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-U74899UR2001PLC033407
Ref No. WBL/SE/2021-2022
September 8, 2021
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 Results Presentation for the Quarter ended June 30, 2021 for your records.
Kindly take the same on record.
Thanking you,
Yours faithfully,
For Windlas Biotech Limited
Ananta Narayan Panda Company Secretary & Compliance Officer
www.windlas.com
Windlas Biotech Limited Investor Presentation – September 2021
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.
2
Windlas Biotech at Glance
Scalability
Durability
Profitability
▪ Top 5 Domestic Formulations CDMO in terms
▪ Well aligned workforce with ESOPs
▪ Consistently maintained Material Margins
of Revenue (CRISIL Report)
▪ License to manufacture 3,279* Products (as of
March, 2021) across 4 plants with 7bn+ Tablets/Capsules capacity
▪ 1 employee in Quality for every 3 employees in Manufacturing (as of March 31, 2021)
▪ Provided CDMO services to 7 of the Top 10
Indian Pharmaceutical Formulations Companies (in FY20)
▪ Growing Trade Generics Business through
703+ Stockists & Distributors across India (as of 31.03.21)
▪ Digitalized Planning and Quality
Management Systems with Data Analytics based decision support
▪ Emphasis on Chronic and Sub-chronic
therapies (59.55%) and Complex Generics (68.48%) (for FY21)
▪ Own R&D Labs High innovation velocity -
Complex products grown from 725 to 934 in FY20 vs FY21
above 35% since FY19
▪ RoE** – 19.2% and RoCE** – 27.5% For
FY21
▪ PAT*** of INR 28.9 crores for FY21 with
6.8% PAT margin
▪ Net Debt Free Company.
*from the State Drug Licensing Authority, Drug Controlling and Licensing Authority (Manufacturing), Garhwal Mandal, Uttarakhand ** Capital Employed & Equity calculations for ROCE & ROE are after removing cash/bank & mutual fund balances | ***PAT here is Profit for the period/year before exceptional items
3
Windlas Biotech’s Presence in Pharma Value Chain
*
*
*
*
Research
Drug Development
API Manufacturing
Formulation Manufacturing
Packaging
Value Chain
CRO Segment
CDMO Segment
* Signifies Presence of Windlas Biotech in the Respective Segments
4
Journey So Far…
▪ Commenced operations at
▪ 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 for the WHC Plant Revenues crossed ₹200 Crores for the FY 2013-14 Commenced operations at Dehradun Plant – II
▪ Investment of ₹75 Crores from Tano
India Private Equity Fund II
2001
2010
2014
2015
2021
2020
2019
2018
▪ Approval of Scheme of
Amalgamation of Windlas Healthcare
▪ Capital expenditure of INR 79.18 Crores towards addition of Fixed Assets**
▪ Capacity of Capsules/ Tablets
increased from 5 Bn+ as of Mar 31,2020 to 7 Bn+ as of March 31, 2021
▪ Capital Expenditure of INR 15.2 Crores towards addition to Fixed Assets** ▪ Acquired the erstwhile associate –
Windlas Healthcare
▪ Domestic Trade Generics & OTC
Brands revenue Crossed 30 Crores while the FY19-FY21 CAGR had grown by 27%
▪ Capital expenditure of INR 12
Crores towards addition to Fixed Assets **
• Revenues crossed ₹300 Crores for the FY 2016-17 • Launched first product in the United States from
the Dehradun Plant – IV
• Commenced operations at Dehradun Plant – III • Divestment of Windlas Healthcare to Cadila
Healthcare
** Fixed assets include property, plant & equipment and intangible assets (excluding CWIP/ROU/Intangible under development)
5
Strong Board of Directors…
▪ Chairman of Confederation of Indian
Industries , Uttarakhand State Council, ▪ Established Windlas Biotech in 2001. ▪ Led Windlas Biotech as MD till 2020
▪
▪
▪
▪
▪ ▪
▪
▪
13+ years of experience in field of management Bachelor’s degree from the IIT-BHU, MSc. in Material Science & Engr. from Georgia Institute of Technology and MBA from the Graduate School of Business, University of Chicago Set up our Domestic Trade Generics, OTC Brands and Exports SBVs Leads the company since 2020 & plays a significant role in preparing strategy of Company
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
Ashok Kumar Windlass Whole Time Director
Hitesh Windlass Managing Director
Manoj Kumar Windlass Jt. Managing Director
▪ 20+ years of experience in the
pharmaceutical industry, he has a Bachelor’s degree in Law from the Hemwati
▪ Nandan Bahuguna Garhwal University,
Srinagar (Garhwal)
▪ 20+ 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
▪ 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
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.
