Zota Health Care LImited has informed the Exchange about Investor Presentation
May 30, 2025
To, The Manager Listing Department, The National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400051
Dear Sir/Madam,
Trading Symbol: ZOTA
Sub: Investor Presentation
Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
With reference to the captioned subject we, Zota Health Care Limited are submitting herewith enclosed the Investor Presentation.
This is for your information and record.
Thanking you,
Yours faithfully,
For Zota Health Care Limited
Ashvin Variya (Company Secretary & Compliance Officer) Place: Surat
Encl: a/a
Registered Office: Zota House, 2/896, Hira Modi Street, Sagrampura, Surat-395002 Ph: +91 261 2331601 Email: info@zotahealthcare.com Web: www.zotahealthcare.com
CIN: L24231GJ2000PLC038352
INDIA’S LARGEST PRIVATE GENERIC PHARMACY RETAIL CHAIN
Zota Health Care Limited
Q 4 F Y 2 5 / F Y 2 5
I n v e s t o r P r e s e n t a t i o n
Safe Harbour
This presentation has been prepared by the Zota Health Care Limited (the “Company”) only for information purpose to the stakeholders and does not contain any offer or invitation to subscribe the securities of the Company. No offering of securities shall be made except by means of offer documents.
This presentation has been prepared on the basis of information and data available with the Company consider reliable. This presentation may not contain all the information that you may consider material. Any liability in respect of the content of or any omission from this presentation is expressly excluded.
Stakeholders are advised to compare the data provided in the presentation with the full financial results available on the website of the Company as well as on website of NSE.
This presentation contains “forward-looking statements”, including “future oriented financial information” and “financial outlook”. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainty. Actual results may vary from the information contained in this presentation due to changes in government policies, regulations, economics reforms, natural calamities, competition, technology, etc. The company is not under any obligation to provide any update or alter forward looking statements, whether as a result of any new information or future events.
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Company
Overview
Zota Healthcare At a Glance
• Zota Health Care Ltd., a publicly listed company on NSE, has established a
significant footprint in the Indian healthcare sector since its inception in 2000.
Business Verticals
• Headquartered in Surat and employing over 470 dedicated professionals, Zota
Health Care Ltd. has seen significant growth over the years, solidifying its strong
presence in the Indian healthcare market.
• Davaindia, launched in 2017, is a retail generic pharmacy chain that provides quality
generic medicines consisting of 2,000+ SKUs.
• The strategic business model allows Davaindia to be both backward and forward
integrated, ensuring control of the entire product life cycle.
Financial Highlights
(FY25 - Consolidated)
Total Revenue
₹ 29,298 lakhs
Gross Profit
₹ 15,567 lakhs
Gross Merchandise Value
₹ 24,562 lakhs
Davaindia
Domestic
2,000+
SKU’s in Davaindia portfolio
1,582
Operational Davaindia Stores*
4,000+ Products covering major
therapeutic segments 1,050+ Distributors currently, present across India
WHO Recognized
manufacturing partners
Exports
Everyday Herbal Group
30+
Exports markets served
250+ Formulations
manufactured for exports
284 Product approvals received out
of 586 dossiers applications
▪ 56% stake in Everyday Herbal Group strengthens Zota Health Care’s supply chain and product development capabilities
▪ Expands the product portfolio in
the high-revenue over-the-counter (OTC) category
*As of 31st March 2025
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Our Journey
02
03
01
2000
2004
2010
2011 Commenced exports,
Zota Health Care -
Acquired all brand
Inaugurated an export-
Incorporated
names of Sayona
oriented formulations
expanding business to
Medicare via an MOU
manufacturing unit in
African countries
2007 Acquired Mexon Health Care Limited's
trademark and brand, including Health Park
Laboratories and Aaron Biotech divisions
2010
Zota Pharmaceuticals and Atoz Pharmaceuticals
merged with Zota Health Care
Sachin, SEZ
2012
2013
Secured WHO-GMP
approval for the
Acquired trademark
and brand names of
manufacturing unit at SEZ
Redix Lifecare
2014 Obtained regulatory
2017 Received regulatory
approvals from Kenya (PPB)
approval for SEZ plant
and Sri Lanka (CDDA) for
from Tanzania (TFDA)
the Sachin SEZ plant
Listed on NSE - SME
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2017
2018
Introduced Davaindia, a private
Achieved ₹10+ Cr in Export Sales;
sector generic pharmacy,
through three pilot outlets
& 75+ Davaindia stores
2019
2020 With over 250 outlets, Davaindia became
Opened ~150 Davaindia
the largest and fastest growing private
outlets
sector generic pharmacy chain
Migrated to the Main Board
of NSE
2021
Inception of COCO stores
2023
Total Davaindia stores reaching 600
2022
Davaindia secured its position as India’s largest
private sector generic pharmacy with over 500
locations nationwide
2024 Everyday Herbal Group – 56% stake acquired,
licensed by Khadi and Village Industrial
Commission, Government of India.
