WINDLASNSE11 February 2025

Windlas Biotech Limited has informed the Exchange about Investor Presentation

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-L74899UR2001PLC033407

February 11, 2025

To Listing / Compliance Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001

To Listing / Compliance Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051

BSE CODE: 543329

NSE SYMBOL: WINDLAS

Dear Sir/ Madam.

Sub: Regulation 30(6) of SEBI (LODR) Regulations, 2015

Please find enclosed herewith the Results Presentation for the Quarter ended December 31, 2024 for your record.

Kindly take the same on record.

Thanking you,

Yours faithfully,

For Windlas Biotech Limited

Ananta Narayan Panda Company Secretary & Compliance Officer

Encl: as above

www.windlas.com

Windlas Biotech Limited Investor Presentation – February 2025

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 securities, and shall not form the basis or be relied on in

connection with any contract or binding commitment whatsoever. 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, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. 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.

Managing Director’s Message

Mr. Hitesh Windlass

“The Indian Pharmaceutical Market (IPM) registered a 7% year-on-year growth in Q3FY25, primarily driven by price increases, as volume growth remained negative. We are pleased to report a resilient performance, as we have registered YoY revenue growth of 21% in 9M and 20% in Q3. This performance is driven by strong momentum in our Trade Generics and Institutional vertical, complemented by consistent contributions from our CDMO and Export verticals.

The growth of the business development team, expanded customer base and the introduction of new products are driving positive results in the Generic Formulations CDMO vertical despite negative volume growth and API prices reduction resulting in lower conversion. The Trade Generics and Institutional vertical continues to maintain strong growth trajectory. Our sales force has been broadened across both key and surrounding territories for this vertical, enhancing our market reach.

In January 2025, the injectables facility received Good Manufacturing Practices (GMP) certification from the Food Safety & Drugs Administration Authority of Uttarakhand, following an inspection in December 2024, confirming compliance with WHO’s TRS Guidelines in all five plants of the company. Accordingly large customers have scheduled audits of our Injectable facility in Q4 FY25. Stability testing completion of production batches taken in H1 FY25 has commenced in Q3 FY25.

In line with our strategic roadmap, the Plant-2 extension is now fully operational.”

CEO & CFO's Message

“Our all-time high revenue streak persists into the 8th quarter. For 9M FY25, revenue reached Rs. 557.2 crore showcasing 21% YoY growth and Q3FY25 revenue rose by 20% YoY to Rs. 195.0 crores. We are committed to enhancing our capabilities, expanding into new regions and providing high-quality pharmaceutical products that address the evolving needs of our customers and patients. Our strategic initiatives and operational efficiencies position us for long-term growth and value creation.

Ms. Komal Gupta

Our diversified product portfolio, strong customer relationships, and dedicated team, combined with strategic investments position us for consistent growth in our Generic Formulation CDMO vertical. This vertical recorded a 15% YoY increase in 9M FY25 to Rs. 407.9 crore. For Q3 FY25, this vertical generated Rs. 135.7 crore in revenue, witnessing an 8% YoY growth.

Our Trade Generics and Institutional vertical continues its growth momentum, indicating strong market acceptance of the company’s product offerings. In 9M FY25, revenue surged to Rs. 126.6 crore, marking a 44% YoY increase. For Q3 FY25, revenue increased to Rs. 49.6 crore, registering an 74% growth YoY.

Our exports vertical reported revenue of Rs. 22.6 crore in 9M FY25, a 23% increase YoY, with Q3 FY25 showing a revenue of Rs. 9.7 crore reflecting 19% growth YoY.

EBITDA surged by 22% YoY to Rs. 68.6 crore (12.3% margin) for 9MFY25 and by 21% YoY to Rs. 24.6 crore (12.6% margin) for Q3FY25. Despite increase in depreciation by Rs 9.7 crore for 9MFY25 and 3.6 crore for Q3FY25 - almost entirely due to injectable facility; PAT stood at Rs. 44.7 crore - up 9% for 9MFY25 YoY and Rs. 15.6 crores, up 3% YoY for Q3FY25.”

Financial Performance Highlights

Key Highlights: 9M and Q3 FY2025

Consistently delivered highest revenue quarter 8th time in a row

Revenue 9M 557 Cr. Q3 195 Cr. YoY growth > 20%

Record revenue Trade Generics & Inst. 49.6 Cr. 74% growth

Injectable facility GMP certified

EBITDA 9M 69 Cr.

