Themis Medicare Limited has informed the Exchange about Investor Presentation
TML: CS: BSE/NSE CORR: 2024-25
14th February, 2025
The Manager Corporate Relationship Department BSE Limited Floor 25, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 400001 Scrip Code – 530199
Dear Sir/Madam,
Subject: Investor Presentation
The Manager – Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400051 Symbol: THEMISMED
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 same on record and acknowledge receipt of the same.
Thanking you,
Yours faithfully,
For THEMIS MEDICARE LIMITED
Pradeep Chandan Director-Legal, Compliance & Company Secretary
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.
Result Update Presentation Q3 & 9M FY25
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
3
Consolidated Financial Highlights
Management Comment
Commenting on the result, Dr. Sachin Patel, Managing Director & CEO, said:
“I would like to state that the Company’s performance in Q3FY25 and 9MFY25 remained in line with expectations. The continued growth of the Formulation segment reflects the efficient execution of the planned strategies that the management adopted since the past few quarters. Our efforts for leadership in Hospital business is bearing fruits which grew by over 20% year-on-year in Q3FY25. We have continuously been expanding our reach and presence by adding corporate hospitals (rate contracts) and in nursing homes expanding the base and increasing our product offerings to each.
The Trade business, too, continues to advance, growing by about 37% in Q3FY25 against same quarter last year. The investments made in the previous quarters towards talent acquisition and market penetration have been generating returns and we shall maintain this trend going forward. The strategy of having individual teams concentrating on the focused brands and tail brands respectively is playing out well yielding results that are achieved. We also continue to grow our NDDS pipeline and currently have 31 projects under development. As stated earlier, we have already achieved proof of concept for about six of these, and have gone ahead with validation batches for 2 of these which will see commercial launches by Q4FY 2025-26.
API Business continues to face pricing challenges from local and Chinese sources. We have been working towards devising strategies, creating better sourcing structure and improving cost efficiencies to mitigate the impact of the headwinds in the API segment.
We recently announced the merger of Gujarat Themis Biosyn into Themis Medicare. This is aimed to create a larger entity with greater synergies leading to higher efficiencies on both operations and capital utilisation leading to long term sustainable growth and value creation for all stakeholders.
Talking about consolidated financial performance, the Revenue grew by about 14% and 18% for Q3FY25 and 9MFY25, respectively, over the same period last year. The EBITDA margin for Q3FY25 and 9M FY25 stood at 9.09% and 16.43% respectively. The Formulation business grew by a very handsome 22% and 37% for Q3 and 9M FY25 respectively. Consolidated EPS (for each share of face value of Re. 1) for the nine months is Rs. 4.29 and Rs. 5.01 on TTM basis.
We are now in a phase where we would be enhancing the already built-in capacity thereby increasing the productivity. Also, the strategy is to offer the right mix of products that would yield better realization and margins and enable us to increase our return on investment leading to sustainable value creation for all stakeholders.”
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Recent Development – Amalgamation of GTBL into Themis Medicare
The recent board approval of amalgamation of GTBL into Themis Medicare would enable realisation of the following benefits:
01
02
03
04
05
06
07
08
Integration of the entire product value chain under a consolidated entity
Consolidation will lead to synergies of operations and facilitate long-term sustainable growth to enhance value for all stakeholders concerned
Optimal utilisation of resources to derive operating efficiencies and business synergies
Ability to sell products through the expanded distribution channels
Efficient utilization of capital to drive growth of the consolidated business under a single entity
Elimination of multiple entities and reduction of costs
Optimising research and development activities
Strengthening the financial position of the consolidated entity
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Consolidated Quarterly Financial Highlights
Revenue (Rs. Cr.)*
97.8
82.5
123.0
117.0
93.8
EBITDA (Rs. Cr.)** / Margin (%) 30
23.7%
29.2
14.6%
17.1
25
20
15
10
5
0
9.8%
9.5%
8.1
9.3
25%
20%
15%
10%
5%
0%
9.1%
8.5
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q3FY24
Q4FY24
Q1 FY25
Q2 FY25
Q3 FY25
PAT (Rs. Cr.) / Margin (%)
EPS (Rs.)***
30
25
20
15
10
5
0
20.1%
8.9%
6.8%
24.7
7.4
6.6
12.2%
14.3
0.6%
0.5 0.5
25%
20%
15%
10%
5%
0%
2.68
1.55
0.80
0.72
0.06
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q3FY24
Q4FY24
Q1 FY25
Q2 FY25
Q3 FY25
*Revenue consists of Other Operating Revenue **EBITDA is excl. Other Income
*** Adj for stock split in the ratio 1:10 w.e.f. 11th October 2023
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Consolidated Quarterly Financial Highlights – Q3 FY25
Particulars (Rs. Cr.)
Q3 FY25
Q3 FY24
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%
Basic EPS in Rs.