2025*
Davaindia Expanded to 1,582 no. of active
stores with COCO 852 & FOFO 730
FOUNDATIONAL STEPS IN
DOMESTIC MARKETING
SETTING UP FORMULATIONS
EXPORT BUSINESS
STRENGTHENING CORE AND
PIONEERING DAVAINDIA
*As of 31st March 2025
Management Profile ( 1 /2 )
K E TAN K U M AR Z O TA
C H A I R M A N A N D
N O N - E X E C U T I V E D I R E C T O R
Total Experience: 38+
• Holds a D-Pharmacy degree
• Won ‘Lifetime Achievement Award’ from DCGI &
the title of ‘Pharma Ratna Asia’.
M O X E S H Z O TA
M A N A G I N G D I R E C T O R
S U J I T PAU L
G r o u p C h i e f E x e c u t i v e O f f i c e r
Total Experience: 10+
Total Experience: 23+
• Holds a Bachelor’s degree in pharmacy & Master’s
• Featured on Times Now and Brand Vision
degree in international marketing & business management, BPP University in UK
• Under his guidance, company has established a
global presence in 30+ countries
• Honored among Asia One's Top 100 Global
leaders
• Last stint was with Reliance Retail as Vice
President and also worked with Apollo Pharmacy, StayHappi, Columbia Asia Hospitals, etc.
H I M AN S H U Z O TA
W H O L E T I M E D I R E C T O R
K AM L E S H Z O TA
W H O L E T I M E D I R E C T O R
V I R E N Z O TA
W H O L E T I M E D I R E C T O R
Total Experience: 30+
Total Experience: 27+
Total Experience: 15+
• Holds a Diploma in Pharmacy degree and a
• Holds a bachelor’s degree in pharmacy
• Holds a bachelor’s degree in Business
Diploma in Computer Application
• Playing a vital role in the planning & implementation of Davaindia project.
• Earlier worked with Torrent Pharma, Unique
Pharmaceuticals Laboratories.
Administration, B.R.C.M. College
• Earlier worked in Franchisee Marketing, where he
gained hands-on experience across various regions of India.
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Management Profile ( 2 /2 )
AD H E E S H M U K E R J I
SGM (South & North) –
COCO & FOFO OPERATIONS
R AJ E S H K U M AR
S G M - I n f o r m a t i o n T e c h n o l o g y
P R I T H I S H K U N D U
G M - B2B, PCD & ET HICAL
Total Experience: 17 Years
Total Experience: 21 Years
Past Experience: • Aster Pharmacy- Bangalore
• SWIGGY
•
Tata Communication LTD
• Prism Payment Services
Past Experience: • Sitaram Bhartia Institute of Science and Research
• BLK-MAX Super Speciality Hospital
• Sancheti Hospital, Pune
• Breach Candy Hospital, Mumbai
Total Experience: 19 Years
Past Experience: • Sun Pharmaceuticals Ltd (Ranbaxy Laboratories Ltd
• Sigachi Industries Ltd
• SGA & Nicholas Healthcare Ltd. (Akums Drugs & Pharmaceuticals)
• Emcure Pharmaceuticals
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P. S R E E K AN T H
SGM - HR & T&D
S I TAR AM A R AJ U
CONSULTANT - IT
Total Experience: 25 Years
Total Experience: 41 Years
Past Experience: • KIMS Hospital - Secunderabad – Hyderabad
• Apollo Pharmacy
• Apollo Hospitals
Past Experience: • Aster Pharmacy- Bangalore
• Apollo Pharmacy
• Birla Corporation LTD
• Heavy Engineering Corporation
Company Structure
Procurement in listed entity
Zota Health Care Limited
(Listed entity)
Step down subsidiary
Supplying products at ALP*
Davaindia
(Davaindia Health Mart Limited)
COCO
(COCO# stores)
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Domestic
Export
FOFO
(Sales to FOFO# stores)
*ALP – Arm's length price
Business Verticals
# COCO – Company-Owned Company-Operated
FOFO – Franchisee-Owned Franchisee-Operated
FOFO Sales through Zota Health Care Limited
COCO Sales through Davaindia Health Mart Limited
Business & Industry Overview
Business Verticals
R E V E N U E C O N T R IB U T I O N ( F Y 2 5 )
1 . D A V A I N D I A 1 . D A V A I N D I A
Consolidated
• A Retail generic pharmacy chain providing quality generic medicines.