6
…Coupled with Proficient Management Team
Mr. Ashok Kumar Windlass , Whole Time Director Founded Windlass Biotech in 2001 20+ Years of Experience in the industry, he has led Windlas Biotech as MD till 2020.
Mr. Hitesh Windlass , Managing Director 13+ Years of experience in field of management Leads the company since 2020 & plays a significant role in preparing strategy of Company.
Mr. Manoj Kumar Windlass, Joint Managing Director Co-founded Windlas Biotech in 2001. Deeply engaged in managing client relations, and product portfolio expansion
Mr. Pawan Sharma, Executive Director 20+ Years of experience in the industry. He has been attached with Windlass Since 2001. Controls the Administrative & Commercial activities of the company.
Mr. Shailesh Gokhale , Chief Operating Officer Previously worked with Cadila Pharmaceuticals Limited and Pfizer Products India Private Limited
Ms. Komal Gupta , Chief Financial Officer Previously worked with DSM Sinochem Pharmaceuticals India Private Limited and Anand Automotives Systems Ltd.
Mr. Om Prakash Sule , Site Quality Head Experience - 24+ Years; Previously worked with Piramal Enterprises Limited and Mankind Pharma Limited
Mr. Ananta Narayan Panda , CS and Compliance Officer Experience - 20+ Yr; Previously worked with GMR Airports Limited, Spice Smart Solutions Limited.
Mr. Mohammed Aslam , VP – Sales and Marketing Previously worked with Pharmed Private Limited, Life Medicare & Biotech Pvt Ltd, Modi Mundipharma Private Ltd and Life Medicare and Biotech Private Limited
7
Segment Overview
CDMO
Trade Generics & OTC
Exports
▪
▪
CDMO Segment is focused on providing products & services across- a diverse range of pharmaceutical & nutraceutical generic products. Such products are sold to Indian or foreign Pharma MNCs who market products under their own brand names.
Contribution as a % of Total Revenue from Operations
85%
88%
85%
▪
▪
▪
This Segment consists of Trade Generic Products & OTC Brands which include Nutraceutical & Health Supplement products. 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.
.
▪
▪
▪
is
Semi
engaged
segment
in Export identifying high growth opportunities in international regulated 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
9%
9%
10%
Contribution as a % of Total Revenue from Operations
FY19
FY20
FY21
FY19
FY20
FY21
6%
FY19
3%
FY20
4%
FY21
8
CDMO Business Highlights
No. Of Customers/ Buyers 204
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 FY21) 85%
Amongst the Top 5* in India
Stand amongst the Top 5 Domestic Formulations CDMO in India
* Source: CRISIL
9
Well Diversified Product Portfolio
Windlas provides CDMO services & products 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 segment and High Margin Complex Generic Segment:
CDMO Revenue grew with a CAGR of 19%
Value chain of End-to-end Services
INR Crores
257
+19%
287
362
Product Discovery & Development
Portfolio Bifurcation as % of Total Revenue from Operations FY21
1%
1%
40%
59%
31%
68%
CDMO Revenue
FY19
FY20
FY21
Chronic & Sub-Chronic Acute Others
Complex Generics Conventional Products Others
No. of CDMO Products Catered every year
+23%
1,051
1,364
900
(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
2019
2020
2021
Licensing
Contract Manufacturing
Niche Value added Proposition: Through entry into Injectables
10
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 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
304
+77%
143
97
FY19
FY20
FY21
No. of CDMO Customers catered to
Key Highlights
We have consistently maintained strong, exclusive & Long-Standing relationships with the leading Indian Pharmaceutical companies.