Q3 25 Cr. YoY growth > 21%

EPS 9M 21.42 YoY growth 8%

Nine - Monthly Performance Highlights

Revenue

+21%

557.2

459.7

EBITDA & EBITDA Margin (%)

13.4% 11.3%

12.2%

11.2% 12.3%

Rs. Crores

Clocked in highest Clocked in highest ever nine monthly ever nine monthly Revenue & EBITDA Revenue & EBITDA

+22%

68.6

56.2

d e t a d

i l

o s n o C

9M FY24

9M FY25

9M FY24

9M FY25

Generic Formulations CDMO

+15%

407.9

353.6

Trade Generics & Institutional

+44%

126.6

87.7

Exports

+23%

22.6

18.5

e u n e v e R

a c i t r e V

9M FY24

9M FY25

9M FY24

9M FY25

9M FY24

9M FY25

Quarterly Performance Highlights

Revenue

+20%

195.0

162.2

EBITDA & EBITDA Margin (%)

13.4% 11.3%

12.5%

11.2% 12.6%

Rs. Crores

Crossed Rs 195 Cr. Crossed Rs 195 Cr. Revenue, Highest Revenue, Highest ever Revenue 8th ever Revenue 8th quarter in a row quarter in a row

+21%

24.6

20.3

d e t a d

i l

o s n o C

Q3 FY24

Q3 FY25

Q3 FY24

Q3 FY25

Generic Formulations CDMO

+8%

135.7

125.5

e u n e v e R

a c i t r e V

Trade Generics & Institutional

+74%

49.6

28.5

Exports

+19%

9.7

8.2

Q3 FY24

Q3 FY25

Q3 FY24

Q3 FY25

Q3 FY24

Q3 FY25

Vertical Break-up

9MFY24

9MFY25

77%

19%

73%

23%

CDMO

Trade Generics & OTC

Exports

CDMO

Trade Generics & OTC

Exports

Q2FY25

Q3FY24

Q3FY25

73%

22%

CDMO Trade Generics & OTC Exports

77%

18%

25%

70%

CDMO Trade Generics & OTC Exports

Consolidated Profit & Loss Statement – 9M & Q3 FY25

Particulars (Rs. Crores)

Net Revenue from Operations

COGS

Gross Profit

Gross Margin (%)

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin (%)

Other Income

Finance Costs

Depreciation

Reported PBT

Taxes

Reported PAT

9MFY25

9MFY24

557.2

346.7

210.5

37.8%

91.0

51.0

68.6

459.7

289.0

170.6

37.1%

64.6

49.9

56.2

12.3%

12.2%

13.1

3.1

19.7

58.9

14.2

44.7

9.0

0.8

9.9

54.5

13.3

41.2

YoY%

21.2%

23.4%

66bps

22.1%

9bps

8.2%

8.5%

Q3FY25

Q3FY24

195.0

120.8

74.2

38.0%

32.2

17.4

24.6

162.2

101.6

60.6

37.3%

22.7

17.5

20.3

12.6%

12.5%

4.1

1.5

6.9

20.3

4.8

15.6

3.2

0.3

3.4

19.8

4.7

15.1

YoY%

20.2%

22.5%

70bps

21.1%

9bps

2.7%

3.2%

Rewarding Shareholders

•

The earnings per share (EPS) stood at Rs. 21.20, experienced a growth of 7% YoY in 9M FY25 and stood at Rs. 7.38 a growth of 2% in Q3 FY25.

Dividend:

•

In line with our policy, Company paid the dividend of Rs 11.5 Cr (Rs 5.5 per share) to its shareholders for FY24, in Oct. 2024.

According to our company policy, we aim to maintain a Dividend Payout Ratio as near as possible to 20% of our consolidated profit after

tax, subject to -

o Company’s need for Capital for its growth plan

o Positive Cash Flow

Company Overview

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 March 2024) across 4 plants with 7.3bn+ Tablets/Capsules capacity

 Provided Generic Formulations CDMO products services to 7 of the Top 10 (15 of top 20) Indian Pharmaceutical Formulations Companies (in FY24)

 Growing Trade Generics & Institutional Business through channel, product and geographic expansion.