• Focuses only on private-label products in:
Everyday Herbal Group
• Medicinal | OTC | Ayurvedic | Cosmetic and Nutraceutical
• Key emphasis is on chronic therapies and ailments
• One-of-its-kind concept started with 3 pilot stores in 2017
Store variants
02 Company Owned Company Operated (COCO) and Franchisee Owned Franchisee Operated (FOFO)
30% – 90% Savings on medicines as compared to branded counterparts
Large Store Network*
100%
Exports
4%
11%
Domestic
22%
• COCO Stores are large format stores operated through our wholly-
owned subsidiary
• FOFO Stores are operated on an asset-light franchisee model
852 COCO stores 730 FOFO stores
**As of 31st March 2025
private labelled products
2 . D O M E S T I C M A R K E T I N G B U S I N E S S
Davaindia
64%
• Procures
finished dosage
forms
from domestic
formulations
manufactures and market them under own portfolio of brands
• Markets the products across the country to the distributors, which,
in turn, cater to retail pharmacies in their respective districts
1,050+ Distributors currently present across India
4,000+ Products covering major therapeutic segments
WHO Partners with WHO recognized manufacturers
3 . E X P O R T S
• Commenced manufacturing operations in 2010 at Sachin (SEZ) unit • The unit facilitates production of about 250 diverse formulations • Focus on prioritizing product registrations across all countries, with the company retaining ownership of Marketing Authorizations (MAs) and registrations in these regions.
284 Product approvals out of 586 dossiers applications
30+ Countries’ approval mainly in the semi regulated and regulated markets
Growth led by exclusive foreign distribution network and exclusive MA holding
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Davaindia - the retail generic pharmacy chain, has a rising prominence in the overall business and is one of the fastest growing retail generic pharmacy chains in India.
4 . E V E R Y D A Y H E R B A L G R O U P
• Zota Health Care’s 56% stake in Everyday Herbal Group demonstrates a strategic move toward backward integration • This integration strengthens the product portfolio, particularly in the over-the-counter (OTC) segment, a key contributor
to revenue
India is amongst the Lowest Public Spenders
17.00%** Population with household spending on health greater than 10% of total household budget.
6.67%# Population with household spending on health greater than 25% of total household budget.
Medicines account for
~70%
of the total out of pocket healthcare expenditure making it the biggest pie in the healthcare costs
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Country comparison*
$12,012
Source: Health Policy and Planning, Volume 37, Issue 9, November 2022 https://academic.oup.com/heapol/article/37/9/1116/6648021
About
77mn
Indian people living with diabetes and a projection of 134 million by 2045 (International Diabetes Federation), this leads to higher healthcare spends*
$671
$166
$74
US
China
Sri Lanka
India
Source: Epidemiology of type 2 diabetes in India - https://www.ncbi.nlm.nih.gov/
$74.04*
Healthcare spent per-capita in India
Source: *WHO-Global Health Expenditure Database, **World Bank
Case Study – Savings on Davaindia margins
Same Tablet with same molecule
Multiple brands selling same medicine consisting of same molecule manufactured by same manufacturers with different brand names
Company marketed by >
Indian Pharma MNC 1
Indian Pharma MNC 2
Davaindia
Tablet / Medicine Name
Rosuvas – 10 mg
Rosubest - 10
Rosuvastatin 10
Molecule
Generic Type
Margins
Rosuvastatin 10mg
Branded Generic
Trade Generic
Generic
Trade Margins % Big Pharma / Promotions %
30% 60%
70% 20%
25-30% 0
Consumer Price for 10 Tablets
₹ 208
₹ 115
₹ 25
Significant savings in margins
High intermediary margins for other companies leading to much higher consumer price vs Davaindia
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Tablet
Telmisartan 40 mg & Hydrochlorothiazide 12.5 mg
Levocarnitine 500 mg
Rabeprazole 40 mg
Aceclofenac 100 mg, Paracetamol 325 mg & Serratiopeptidase 15 mg
Manufacturer
Same Manufacturer
Same Manufacturer
Same Manufacturer
Same Manufacturer
Marketed By
Foreign Pharma MNC
Davaindia
Indian Pharma MNC
Davaindia
Indian Pharma MNC
Davaindia
Indian Pharma MNC
Davaindia
MRP
₹ 187.9
₹ 25.0
₹ 404.95
₹ 82.0
₹ 202.5
₹ 35.0
₹ 147.48
₹ 35.0
Davaindia Quality Medication at Affordable Prices
Same Quality, Affordable Price
Davaindia sells generic medicines manufactured by the same producers as branded medicines. This ensures equivalent quality at a fraction of the cost.
Lower Margins, More Savings
Our business model focuses on maintaining modest margins of 25-30%, compared to other companies who incorporate a huge margin of up to ~90% for intermediaries. This results in more affordable prices for consumers.