Provided CDMO Services to 7 of the top 10 Indian Formulations pharmaceutical companies.
11
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
Consistently maintained the exposure to top 10 customers below
12.3%
11.7%
11.0%
57.0%
57.1%
57.9%
2019
2020
2021
2019
2020
2021
12
Scalability In CDMO Provides Growth Visibility
Globally 1/3rd of the R&D is outsourced to CDMO companies in formulations segment & India is emerging as a key player in CDMO Segment
Key reasons for Outsourcing by Pharma companies
Significant R&D spends to continue to boost pharmaceutical growth across major markets
Flexibility and reduced costs in the business models of large Pharma companies
Growing Demand for Generics & Biologics
Rise in amount of drug approvals
End to end service and Technical specialties of contract manufacturers
Increase in off-patent products to aid outsourcing segment
USD Billion
R&D Expenditure
1,053
1,142
1,188
+5%
1,237
1,297
1,680
CAGR 5%
2016
2017
2018
2019
2020
2025P
~75 to 80% of R&D spending in the biopharmaceutical industry can be outsourced
USD Billion
R&D Outsourced
India has a proven track record in Outsourcing because of
+7%
16
16
17
18
29
CAGR 8%
20
Cost effectiveness
Technical Expertise
Infrastructure
2016
2017
2018
2019
2020
2025P
13
Underpinned by Strong Tailwinds for Organized Players
Key Updates in CDMO industry
Scaled CDMOs shifting identity from “Supplier” to “Partner”
Customers asking for higher quality systems in R&D as well as manufacturing
CDMOs deploying superior R&D infrastructure, expertise and capital
‘Marketeers’ equally responsible for quality of the drug product in eyes of regulator
New schedule M to be implemented in October 2021 – many small manufacturers may become unviable
Production Linked Incentive - 2 Scheme to cover complex products in formulations
‘Raw materials purchase efficiency of larger CDMOs exceeds that of customers in many small – mid volume products
Demand from customers for launch of patent expiry products
End to end services offered by larger CDMO reduces the complexities in inventory management & logistics for the big pharma companies
Strong Industry Tailwind- Domestic Formulations CDMO to grow at 14%+ CAGR in next 5 years
Consolidation in the CDMO industry driven by need for providing better and wider portfolio of services
INR 370-410 Billion FY25P
~14% CAGR
INR 250 Billion FY21P
FY20
~400 Organised + 15,000 Unorganised Players 79%
Top 6 (incl. Windlas Biotech) 21%
Source: CRISIL Report
14
Capex & Outlook For Injectables
Key Highlights
▪ Planned Rs. 50 Crores
Capex
▪ Brown Field Project at Dehradun Plant - II
▪ Liquid Vials & Lyophilized
vials
Multiple Triggers for Revenue Growth and Improved Return Ratios
Key Growth Drivers
Impact
▪ Rise in chronic diseases ▪ Emergence of New Drug
Delivery Systems
▪ New Therapeutic areas for
Injectables
▪ Would help improve economies of scale ▪ B2B Injectables CDMO
segment to improve overall company’s margins
Foray into High Growth Injectables Business: Injectables business will complement the existing CDMO offerings and will enable to achieve higher margins
Outlook on Global Injectables Market
Outlook on Domestic Injectables CDMO Industry
$ 700-800 Billion 2025P