 Commissioned State-of-the-Art Injectable

facility

 Digitalized Planning and Quality

Management Systems with Data Analytics based decision support

 Emphasis on Chronic and Sub-chronic therapies (53%) and Complex Generics (65%) (for FY24)

 Own R&D Labs High innovation velocity - Complex products grown from 1,901 to 3,190 in FY24 vs FY23

 PAT of INR 58.2 crores for FY24 with 9.2%

PAT margin

 RoE** – 24% and RoCE** – 27% For FY24

 Generated net operating cashflows of Rs.

109 Cr during FY24

 Strong Liquidity of INR 206 Crores as on

FY24 and Net Debt Free Company.

*from the State Drug Licensing Authority, Drug Controlling and Licensing Authority (Manufacturing), Garhwal Mandal, Uttarakhand ** For ROCE & ROE, Capital Employed & Equity at the end of period after removing cash/bank & mutual fund balances at the end of period

Windlas Biotech’s Presence in Pharma Value Chain

Innovator Value Chain

Patent Expiry

Research

Clinical trials (I-III)

Bulk Drugs Manufacturing

Formulation Manufacturing

Marketing

Value Chain

Generics API dev & Manufacturing

Formulation dev & Manufacturing

Clinical (III+ )

Packaging

Marketing

Generic Value Chain

Windlas is present in all segments of Generics Value chain

#Windlas focus is on formulation, development, manufacturing and marketing

We invest in creating our own formulation technology for our products. Almost 100% of our CDMO supplies are based on products where we own the entire IP from initiation to regulatory permission.

Journey So Far…

 Commenced operations at

Dehradun Plant – I and initiated commercial production

Dehradun Plant – IV Revenues crossed INR 100 Crores for FY2010

 Received first USFDA inspection clearance  Revenues crossed ₹200 Crores for the FY

• Revenues crossed ₹300 Crores for the FY 2016-17 • Launched first product in the United States from

2013-14

the Dehradun Plant – IV

 Commenced operations at Plant – II  Investment of ₹75 Crores from Tano India

• Commenced operations at Dehradun Plant – III • Divestment of Windlas Healthcare to Cadila

Private Equity Fund II

Healthcare

2001

2010

2014-15

2018

2024

2023

2021-22

2019-20

 Revenues crossed ₹630 Crores for the

FY 24

 Commissioning Plant-V Injectable

facility

 Plant-IV approved by SAPHRA(South

 Got listed on Exchanges in

Africa) and EU-GMP(Europe)

August 2021

 Capacity of Capsules/ Tablets

increased from 5 Bn+ as of Mar 31,2020 to 7 Bn+ as of March 31, 2022

 Divestment of Windlas Healthcare to Cadila  Invested ₹89 Mn in building Plant and Machinery  Acquired the erstwhile associate – Windlas

Healthcare(Now Plant-IV)

Strong Board of Directors…

 Ex Chairman of Confederation of Indian Industries , Uttarakhand State Council,  Established Windlas Biotech in 2001.  Led Windlas Biotech as MD till 2020

22+ years of experience in field of management Bachelor’s degree from the IIT-BHU, MS in Material Science & Engr. from Georgia Institute of Technology and MBA from the Booth School of Business, University of Chicago Leads the company since 2008

 23+ years of experience in the

pharmaceutical industry, he has a Bachelor’s degree in Law from the Hemwati

 Nandan Bahuguna Garhwal University,

Srinagar (Garhwal)

 23+ years of experience in manufacturing

and supply operations.

 Previously associated with ICI India Ltd, Baxter India Private Ltd, and Pfizer Ltd.  Bachelor’s degree from IIT-B & Master’s degree in science from University of Kentucky

Pawan Sharma Executive Director

Vivek Dhariwal Chairman and Independent Director

Co-founded Windlas Biotech in 2001 Deeply engaged in managing client relations, and product portfolio expansion Plays a significant role in driving the product portfolio decisions and overall commercial operations including business development, supply chain and procurement He is a BBA graduate from George State University Atlanta

 21+ years of experience.  Bachelor’s degree in technology from the IIT,

Delhi, Master’s degree in science from University of Southern California, and an MBA from University of Chicago.

