Highlights
Revenue (Rs. Cr.)*
EBITDA (Rs. Cr.)** / Margin (%)
94.4
91.0
88.8
96.7
80.1
21.6%
23.5%
20.4
21.3
25
20
15
10
5
0
17.2%
15.3
13.1%
10.5
22.5%
21.7
25%
20%
15%
10%
5%
0%
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
PAT (Rs. Cr.) / Margin (%)
18.4%
19.5%
17.8
17.4
15.0%
13.3
20
18
16
14
12
10
8
6
4
2
0
18.8%
25%
EPS (Rs.)
18.9
19.3
19.8
14.5
9.1
18.2
10.5%
8.4
20%
15%
10%
5%
0%
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
*Revenue consists of Other Operating Revenue **EBITDA is excl. Other Income
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Consolidated Quarterly Financial Highlights – Q1 FY23-24
Particulars (Rs. Cr.)
Q1 FY23-24
Q1 FY22-23
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%
EPS in Rs.
96.65
15.71
9.79
3.57
20.17
25.67
74.91
21.74
94.44
18.25
7.99
3.37
16.32
28.14
74.08
20.36
22.50%
21.56%
0.65
3.03
2.49
5.64
22.52
4.32
18.19
18.82%
19.77
0.68
2.46
2.26
5.77
22.10
4.69
17.40
18.43%
18.92
Y-o-Y (%)
2.34%
6.79%
94 bps
4.54%
39 bps
Q4 FY22-23
80.10
30.32
10.58
(13.10)
17.72
24.10
69.62
10.48
13.08%
2.95
2.80
2.71
2.37
10.29
1.89
8.41
10.49%
9.13
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Consolidated Annual Financial Highlights
Revenue (Rs. Cr.)*
394.6
354.3
Revenue (Rs. Cr.)
API
Formulation
262.6
220.0
201.6
230.7
136.0
150.3
132.0
124.0
65.6
80.5
FY19-20
FY20-21
FY21-22
FY22-23
FY19-20
FY20-21
FY21-22
FY22-23
EBITDA (Rs. Cr.)** / Margin (%)
PAT (Rs. Cr.) / Margin (%)
120
100
80
60
40
20
0
17.7%
21.5%
24.2%
49.5
95.6
35.7
19.0%
67.5
30%
25%
20%
15%
10%
5%
0%
FY19-20
FY20-21
FY21-22
FY22-23
*Revenue consists of Other Operating Revenue **EBITDA is excl. Other Income
80
70
60
50
40
30
20
10
0
12.3%
15.5%
18.5%
72.9
35.7
24.8
16.1%
56.9
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
FY19-20
FY20-21
FY21-22
FY22-23
8
Balance Sheet Ratios
Working Capital Days
Debt to Equity*
219
231
167
120
179
0.67
0.67
0.46
0.27
0.27
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
RoCE**
-1.27%
RoE***
10.93%
14.69%
25.34%
15.88%
25.23%
16.15%
16.64%
-6.84%
13.50%
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
*Equity for D/E calculation does not include PPE Revaluation reserves
**RoCE = EBIT/(Shareholders Fund + Total Debt- Non Current Investments); ***RoE = Net Profit/Net Worth
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Consolidated Annual Financial Highlights – 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.
FY22-23
354.32
96.04
30.12
(7.79)
66.15
102.36
286.87
67.45
19.04%
11.50
10.49
9.56
13.62
72.51
15.61
56.90
16.06%
(0.43)
56.47
61.83
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
Y-o-Y (%)
(10.21%)
(29.47%)
(520 bps)
(21.93%)
(241 bps)
(21.95%)
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Consolidated Balance Sheet as on 31st Mar’23
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’23 339.44 9.20 330.24 0.00 35.39 28.45 0.00 0.00 6.94 139.13 63.51 0.42
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
7.04
1.74
33.00
24.60 0.67 2.39 7.50 513.96
30.13
16.86 0.74 1.86 2.75 427.78
Rs. Cr.
Non Current Assets Plant, Property & Equipment 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
As on 31st Mar’23 249.42 160.97 2.60 0.46 0.77 69.72
As on 31st Mar’22 213.62 141.79 2.56 1.22 0.99 56.08
0.28 0.37 0.00 14.26 264.53 68.95
145.02 12.55 6.34 4.92 26.75 513.95
0.23 1.82 0.00 8.93 214.16 60.81
100.56 20.28 6.22 4.94 21.34 427.78
• Recommended dividend for FY23 of Rs. 5/- i.e. @ 50% per equity share having face value of Rs.10/-, subject to approval of shareholders • The Board considered proposal for sub-division of 1 equity share having face value of Rs.10/- each into 10 equity shares having face value of Rs.1/- each, subject to regulatory/statutory
approvals and approval of shareholders
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Company Overview
Snapshot of Company
Strategic focus To become Leader in Hospital Business in India with 4 growing divisions contributing 38% to revenue
3 State of art manufacturing facilities in India – 1 Formulations and 2 APIs (Sythentic + Biotech)
44+ Countries that we Export with Strong long- standing partnerships with global players for licensing (in & out).
Experienced professionals with proven
capabilities - 10 PhDs, 245 Masters and 1,148 Others
Strong Balance Sheet Total Debt to Equity at 0.27 in FY22-23
Rs. 1,252 Cr Market Cap (As on 30th June 2023)
19% EBITDA & RoCE >15% in FY23 trending upwards on back of strategic initiatives
Rs. 57 Cr PAT (For FY22-23)
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Strong Business Model
Hospital Business
Critical Care Division Intensive Care
Division
Instuition Business Exports
Hospital Business is major growth driver
03
01
n
02
Trade Business
n
Pharma Division Ortho Division Gynecology Division Strategy for growing through key brand focus in each division
API Business
n
API Legacy Business New Product
pipeline supports hospital strategy and standalone global opportunities
Businesswise Revenue – Q1 FY23-24
API & Co. Mkt 47%
Hospital 38%
Trade 15%
Businesswise Revenue – FY22-23
Hospital 33%
Trade 11%
API & Co. Mkt 56%
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Vertically Integrated State of Art Manufacturing Capabilities
Particulars
Location
Haridwar
Hyderabad
Vapi
Themis Medicare Ltd.
Artemis Biotech (Division of Themis Medicare Ltd.)
Themis Medicare Ltd.
Segment
Formulations
Synthetic APIs
Synthetic APIs
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
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Strong Research and Development Capabilities
Continued Investment in R&D (Rs. Cr.)
13.64
8.50
9.51
5.28
4.59
3.43
Business
Total Manpower
API
53
Formulations
12
R&D
35 (Incl. 2 PhD)
7 (Incl. 1 PhD)
Analytical Lab Development
Groups
18
5
5
3
Product in a year with documentation
5 – 8
20-24
FY17-18
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Products in work rolling
3 – 5
31
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Way Ahead
Hospital Business Opportunity
n
Why Hospital Business (HB) Segment? Growing market - Themis has strong foot in door through Critical
Care
Market Highly Fragmented unlike West where 3-4 players control
90% market share
Opportunities to grow segments within HB
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
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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
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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
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