~8% CAGR
$ 502 Billion 2020
Source: CRISIL Report
~INR 51 Billion FY25P
~12% CAGR
~INR 32 Billion FY21P
15
15
Industry Outlook
✓ Our product portfolio predominantly overlaps with Fast Growing Chronic segment and High Margin Complex Generic Segment. ✓ Chronic Therapies and Oral Solids to dominate their respective categories for the next 5 years, in formulations segment
Chronic therapies to continue to account for a higher share of the domestic formulations CDMO market
Market share as of FY20
46.5%
25.0%
15.0%
6.0%
7.5%
Anti-Diabetic
Cardiac
Dermatology
Respiratory
Others
Market share as of FY25P
27.0%
43.0%
15.0%
5.0%
8.0%
Anti-Diabetic
Cardiac
Dermatology
Respiratory
Others
Oral solids expected to continue to account for more than 1/3rd share of the domestic formulations CDMO market
Market share as of FY20
3.0%
13.0%
13.8%
70.3%
Solids
Injectables
Liquids
Others
Market share as of FY25P
2.8%
13.0%
13.7%
70.5%
Solids
Injectables
Liquids
Others
16
Domestic Trade Generics & OTC Business Overview
No. Of Customers/ Buyers 703+ Stockists & Distributors
Brand Used Company’s Brand Names
Products Nutritional, Ayurvedic, Wellness & Personal Care
Revenue Mix (% of FY21) 10%
No. of Brands 185
17
Leveraging Trade Generics Market Opportunity
Highlights
Key Drivers
Fastest Growing SBV in the last three years chart
Rs.43.7 Crores Trade Generics SBV revenue (FY21)
Low costs generics
compared to branded
INR Crores
Trade Generics Revenue
27
+27%
30
44
Distributed through 703+ Stockists & Distributors
Similar quality to branded generics but are sold at relatively lower prices
FY19
FY20
FY21
Sold directly to the distributor and not marketed through Medical representatives
People in rural areas who are less privileged to access the healthcare facilities
Stockists and distributors spread across 15 states (FY21)
Government push for schemes such as Jan Aushadhi Yojana, encouraging traded generics use
With number of Brands on CAGR basis growing faster than the Revenue
+30%
128
185
110
FY19
FY20
FY21
18
Export Business Overview
No. Of Customers/ Buyers Focused on Emerging & Semi-Regulated Markets
Brand Used Own Brands and End Customer Brands
Products Exported 56 Products during FY21 which includes Generic Medicines & Health Supplements
Revenue Mix: 4% of FY21 Revenue from Operations Exports SBV: INR of 19 crore as of FY21. This segment saw a 78% of YoY as of FY21.
Geographic Reach
19
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
Licensed to manufacture 3,279 Products as of FY21
2 out of 11 filed Patents were granted as of FY21
Consistent in R&D Expenditure
Robust Growth in Complex Generics
45 Experts in Medical Affairs As of FY21
R&D Expenditure
42
INR Crores
39
36
No. of Variations in Complex Generics
+22%
725
934
625
Focus on low cost First-to-launch generic products
Significant Experience in developing Multi-Drug Products
2019
2020
2021
Leading to New Innovations
Chocolate flavored chewable tablets
Dispersible tablets
Sustained release products
Novel Formulations of Existing Molecules
2019
2020
2021
Leading to Significant increase in Revenue from High Margin Complex Generics:
28%
28%
11%
32%
FY19
0%
29%
28%
11%
30%
FY20
2%
33%
23%
12%
31%
FY21
Fixed Dosage Combinations
