Any current/future new fundraising through debt or equity?

Gujarat Themis Biosyn Limited is planning significant CAPEX over the next three years, likely increasing beyond the initially planned Rs. 200 crores. Funding for this CAPEX will be partially through internal accruals. The company will also pursue debt-equity financing but has not finalized the exact mix of debt or equity. A decision on the mode of funding (debt, equity, or mix) is expected within the next six to nine months. No specific mention of immediate fundraising via equity dilution; evaluations are ongoing.

Any current/future capex/capital investment/strategic investment?

Phase-I CAPEX of around Rs. 80 crores is near completion with some additional minor spend expected until plant commissioning in December 2023. Construction of new API block and R&D block to be commissioned by December 2023. Additional fermentation capacity expansion underway, expected ready by 2025. Total CAPEX planned over three years initially estimated at Rs. 200 crores but now expected to be at least double that amount, possibly more. Funding will be through a mix of internal accruals and debt-equity options under consideration over the next 6-9 months. The company is applying fo

Future growth expectations in sales/revenue/volumes?

Current sales closely match production; capacity utilization is above 100% due to prior inventory. Strong demand outlook for the rest of FY24; aiming to maintain or improve capacity utilization from last year's 75-80%. Expected revenue growth tied to full capacity utilization and new API block commissioning from December 2023. New API plant focusing on Rifapentine with flexible multi-purpose production capacity (~7 tons/month). Anticipate significant revenue increase once API revenues start, but exact growth magnitude is uncertain. Earlier guided 25-30% revenue growth in FY24 if 100% capacity

Future growth expectations in earnings/operating earnings/profits/EPS?

The company anticipates strong demand and expects better capacity utilization this year compared to the previous 75%-80% last year. Revenues for FY24 are expected to grow if 100% capacity utilization is achieved, targeting around Rs.190-200 crores. Growth is linked to selling what is produced, with no backlog inventory, implying stable real-time sales. API block commissioning by December 2023 is expected to generate incremental revenues starting FY25. Rifapentine production presents significant growth potential with promising pricing and market demand. EBITDA margins were impacted due to incre

Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention the exact current or expected order book or pending orders in numerical terms. Dr. Sachin Patel indicated strong demand currently with no backlog of inventory, implying orders are being fulfilled as produced. For Rifapentine, initial Indian government tenders indicate demand around 30-40 MT annually, possibly higher. The company anticipates growth if 100% capacity utilization is maintained, targeting Rs.190-200 crores top-line for FY24. Production matches sales currently; no carryover inventory suggests orders are being met promptly. New API capacity

Gujarat Themis Biosyn LtdQ2 FY24Pharmaceuticals & Biotechnology

Gujarat Themis Biosyn Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹363.2P/E: 97.2Market Cap: ₹4.7K CrSector: Pharmaceuticals & Biotechnology

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Current sales closely match production; capacity utilization is above 100% due to prior inventory.
Strong demand outlook for the rest of FY24; aiming to maintain or improve capacity utilization from last year's 75-80%.
Expected revenue growth tied to full capacity utilization and new API block commissioning from December 2023.
New API plant focusing on Rifapentine with flexible multi-purpose production capacity (~7 tons/month).
Anticipate significant revenue increase once API revenues start, but exact growth magnitude is uncertain.
Earlier guided 25-30% revenue growth in FY24 if 100% capacity utilization is sustained.
Inventory normalized; no immediate benefit from inventory build-up expected going forward.
Long-term growth boosted by expanding fermentation-based product portfolio and new CAPEX plans, which may exceed Rs. 200 crores.
Market shifts like Rifapentine adoption and rifaximin patent expiry could positively impact volumes.

Margin guidance

Category 3

The company anticipates strong demand and expects better capacity utilization this year compared to the previous 75%-80% last year.
Revenues for FY24 are expected to grow if 100% capacity utilization is achieved, targeting around Rs.190-200 crores.
Growth is linked to selling what is produced, with no backlog inventory, implying stable real-time sales.
API block commissioning by December 2023 is expected to generate incremental revenues starting FY25.
Rifapentine production presents significant growth potential with promising pricing and market demand.
EBITDA margins were impacted due to increased R&D and skilled workforce investments.
EPS for Q2 FY24 was reported at Rs.8.63 per share; half-year EPS stands at Rs.20.83.
CAPEX associated with growth is expected to increase (possibly doubling from Rs.200 crores), funded by internal accruals and debt-equity mix.
R&D expenses may fluctuate, reflecting developmental activity levels.

See what Gujarat Themis Biosyn Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Gujarat Themis Biosyn Limited is planning significant CAPEX over the next three years, likely increasing beyond the initially planned Rs. 200 crores.
Funding for this CAPEX will be partially through internal accruals.
The company will also pursue debt-equity financing but has not finalized the exact mix of debt or equity.
A decision on the mode of funding (debt, equity, or mix) is expected within the next six to nine months.
No specific mention of immediate fundraising via equity dilution; evaluations are ongoing.

Order book

The transcript does not explicitly mention the exact current or expected order book or pending orders in numerical terms.
Dr. Sachin Patel indicated strong demand currently with no backlog of inventory, implying orders are being fulfilled as produced.
For Rifapentine, initial Indian government tenders indicate demand around 30-40 MT annually, possibly higher.
The company anticipates growth if 100% capacity utilization is maintained, targeting Rs.190-200 crores top-line for FY24.
Production matches sales currently; no carryover inventory suggests orders are being met promptly.
New API capacity commissioning expected by December 2023 aims to support future order fulfillment and revenue growth.
Demand for their products, including emerging ones like Rifapentine, is described as strong and solid for the near term.

See what Gujarat Themis Biosyn Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Phase-I CAPEX of around Rs. 80 crores is near completion with some additional minor spend expected until plant commissioning in December 2023.
Construction of new API block and R&D block to be commissioned by December 2023.
Additional fermentation capacity expansion underway, expected ready by 2025.
Total CAPEX planned over three years initially estimated at Rs. 200 crores but now expected to be at least double that amount, possibly more.
Funding will be through a mix of internal accruals and debt-equity options under consideration over the next 6-9 months.
The company is applying for incentives from the Gujarat Government Biotechnology Promotion Board but not participating in the central government's PLI scheme.
New facilities will comply with global regulatory norms targeting both domestic and export markets.

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