Cutting Out Intermediaries
Our direct-to-consumer approach eliminates the traditional pharma supply chain, reducing overall costs, and resulting in significant savings for customers.
Industry update
Total turnover of Pharmaceuticals in India in the fiscal year 2023-24 was $50.59bn*
The Indian generic drugs market stood at $24.91bn#in 2024 and is expected to grow at a steady compound annual growth rate (CAGR) of 6.02%#
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Source: *Annual Report Department of Pharmaceuticals FY 23-24, # Research Reports- TechSci, Research & Markets.
DAVAINDIA
Davaindia - Retail Pharmacy Chain data
Revolutionizing the generic pharmacy industry with affordable, accessible, quality healthcare solutions
through retail pharmacies’ chain.
*As of 31st March 2025
2000+
SKUs
1,582*
Total no. of stores
852 COCO stores
730 FOFO Stores
2.44+ crores
Happy consumers
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•
•
•
•
•
Launched in 2017, Davaindia has rapidly grown into India’s leading private-sector generic pharmacy chain starting with 3 stores and expanded to 1,582 active
stores as of March 2025
Fundamentally driven by providing quality generic medicines at substantial discounts - remarkably 30% to 90% lower than their branded counterparts
Focuses exclusively on private-label products in medicinal, OTC, and ayurvedic categories, with a significant emphasis on chronic therapies and ailments
Every 10 hours, a new davaindia store opens to serve customers better
Every 5 hours, a new employment generation.
2 store Variants
• Company-Owned Company-Operated (COCO)
• Franchisee-Owned Franchisee-Operated (FOFO)
23 States
2 Union Territories
Davaindia - Operating Model
Offers a cluster-based store model, optimizing accessibility and convenience for customers across diverse regions
CLUSTER BASED APPROACH
2,000+ SKUs with 70% medicinal products and 30% OTC products, with a special emphasis on chronic ailments such as cardiac, diabetic and thyroid.
COMPREHENSIVE PORTFOLIO
Cloud-based software and AI-based tools for real-time supply chain and operations management
TECHNOLOGY- BASED MODEL
Implementing a hyperlocal model with on-demand delivery of medicines at consumers’ homes
HYPERLOCAL MODEL
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COCO MODEL (NEW FORMAT STORES) Large-format, walk-in, Company- Owned Company-Operated stores in key metropolitans & cities across the country
EXCLUSIVE SALE 100% of our product portfolio comprises exclusive sales of private-label generic medicines, OTC, and ayurvedic products
BRAND BUILDING Brand building and consumer- facing advertisement and promotional campaigns with Mr. Kapil Dev as the brand ambassador undertaken by Davaindia
FOFO (Franchisee) MODEL Franchisee-Owned Franchisee-Operated stores adhere to an asset-light model, contributing to scalability and accessibility
Davaindia B2C Online Portal and Mobile App
This e-commerce platform is launched as a hyperlocal model wherein (COCO) retail outlets operated by Davaindia Health Mart Limited, will serve as fulfilment centres ensuring swift and efficient order processing and delivery
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Davaindia - Eliminating traditional supply chain
By sourcing directly from manufacturers and selling straight to consumers,
l
traditional pharma supply chain is eliminated & the cost benefits are transferred to the consumer
Average consumer price
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~75% savings on Davaindia medicines as compared to branded counterparts on expenses related to retailers, distributors and marketing.
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Traditional Pharma
Manufacturer
Pharma Marketing Company
Distributors
Retailers
Consumers
₹ 100 Traditional Pharma
Davaindia Model
Manufacturer
Consumers
₹ 25 Davaindia
Davaindia – What are COCO Stores
COCO stores are modern walk-in stores providing a distinct contrast to traditional counter-based pharmacies enhancing customer satisfaction and loyalty.
Rapid Expansion
& growth
The time required to open a new COCO store has been significantly reduced from 90 days to 75 days, with further plans to reduce it to 60 days. This allows for rapid store expansion and business growth
Profitable
COCO stores have not only been well-received by consumers but have also proven to be more profitable
Strategic Partnership
Partnership with Indian Oil Corporation Limited (IOCL) offers the benefit of increased visibility and reach, as the COCO stores will be located at IOCL petrol pumps.
Smaller Store Size
Average size of a COCO store is 400-500 sq. feet, which is leading to lower rental and maintenance costs. Despite the small size, these stores can offer a wide range of products to cater to different customer needs.
Efficient Inventory Management
With a working capital cycle of 30-40 days, COCO stores can maintain optimal inventory levels, thus reducing storage costs and potential wastage.