Fixed Dosage Modified Release
Customised Generics
Chewable/ Dispersable
0%
Plain Oral Solids
20
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
Total Installed operating capacity per annum
Plant wise operating capacity as of 31st March FY21
Key Highlights
Categories
FY20
FY21
Tablets & Capsules
5,258 Mn
7,064 Mn
*Capacity in Mn
4,335
Pouch & Sachet
43 Mn Packs
54 Mn Packs
Category Wise Capacity Utilization % for FY20 & FY21
45%
38%
7%
2020
43%
39%
4% 2021
Tablets/Capsules Pouch/Sachet
4,277
20
38 Plant 2
818
772
22
23 Plant 1
Tablets & Capsules Pouch/ Sachet Liquid Bottles
Net block of Fixed Assets* INR 93.0 Crores As of Mar 2021
INR 1,06.3 Crores Invested in building PPE & Other **Intangible Assets of Last 3 years
Capex for FY21 stands at Rs. 79.2 Crores
Total 163 Employees in Quality Control As of FY21
3 Plants are WHO- GMP compliant
992
992 0 0 Plant 3
1,034
1,022
12 Plant 4
*Capacity is in terms of per annum
**Intangible Assets excluding CWIP/ROU/Intangible under development)
21
Strategies & Way Forward…
Strategic Investments/ Acquisitions
• Top 5 CDMO status benefits the company from the Industry consolidation trend in an already highly fragmented market with 400 Organized
and 15,000* unorganized players
Injectables
• Plan to invest INR 499 Mn of Capex to foray into High Growth Injectable business by leveraging the
existing CDMO Customers in Domestic and Emerging Markets
Focus on non-CDMO SBVs • Focus on already high growth Domestic Trade Generics and OTC Brands SBV & high growth export
markets and capitalize on industry opportunities
Key Strategies
Leveraging our leadership in the CDMO industry • Capitalize on 14% growth of Domestic formulations CDMO industry & outsourcing Trend of the Indian CDMO Industry*; further capitalize on our capabilities in making complex products, and the PLI Scheme 2
Increase Customer Base
• Continue to leverage being among the few players with wide range of CDMO offering and experience in providing
customer-centric additive manufacturing solutions to further increase the customer base
Innovation & Product Development
• Continue to focus on expanding the product development and manufacturing capabilities in complex generic products and take advantage of the near-
term patent expiry of key molecules
22
Consolidated Profit & Loss – Q1FY22
Particulars (Rs. Crores)
Net Revenue from Operations
Net Revenue from Operations (Adjusted)#
COGS
Gross Profit
Gross Margin (%)
Employee Expenses
Other Expenses
EBITDA$
EBITDA Margin (%)
Other Income
ESOP Costs
Finance Costs
Depreciation
Reported PBT
Taxes
Reported PAT
Exceptional Item*
Tax benefit due to merger with Windlas Healthcare
Adjusted PAT
Q1FY22
111.0
111.0
71.3
39.6
35.7%
15.8
11.1
12.8
11.5%
-0.7
0.4
0.5
3.0
9.6
2.9
6.7
0.0
0.0
6.7
Q1FY21
102.3
95.3
66.1
36.2
35.4%
13.2
9.3
13.7
YoY%
8.5%
16.5%
9.4%
32 bps
-6.6%
13.4%
- 185 bps
-0.7
0.0
0.3
3.0
-10.5
1.6
-12.0
-21.6
4.3
5.3
-8.6%
NA
26.4%
Q4FY21
106.8
106.8
71.1
35.8
33.5%
16.5
8.1
11.1
10.4%
-0.8
0.0
0.3
3.4
8.2
2.3
5.9
0.0
0.0
5.9
QoQ%
3.9%
3.9%
10.8%
224 bps
15.3%
-115 bps
17.1%
13.6%
13.6%
* Goodwill write-off on account of acquisition of Windlas Healthcare, # Refer Slide 24, $ EBITDA excluding ESOP expenses.