 Currently associated with Michael & Susan Dell Foundation India and previously with Boston Consulting Group

Prachi Jain Windlass Non-Executive Director

Ashok Kumar Windlass Whole Time Director

Hitesh Windlass Managing Director

Manoj Kumar Windlass Jt. Managing Director



 



Srinivasan Venkatraman Non-Executive Director

 Fellow member of the Institute of Chartered Accountants of India.  Previously associated with Wealth Tree Advisors, Hines, Aon Global Insurance Services, and Lovelock & Lewes

Gaurav Gulati Non-Executive Director

 Bachelor’s degree in Science (computer science) from the University of Illinois. MBA from Booth School of Business.

…Coupled with Proficient Management Team

Mr. Ashok Kumar Windlass, Whole Time Director Founded Windlass Biotech in 2001 55+ Years of Experience in the industry, he has led Windlas Biotech as MD till 2020.

Mr. Hitesh Windlass, Managing Director 22+ Years of experience in field of management Leads the company since 2020 & plays a significant role in preparing strategy of Company. Previously worked with Intel Corporation, USA

Mr. Manoj Kumar Windlass, Joint Managing Director Experience – 23+ Years; Co-founded Windlas Biotech in 2001. Deeply engaged in managing client relations, and product portfolio expansion

Mr. Pawan Sharma, Executive Director 23+ Years of experience in the industry. He has been attached with Windlass Since 2001. Controls the Administrative & Commercial activities of the company.

Ms. Komal Gupta, CEO & CFO Experience – 19+ Years; Educational Qualification - CA, CS & CWA Working with Windlas since 2015 Previously worked with DSM Group and Anand Automotives Systems Ltd.

Mr. Om Prakash Sule, Site Quality Head Experience - 27+ Years; Previously worked with Piramal Enterprises Limited and Mankind Pharma Limited.

Mr. Ananta Narayan Panda , Company Secretary and Compliance Officer Experience - 23+ Years; Previously worked with GMR Airports Limited, Spice Smart Solutions Limited

Mr. Mohammed Aslam, President – Sales and Marketing Experience - 44+ Years; Educational Qualification - Graduate in Science (Biology & Chemistry) Previously worked with Pharmed -Bracco, Modi-Mundi Pharma, a Swiss MNC and Dalmia Industries Limited

Vertical Overview

Generic Formulations CDMO



Generic Formulations CDMO vertical focused on providing products & services across- a diverse range of pharmaceutical & nutraceutical generic products. ‘Marketeers’ equally responsible for quality of the drug product in eyes of regulator New schedule M implemented in October 2021 – many small manufacturers may become unviable Such products are sold to Indian or foreign Pharma MNCs who market products under their own brand names. Intellectual Property Rights of 99% of products sold owned by Windlas.

Contribution as a % of Total Revenue from Operations

88%

86%

83%

78%

77%

Trade Generics & Institutional

Exports



This vertical consists of Trade Generics which includes products sold to various institutions. These products are Drugs for which Patents have been expired and are typically used as a substitute to branded expensive Generic medicines. Generally sold to the Distributors & not Medical representatives.



Export vertical is engaged in identifying high growth opportunities in Semi regulated international markets & selected regulated markets. The motive is to Develop & Register product applications in order to obtain marketing authorizations for medicines & health supplements. Subsequently such products are sold to Pharmaceutical & Pharmacies in the respective markets.

Companies

Contribution as a % of Total Revenue from Operations

18%

19%

10%

13%

Contribution as a % of Total Revenue from Operations

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

FY24

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 Formulations CDMO in India

Intellectual Property Rights of 99% of products sold owned by Windlas

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 with Fast Growing Chronic vertical and High Margin Complex Generic Vertical:

Generic Formulations CDMO Revenue grew with a CAGR of 14%

Value chain of End-to-end Services

Portfolio Bifurcation as % of Total Revenue from Operations FY24

35%

34%

66%

INR Crores

365

288

+14%

384

481

403

Product Discovery & Development

64%

FY20

FY21

FY22

FY23

FY24

CDMO Revenue

Licensing

No. of Generic Formulations CDMO Products Catered every year

Chronic & Sub-Chronic Acute

Complex Generics Conventional Products Others

(i) chronic and sub-chronic, such as, anti-diabetic, cardiovascular, neuropsychiatry, respiratory health and nutraceuticals ; and (ii) acute, such as, gastroenterology, vitamins, minerals and supplements (“VMS”), analgesic, dermatological and cough/ cold