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Company-Owned Company-Operated
(COCO)
Davaindia – COCO Stores
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Davaindia - COCO Stores
852
Operational COCO stores
COCO
Company-Owned Company-Operated
Davaindia Health Mart
Operated by wholly-owned subsidiary Davaindia Health Mart Ltd
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Significant rent rationalization to ₹ 32,000 p.m. in 3rd phase (651 stores) from ₹ 40,000 p.m. in 2nd phase (101 stores) ₹ 82,000 p.m. in 1st phase (100 stores)
n d
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✓ Increased cost efficiency
✓ Long-term economic sustainability of
COCO stores
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1
29
55
82
31
172
10
33
22
100
23
3
2
50
218
2
Enhancing Store Economics
States West Bengal Uttar Pradesh Maharashtra Delhi Haryana Kerala Telangana Rajasthan Uttarakhand Karnataka Gujarat Punjab Madhya Pradesh Odisha Pondicherry Himachal Pradesh Total
No. of Stores 218 172 100 82 55 50 33 31 29 23 22 22 10 2 2 1 852
As of 31st March 2025
Davaindia COCO - KPI’s (1/2)
No. of Stores
Quarterly Footfall
852
658
494
387
253
8.6
6.9
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19.0
15.7
11.8
Q4 FY24
Q1 FY25
Q2 FY25
Q3FY25
Q4FY25
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4FY25
As of 31st March 2025
Davaindia COCO - KPI’s (2/2)
Quarterly GMV
₹ lakhs
Avg. Wallet Spend
₹
₹ 4,297
₹ 241
₹ 238
₹ 229
₹ 224
₹ 227
₹ 3,507
₹ 2,714
₹ 2,050
₹ 1,660
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Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4FY25
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4FY25
Younger COCO Stores to fuel growth
852 Total COCO Stores
297 COCO Stores <5m
Significant Young Store Network
Many of our stores are relatively new, still in the early stages of their lifecycle.
While currently modest in revenue, expected to grow multiple folds as they mature.
Average monthly Sales of matured stores (15+ months) is ~219%
higher than average monthly Sales of younger stores (<3 months)
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Average monthly Sales by Store age
• Ongoing Expansion: Our strategy includes continuous addition of new stores,
₹ 219
further expanding our reach to newer markets. This will result in an expanded
customer base.
219%
•
Increased Footfall: As young stores mature and new ones are added, we
anticipate an increase in footfall. This will inevitably contribute to higher revenue
₹ 100
generation.
• Anticipated Exponential Growth: As young stores mature and build out their
customer bases, the income is forecasted to multiply. This implies that our
revenues are on a trajectory of exponential growth.
0-3 Months
15 + Months
Store Age Average monthly Sales rebased to ₹100
Store Opening Lifecycle – COCO
Days
00 02 04 06 08 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54
56
58 60
62 64 66 68 70
72
74 76
75 Days
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Registration
0
Documentation - Online
0
Sign up fees
1
Signing process
4
Store layout Planning
Store Execution Process
Software Installation
Process
Inauguration
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Colour + POP+ Furniture installation
2
Final Store branding design PPT
1
Applying Drug Licence & Pharmacist Training
30
Approval Drug Licence
Initial stock Payment & Dispatch
3
1
Software Installation
Receiving stock at store
7
Inauguration
1
Same Store Growth – 234 Stores
2.56
1,797
2.97
2,086
3.22
2,258
3.29
2,308
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Q1FY25
Q2FY25
Q3FY25
Q4FY25
Total GMV (₹ lakhs)
Average Per Store Per Month GMV (₹ lakhs)
The average GMV (Gross Merchandise Value) per store per month increased from ₹2.56 lakhs in Q1FY25 to ₹3.29 lakhs in Q4FY25, reflecting a strong growth trajectory driven by improved store-level performance, higher footfall, better product mix, and enhanced operational efficiencies
Same Store Growth: Period-wise Analysis
(36+ Months)
6.42
(24+ Months)
4.39
5.28
Opening Period: 1 Apr 21 - 30 Jun 22
3.62
Opening Period: 1 Jul 22 - 31 Mar 23
Number of Stores: 30
22% YoY
Number of Stores: 54
21% YoY
Apr-24
Mar-25
Apr-24
Mar-25
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(15+ Months)
2.94
(12+ Months)
2.30
2.04
Opening Period: 1 Apr 23 - 31 Dec 23
Number of Stores: 52
1.13
Number of Stores: 99
Opening Period: 1 Jan 24 - 31 Mar 24
44% YoY
104% YoY
Apr-24
Mar-25
Apr-24
Mar-25
• Same-store growth reflects strong performance across all periods, with mature stores ensuring stability and newer stores showing rapid
growth momentum
Revenue Growth Trajectory of New Stores
1,64,000
1,46,000
1,75,000
1,80,000
1,95,000
2,05,000
2,25,000
1,26,000
1,03,000
76,000
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2nd Month
3rd Month
4th Month
5th Month
6th Month
7th Month
8th Month
9th Month
10th Month
GMV (₹)
•
A new store's monthly revenue grows significantly from ₹76,000 in Month 1 to ₹2,25,000 by Month 10, showcasing a robust maturation curve
Note: Sale trend basis on the 358 stores which have been opened between Jan 2024 and Sep 2024
Davaindia – What are FOFO Stores
Franchisee-Owned Franchisee-Operated (FOFO)
Asset-light franchise model
FOFO stores employ an asset-light franchise model, contributing to the scalability and accessibility of our product offerings.