93.81
12.76
22.51
-6.77
24.95
31.83
85.28
8.53
9.09%
1.02
2.54
2.79
-2.56
1.66
1.14
0.52
0.55%
0.06
82.51
21.13
18.11
-12.77
19.92
28.05
74.45
8.06
9.77%
0.56
3.10
2.68
5.37
8.22
0.85
7.37
8.93%
0.80
Y-o-Y (%)
13.69%
Q2 FY25
117.01
• Formulation Segment has grown by 22% year-on-year for Q3 FY25
21.06
18.12
2.46
24.38
33.87
99.88
17.13
14.64%
1.14
2.45
2.44
4.42
17.80
3.50
14.29
12.22%
1.55
25.28%
14.54%
5.79%
(79.80%)
(92.95%)
(93.38%)
• Hospital Business grew by over >20% year-on-year, while Trade business grew ~37% year-on- year for Q3 FY25
of
strategies
• Sustained efforts and efficient execution in Formulation business resulted in both topline and EBITDA growth despite strong headwinds in API business
• Recent fire incident in the JV company’s plant in Vapi resulted in share of loss of associate & JV of Rs. 2.56 cr thereby impacting PAT
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Consolidated Nine Months Financial Highlights – 9M FY25
Particulars (Rs. Cr.)
9M FY25
333.81
9M FY24
283.94
Y-o-Y (%)
17.56%
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.
57.33
57.37
-3.30
70.92
96.65
278.98
54.83
16.43%
3.12
7.40
7.59
7.84
50.80
11.30
39.50
11.83%
4.29
63.02
41.82
-7.35
59.95
84.30
241.73
42.21
14.87%
3.66
9.19
7.22
15.23
44.69
7.81
36.88
12.99%
4.01
15.41%
29.91%
13.67%
7.10%
6.98%
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Consolidated Balance Sheet as on 30th Sep’24
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 30th Sep’24 412.01 9.20 402.81 0.00 31.79 23.89 0.00 0.00 7.89 158.41 57.56 0.00
As on 31st Mar’24 377.67 9.20 368.46 0.00 34.17 26.77 0.00 0.00 7.39 154.58 69.02 0.00
2.75
3.08
50.23
29.24 0.86 2.44 15.32 602.21
44.21
27.40 0.89 2.56 7.42 566.42
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 30th Sep’24
As on 31st Mar’24
290.12
173.33
3.24 0.00 0.44 98.93
0.36 1.06 0.00
12.76
312.09 64.55
200.66 9.70
7.90
5.63 23.65 602.21
273.25
167.81
2.60 0.00 0.55 88.51
0.37 0.93 0.00
12.46
293.17 70.57
177.95 9.92
9.37
5.11 20.25 566.42
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Company Overview
Snapshot of Company
Strategic focus To become Leader in Hospital Business in India with 4 growing divisions contributing 36% to revenue in FY23-24
3 State of art manufacturing facilities in India – 1 Formulations and 2 APIs (Synthetic + 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, 240 Masters and 1,579 Others
Strong Balance Sheet Total Debt to Equity at 0.25 in FY23-24
Rs. 2,422 Cr Market Cap (As on 31st December 2024)
13% EBITDA Margin (FY23-24)
Rs. 44 Cr PAT (FY23-24)
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Strong Business Model
01
Hospital Business is major growth driver
03
Hospital Business
Critical Care Division Intensive Care Division Institution Business Exports
API Business
n
API Legacy Business New Product pipeline
supports hospital strategy and standalone global opportunities
n
02
Trade Business
n
Pharma Division Ortho Division Gynecology Division Strategy for growing through key brand focus in each division
Businesswise Revenue – 9M FY24-25
API, Co. Mkt & Others 42%
Hospital 37%
Trade 21%
Businesswise Revenue – FY23-24
API, Co. Mkt & Others 49%
Hospital 36%
Trade 15%
Critical Care and Intensive Care teams contribute to building Hospital Business with new launches and increased hospitals/doctor’s coverage
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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
14.25
13.69
8.50
3.43
Business
API
Formulations
10.00
R&D
Analytical Lab Development
11
7
7
8
Product in a year with documentation
5 – 8
20-24
FY19-20
FY20-21
FY21-22
FY22-23
FY23-24
9M FY25
Products in work rolling
3 – 5
31
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Way Ahead
Hospital Business Opportunity
n
Why Hospital Business 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. Pradeep Chandan
Themis Medicare Ltd Email: pradeep.chandan@themismedicare.com Website: www.themismedicare.com
Mr. Amit Sharma / Ms. Disha Shah Tel: +91 9867726686 / 9699060134
Adfactors PR Pvt Ltd Email: amit.sharma@adfactorspr.com / disha.shah@adfactorspr.com Website : www.adfactorspr.com
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