4,273

+42%

1,834

2,771

1,051

1,364

2020

2021

2022

2023

2024

Contract Manufacturing

Large Marquee Customer Base

 Streamlined Client Acquisition Process

Added New Customers at a rapid pace

Lead Identification

Proposal Creation

Negotiation

Contract Winning

Client Management

 Key Factors that lead to Expansion of Customer base

Audits by several MNC & Domestic Customers over the years

Product Excellence : dosage innovation, developing complex generic products

Manufacturing Excellence : track record, responsiveness, quality & technical standards, turnaround times

Planned capital expenditure: Invested in specialized products and services and equipment and dedicated infrastructure

 Key Factors that lead to Expansion of Customer base

 Quality, Quantity and specifications for the products

 Company is responsible for the procurement of raw materials and packaging

materials

 Provide the proper pricing & supply terms

583

+60%

285

441

204

143

FY20

FY21

FY22

FY23

FY24

No. of CDMO Customers catered to

Key Highlights

We have consistently maintained strong, exclusive & Long-Standing relationships with the leading Indian Pharmaceutical companies.

Provided Generic Formulations CDMO Products and Services to 7 of the top 10 (15 of the top 20) Indian Formulations pharmaceutical companies.

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 with Marquee Clients

Ease is Pre-Planning Capex

Increased Economies of Scale

Strengthened Purchasing Power for Raw Materials

Competitive cost structure in order to achieve Profitability

Continuously reducing highest customer’s contribution

Lowering client concentration risk

11.7%

11.0%

12.6%

9.5%

8.7%

56.8%

57.5%

51.9%

42.0%

35.5%

2020

2021

2022

2023

2024

2020

2021

2022

2023

2024

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

Leveraging Trade Generics & Institutional Market Opportunity

Highlights

Key Drivers

Fastest Growing SBV in the last three years chart

Rs. 122 Crores Trade Generics & Institutional SBV revenue (FY24)

Low costs generics

compared to branded

Distributed through 996 Stockists & Distributors spread across 29 states (FY24)

Similar quality to branded generics but are sold at relatively lower prices

Sold directly to the distributor and not marketed through Medical representatives.

People in rural areas who are less privileged to access the healthcare facilities

Also includes institutional sales.

Government push for schemes such as Jan Aushadhi Yojana, encouraging traded generics use

INR Crores

Trade Generics & Institutional Revenue

122

+42%

FY20

FY21

FY22

FY23

FY24

With number of Brands on growing at a healthy pace

+22%

218

271

280

185

128

FY20

FY21

FY22

FY23

FY24

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 crore as of FY24.

Geographic Reach

Robust R&D Capabilities

Robust R&D capabilities help in Customize and Market Complex; Generic Products to Customers and differentiate from Competition

R&D Key Highlights

Consistent in R&D Expenditure

Robust Growth in Complex Generics

INR Crores

R&D Expenditure

No. of Variations in Complex Generics

Licensed to manufacture 6,849 Products as of FY24

Focus on low cost First-to-launch generic products

Strong medical affairs and regulatory affairs team

+19%

8.9

6.5

7.9

3.9

3.6

725

934

3190

+45%

1325

1901

Significant Experience in developing Multi-Drug Products

2020

2021

2022

2023

2024

Leading to New Innovations

Chocolate flavored chewable tablets

Dispersible tablets

Sustained release products

Novel Formulations of Existing Molecules

2020

2021

2022

2023

2024

Leading to Significant increase in Revenue from High Margin Complex Generics:

29%

33%

28%

11%

30%

24%

12%

32%

35%

25%

12%

26%

27%

Fixed Dosage Combinations

Fixed Dosage Modified Release

Customised Generics

Chewable/ Dispersable

Plain Oral Solids

28%

29%

7% 1%

38%

35%

FY20

FY21

FY22

FY23

FY24

Competencies in Manufacturing Facilities

Efficiency & Effectiveness in Regulatory & Quality Compliance act as solid Entry Barriers

Dehradun Plant 1 commenced operations in 2001

Dehradun Plant 2 commenced operations in 2014

Dehradun Plant 3 commenced operations in 2018

Dehradun Plant 4 commenced operations in 2009

Dehradun Plant 5 commenced operations in 2024

Total Installed operating capacity per annum

Plant wise operating capacity as of 31st March FY24

Key Highlights

Windlas Biotech Limited has informed the Exchange about Investor Presentation

Market Movers