Smaller Store size
FOFO stores are compact and over-the-counter format stores, typically having an average size of about 200-300 sq.ft.
Enhancing Customer
Experience:
Walk-In FOFO Stores since Q4FY23
Starting Q4FY23, all newly added Franchisee- Owned Franchisee-Operated (FOFO) stores will be made walk-in, aimed at enhancing the shopping experience by allowing customers to interact and familiarize with the products.
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Davaindia - FOFO Stores
730
Operational FOFO stores
3
11
12
11
6
3
5
42
33
26
150
50
60
41
2
8
5
3
8
14
17
30
9
100
1
97
FOFO
Franchise Owned Franchise Operated
States Uttar Pradesh West Bengal Odisha Madhya Pradesh Gujarat Haryana Maharashtra Delhi Bihar Rajasthan Kerala Tripura Assam Jammu & Kashmir Jharkhand Tamil Nadu Karnataka Punjab Uttarakhand Telangana Arunachal Pradesh Himachal Pradesh Andhra Pradesh Goa Chhattisgarh Total
As of 31st March 2025
No. of Stores 150 100 97 60 50 42 41 33 30 26 14 12 11 11 9 8 8 6 5 5 3 3 3 2 1 730
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Davaindia FOFO - KPI’s (1/2)
No. of Stores
Quarterly Footfall
in lakhs
730
697
11.3
11.9
10.4
8.9
8.9
664
645
627
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Q1 FY25
Q2 FY25
Q3 FY25
Q4FY25
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Davaindia FOFO - KPI’s (2/2)
Quarterly GMV
₹ lakhs
Avg. Wallet Spend
₹
₹ 2,465
₹ 2,608
₹ 2,840
₹ 3,385
₹ 3,161
₹ 290
₹ 285
₹ 278
₹ 279
₹ 274
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
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OTC Over- the -counter products
Strategic Acquisition as a move towards backward integration
Acquired 56% stake in the Everyday Herbal Group*, licensed by the Khadi and Village Industrial Commission, a strategic move towards backward integration.
~30% SKUs
OTC products make up ~30% of the stock keeping units (SKUs) offered by our company making it an important part of the business
Khadi
MOU with Everyday Herbal Group leverages the REGP license granted by the Government of India, giving additional credibility and leveraging the well-known 'Khadi' mark.
Q4FY25 OTC
Revenue contribution 27%
*Everyday Herbal Beauty Care & Everyday Health And Beauty Care
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OTC – Products
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Davaindia is Revolutionising the Indian Healthcare Scenario
*
₹24,562 lacs
~60 %
Gross Merchandise Value in FY25
Gross Margin in COCO format
1,582
30-90 %
Fast growing FOFO & COCO store network*
Savings to consumers on Generic medicines
3.07 Lacs sq. ft*
Total Space Stores
25-30 %
Mature COCO Stores EBITDA#
*As on 31st March 2025
# Calculated prior to IND AS 116
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Davaindia Competitive Edge
The USP of Davaindia: Affordable, Trustworthy, and Innovative Pharmacy Solutions
BENEFITS TO THE CUSTOMERS
BENEFITS TO THE FRANCHISEES
Medicines priced at low MRP thereby ensuring affordability for the masses
Store operations and the supply chain efficiently managed by cloud-based software & AI
Private labels offered, helps in building customer trust by ensuring consistency
Widespread marketing activities help in promoting the brand and improving sales
Continuously adding to its product range thereby offering variety
Products procured from WHO & GMP approved plants and quality attested at NABL approved labs
Elimination of distributors ensures timely supply of stock
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Healthy Repeats
Total Average (in %)
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With a strong base of 80% repeat customers, Davaindia
demonstrates a high level of customer satisfaction and
loyalty.
80%
Repeat Customers
12%
New Customers
08%
Lost Customers
Higher Chronic category share
55%
57%
25%
20%
27%
16%
Chronic
OTC
Other
Chronic
OTC
Other
CATEGORY MIX FY24
CATEGORY MIX FY25
Higher chronic share: A significant 57% of our revenue comes from chronic disease category, signalling high realization and retention rates, reflecting our crucial role in sustaining long-term patient care.
A pronounced emphasis is placed on chronic therapies and ailments such as cardiac, diabetic, thyroid, and neuropsychiatric, resonating with the core healthcare needs of our customers.