23
Adjustments for Q1FY21
Revenue Adjustment (Rs. Crores)
102
7
95
Q1 FY21 - Reported
Rev. shift from previous quarter
Q1 FY21 - Adjusted
EBITDA Adjustment (Rs. Crores)
13.7
0.9
2.2
0.4
3.0
12.4
1.8
Q1 FY21 - Reported
EBIDTA shift from previous quarter
Higher Sales Impact on Gross Margins
Gross Margin Improvement
Employee Benefit Expenses
Other Expenses
Q1FY22 - Reported EBITDA
Adjustments: Finished goods manufactured in the previous quarter sold in reported quarter on account of lockdowns
24
Quarterly Performance Highlights
Revenue
+8%
107
102
111
+4%
Rs. Crores
EBITDA & EBITDA Margin (%) EBITDA & EBITDA Margin (%)
13.4% 13.4%
14
10.4% 10.4%
-10%
11
11.2% 11.2%
12
+11%
d e t a d
i l
o s n o C
Q1 FY21
Q4 FY21
Q1 FY22
Q1FY21
Q4 FY21
Q1 FY22
e u n e v e R
l
a t n e m g e S
CDMO
+9%
87
88
96
+10%
Trade Generics & OTC
+37%
11
9
12
+9%
Exports
-58%
8
5
-73%
2
Q1 FY21
Q4 FY21
Q1 FY22
Q1 FY21
Q4 FY21
Q1 FY22
Q1 FY21
Q4 FY21
Q1 FY22
25
Segment Break-up
Q1FY21
Q4FY21
Q1FY22
86%
9%
5%
81%
11%
8%
86%
11%
2%
CDMO
Trade Generics & OTC
Exports
CDMO
Trade Generics & OTC
Exports
CDMO
Trade Generics & OTC
Exports
26
Financial Snapshot
Revenue (Rs. Crores)
428
+18%
329
307
EBITDA (Rs. Crores)
Adjusted* PAT (Rs. Crores)
+20%
55
38
34
+42%
16
14
Consolidated
29
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
EBITDA Margin (%)
12.3%
12.7%
10.3%
Adjusted PAT* Margin (in %)
6.8%
4.6%
4.9%
Adjusted EPS
16.0
8.4
8.9
FY19
FY20
FY21
27
* Adjusted for one-time write-off relating to Goodwill
FY19
FY20
FY21
FY19
FY20
FY21
27
Financial Snapshot
Asset Turnover Ratio
4.7
4.9
4.6
Net Worth (Rs. Crores)
Net Debt to Equity (x)
Consolidated
199
211
200
0.1
FY19
FY20
FY21
FY19
FY20
FY21
ROCE (In %)
27%
20%
15%
ROE (In %)
19%
11%
10%
0.0
FY19
FY20
Net Debt to EBITDA (x)
0.4
0.3
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
0.0
FY21
0.0
FY21
28
Note: Capital Employed & Equity calculations for ROCE & ROE are after removing cash/bank & Mutual fund balances
28
Consolidated Profit & Loss Statement
Particulars (Rs. Crores)
Net Revenue from Operations
COGS
Gross Profit
Gross Margin (%)
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin (%)
Other Income
Finance Costs
Depreciation
PBT before exceptional items
Taxes
Reported PAT
Exceptional (Expense)/Gain
Tax benefit due to merger with Windlas Healthcare
Adjusted PAT
Adjusted PAT Margin (%)
Adjusted Earnings Per Share2 (EPS)
FY21
427.6
274.4
153.2
35.8%
58.3
40.0
54.5
12.7%
3.1
1.3
13.0
43.4
6.2
15.6
-21.6
8.3
28.8
6.8%
15.99
FY20
328.9
211.6
117.3
35.7%
43.6
24.7
34.0
10.3%
2.5
2.5
9.3
24.7
6.2
16.2
0.0
0.0
16.2
4.9%
8.90
Consolidated
FY19
307.3
191.9
115.3
37.5%
43.0
33.1
37.7
12.3%
4.3
4.8
10.6
26.6
6.2
63.8
49.5
0.0
14.3
4.6%
8.42
Consolidated Balance Sheet Statement
Equities & Liabilities (Rs. Crores)
FY21
FY20
FY19
Equity
Equity Share capital
Other Equity
Non Controlling Interest
Total Equity
Financial liabilities
(i) Borrowings
(ii) Other Financial liabilities