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Supply Chain Management
•
The Company has outsourced supply chain management to a third-party warehousing & logistics partner.
• A state-of-art central warehousing & processing center has been built in Surat, in Phase 1.
•
Eventually the Company will replicate such infrastructure across different zones in the country.
Click the link below for more details
Click here
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Domestic Operations
Domestic Operations
Domestic marketing has been the oldest business vertical for the Company and has
remained its mainstay in the past. Until 2017, this vertical contributed most of the
Company’s revenues. This business vertical distributes generic drugs, OTC products,
and other pharmaceutical products through the Company’s distribution network spread
across India.
1,050+
Distributors spread across India
4,000+
Products in the portfolio
MARKETING VALUE CHAIN
FDF Manufacturers WHO-GMP certified manufacturing partners
Branding Quality check, packaging and branding under the umbrella of Zota brands
Distribution Direct distribution to 1,050+ distributors spread across the country
Retail Pharmacies Ethical marketing, sales distribution and promotional activities undertaken by distributors
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Expor t Operations
Expor t Operations
Our Exports business vertical, which started in 2010, serves clients in over 30 countries, mainly
in the CIS, Latin America, Africa, and Asia. At its plant in Sachin, SEZ, the Company
manufactures generic formulations for the dossiers it has registered in overseas markets.
At present, the Company has registered over 325 dossiers, while another 261 dossiers have
been filed and are awaiting approval from the relevant regulatory agencies.
250+
325
261
Products manufactured
Dossiers registered
Dossiers pending approval
Countries exported to:
1. Benin 2. Bolivia 3. Cambodia 4. Cameroon 5. Costa Rica 6. Ethiopia 7. Georgia
8. Ivory coast 9. Kenya 10. Mali 11. Myanmar 12. Nepal 13. Nigeria 14. South Africa
15. Sri Lanka 16. Swaziland 17. Tanzania 18. Turkmenistan 19. Uganda 20. Ukraine 21. Uzbekistan
22. Vietnam 23. Zambia 24. Kyrgyzstan 25. Libya 26. Yemen
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Financial
Overview
Management Commentary
“FY2025 truly stood out as a milestone year for Davaindia, marked by meaningful progress in our mission to make affordable healthcare more accessible across India. A major highlight was the strong expansion of our Company-Owned Company-Operated (COCO) store network, alongside the successful launch of our Davaindia B2C online portal and mobile app, offering customers a seamless, doorstep delivery experience for essential medicines.
During the year, we added 702 new stores, including 599 COCO and 103 FOFO outlets, strengthening our presence in both urban and underserved regions. As part of our long-term strategy for sustainable growth, we are intensifying our focus on self-operated COCO stores, with an ambitious goal of launching ~ 800 to 900 additional stores by FY26. On the FY25 performance front, we’re proud of the momentum we’ve built: Gross Merchandise Value (GMV) reached ₹24,562 lakhs, Customer footfalls rose to ~98 lakhs, Total consolidated revenue jumped 62% YoY to ₹29,298 lakh & Gross profit grew by 86% YoY, reaching ₹15,567 lakh.
As we look ahead, our mission remains clear: sustaining this growth by widening our footprint, improving store-level efficiencies and stay true to our vision of making healthcare not just accessible, but truly affordable for all”.
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Mr. Ketankumar Zota Chairman
Quar terly Revenue Segmentation
Business Verticals – Consolidated Revenue bifurcation
Davaindia
₹ lakhs
Domestic Operations
₹ lakhs
Export Operations
₹ lakhs
6,282
1,771
1,501
1,276
4,591
3,123
1,234
830
566
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Q3 FY25
Q4 FY25
Q4 FY24
Q3 FY25
Q4 FY25
Q4 FY24
Q3 FY25 Q4 FY25`
Annually Financial Snapshot
Davaindia has driven revenue growth, recording an impressive increase of ~ 65% CAGR since FY22.
Business Verticals – Consolidated Revenue bifurcation
Davaindia
₹ lakhs
18,621
10,356
5,578
4,122
Domestic Operations
₹ lakhs
Export Operations
₹ lakhs
6,342
5,983
5,950
5,689
3,014
3,190
2,467
2,004
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
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Business Ver tical Performance ( C o n s o l i d a t e d )
₹ in lakhs
Particulars
Revenue from Operation
Cost of Goods Sold
Gross Profit
% Margin
Employee cost
Other expenses
Operational Expenses
Operating Profit ( Pre IND AS)
% Margin
Other Income
EBITDA (Pre IND AS)
% Margin
Q4 FY25
Business Vertical
Davaindia
Domestic
Exports
Everyday
(Consolidated)
6281.7
2632.0
3649.7
58.1%
2267.4
2554.3
4821.7
-1172.0
-19%
72.50
-1172.0
-19%
1771.1
1213.2
557.9
31.5%
138.6
328.8
467.4
90.5
5%
19.0
109.5
6%
1233.7
633.6
600.1
48.6%
125.3
231.5
356.9
243.2
20%
8.6
251.8
20%
441.0
308.7
132.3
30.0%
62.3
50.8
113.1
19.2
4%
1.7
21.0
5%
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Profit & Loss Statement ( C o n s o l i d a t e d )
₹ in lakhs
Particulars
Export Sales (SEZ)
Davaindia Sales
Domestic Sales
Everyday Herbal Group
Revenues from Operations
Cost of Goods Sold
Gross Profit
% Margin
Employee cost
Other expenses
Operational Exp
Operating Profit
% Margin
Other Income
EBITDA
% Margin
Depreciation
EBIT
Interest Cost
EBT
Taxes
Profit After Taxes
Q4FY25
1233.7
6281.7
1771.1
441.0
9727.5
4,787.5
4,940.0
50.8%
2593.6
2099.7
4693.3
246.7
2.5%
100.2
346.8
3.6%
1431.5
-1084.7
345.8
-1430.5
-141.6
-1288.9
Q3FY25
829.88
4590.85
1500.65
291.0
7212.4
3,183.2
4,029.2
55.9%
2382.0
2254.2
4636.2
-607.1
-8.4%
50.6
-556.5
-7.7%
1134.5
-1691.0
157.4
-1848.4
46.1
-1894.5
Q4FY24
565.9
3122.6
1275.1
-
4,963.6
2,279.1
2,684.5
54.1%
1211.4
1621.6
2833.0
-148.5
-3.0%
45.7
-102.8
-2.1%
679.9
-782.7
168.1
-950.75
-259.1
-691.68
FY25
3190.3
18621.4
6341.5
1144.2
29297.5
13730.3
15,567.1
53.1%
8606.6
7533.8
16140.4
-573.3
-1.96%
206.8
-366.5
-1.3%
4319.6
-4686.1
1078.3
-5764.5
90.5
-5855.0
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(Consolidated)
FY24
2,003.5
10,355.9
5,689.4
-
18,048.9
9,670.0
8,378.8
46.4%
3045.1
4578.4
7623.4
755.4
4.2%
115.6
871.0
4.8%
2008.5
-1137.5
478.8
-1616.3
-181.5
-1434.8
Balance Sheet statement
₹ in lakhs
ASSETS
Non-Current Assets
As at 31st March 2025
As at 31st March 2024
EQUITY AND LIABILITIES
(i) Equity Share capital
Property, plant and equipment
5,598.9
2,356.6
(ii) Other Equity
Right-of-use assets
Other Non-Current Assets
Intangible Asset under development
Financial Assets
(i) Investments
Other Financial Assets
Current Assets
Inventories
Trade Receivables
Cash & Bank Balances
Loans
Other Current Assets
12,538.1
7,506.8
Non-Controlling Interest
959.0
90.3
886.3
Total Equity
Non-Current Liabilities
5,435.3
876.2
470.0
451.3
Borrowings
Lease liabilities
Provisions
Current liabilities
10,568.4
5,376.6
(i) Borrowings
4,050.2
2,724.4
(ii) Lease liabilities
361.9
100.5
Trade payables Total outstanding dues of micro and small enterprises
1,699.1
1,660.0
Trade payables Total outstanding dues of Creditors other than micro and small enterprises
1,736.8
1,300.3
Other Current liabilities
Provisions
Total Liabilities
Total Assets
43,914.1
22,832.8
Total Equity and Liabilities
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As at 31 March 2024
2,863.5
2,584.7
19505.0
6,412.9
347.0
22,715.5
8,997.7
499.5
-
10,255.5
6,316.4
382.2
150.3
61.0
3,144.5
1,467.7
1,744.4
1,248.2
742.2
2,991.9
2,618.4
1,008.3
1,607.6
161.7
634.1
21,198.6
13,835.2
43,914.1
22,832.8
Thank You
C o n t a c t I n f o r m a t i o n
M r . A s h v i n V a r i y a
" Z O T A H O U S E " , 2 / 8 9 6 , H i r a M o d i S t r e e t , S a g r a m p u r a , S u r a t - 3 9 5 0 0 2 ( G u j a r a t )
c s z o t a @ z o t a h e a l t h c a r e . c o m w w w . z o t a h e a l t h c a r e . c o m
E Y L L P
S i d d e s h C h a w a n - s i d d e s h . c h a w a n @ i n . e y . c o m
A j i t M i s h r a - a j i t . j . m i s h r a @ i n . e y . c o m
w w w . e y . c o m