(iii) Lease Liability
Deferred tax liabilities (Net)
Provisions
Total Non Current Liabilities
Financial liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Other financial liabilities
(iv) Lease Liability
Provisions
Other current liabilities
Total Current Liabilities
6.4
192.7
0
199.1
0.8
0.2
0.5
0.7
1.4
3.6
29.4
40.4
2.7
20.6
0.0
0.3
93.4
6.4
203.2
0
209.7
1.2
0.1
1.0
0.0
1.2
3.5
20.9
83.6
1.5
18.9
0.0
0.4
125.3
6.4
187.2
0
193.6
5.8
0.0
1.5
0.0
1.1
8.4
17.1
58.4
2.8
13.7
4.0
0.3
98.5
Assets (Rs. Crores) Non Current assets Property, Plant and Equipment Capital work in progress Intangible assets Right to use assets Financial Assets
(i) Investments (ii) Loans Deferred Tax Assets (net) Other non-current assets Total Non Current Assets Current Assets Inventories Financial Assets
(i) Investments (ii) Trade receivables (iii) Cash and Bank Balances (iv) Bank Balances & Financial Assets (v) Other Financial Assets
Current Tax Assets(Net) Other current assets Total Current Assets Non current Asset held for sale
Consolidated
FY21
FY20
FY19
92.5 0.0 0.5 3.0
0.0 3.0 0.0 2.9 101.8
66.1 0.0 0.6 3.6
94.0 2.2 0.7 3.3 170.5
59.7 4.6 0.4 4.2
101.5 2.1 0.5 4.8 177.7
41.5
49.3
19.0
23.1 79.4 15.9 15.2 0.4 4.0 14.8 194.3
22.3 63.9 18.1 0.3 0.1 0.9 13.1 168.0
20.9 61.7 12.9 0.3 0.1 0.0 5.5 120.5
Total Equity and Liabilities
296.1
338.5
298.2
Total Assets
296.1
338.5
298.2
Consolidated Cash Flow Statement
Consolidated
Particulars (Rs. Crores)
Net Profit before Tax and Extraordinary items
Adjustments for: Non Cash Items / Other Investment or Financial Items
Operating profit before working capital changes
Changes in working capital
Cash generated from Operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
Cash & Cash equivalents at the end of the period
FY21
21.7
36.3
58.0
40.0
18.0
6.5
11.5
-20.2
0.8
-8.0
23.9
15.9
FY20
24.7
17.3
42.0
3.5
38.4
13.4
25.0
-14.3
-5.4
5.2
12.9
18.1
FY19
76.1
-33.9
42.2
11.5
30.7
12.1
18.7
-5.3
-6.2
7.2
5.7
12.9
IPO Proceeds Utilization
Particulars (Rs. Crores)
Purchase of equipment required for
capacity expansion of our existing facility at our Dehradun Plant – IV
(i) (ii) addition of injectables dosage capability at our existing facility at Dehradun Plant – II
Funding incremental working capital requirements of our Company
Repayment/prepayment of certain of our borrowings
General corporate purposes
Total Net Proceeds
Proposed
Utilized as on 8th Sept. 2021
Balance
50.0
47.6
20.0
35.7
153.3
0.0
0.0
20.0
25.0
45.0
50.0
47.6
0.0
10.7
108.3
32
Listing of Equity Shares
Listing of Equity shares on BSE and NSE on 16th August 2021
33
Contact Us
Company:
Investor Relations Advisor:
CIN: 74899UR2001PLC033407 Ms. Komal Gupta Email: komal@windlasbiotech.com Contact no.: +91 124 2821034
www.windlas.com
CIN: U74140MH2010PTC204285
Mr. Jigar Kavaiya / Mr. Chinmay Madgulkar E: jigar.kavaiya@sgapl.net / chinmay.m@sgapl.net T: +91 9920602034 / +91 9860088296
www.sgapl.net