SMS Pharmaceuticals Ltd

- No major capex or new fundraising planned for FY2024 as the company aims to consolidate cash flows and revenue. - No current plans for Greenfield or Brownfield expansions, indicating limited immediate need for debt or equity raising. - Regular maintenance capex only, suggesting stable capital expenditure without large funding requirements. - Any major capex or fundraising may be considered from FY2025 onwards, depending on FY2024 performance. - Overall focus is on optimizing existing operations and R&D for margin improvement rather than expansion requiring external funding.

- No major capex planned for FY2024; focus is on consolidating cash flows and driving revenue growth first. - Only regular, normal plant maintenance capex expected in FY2024, nothing extraordinary. - No plans for Greenfield or Brownfield expansions currently; company prefers to consolidate operations before new projects. - Potential capex may be considered in FY2025 depending on FY2024 performance. - R&D investment is focused on cost optimization, backward integration (making intermediates and KSMs in-house), and exploring new therapeutic categories. - Increasing capacity utilization (targeting 75-80% for FY2024) before pursuing any capacity expansions.

- The company expects around **20% topline (revenue) growth** in FY2024 compared to FY2023. - Growth drivers include existing businesses, ARV segment revival, anti-diabetic segment, and Ibuprofen volumes. - ARV business contribution is anticipated to be around **20%** in coming quarters, marking a recovery from previous low levels. - Capacity utilization is targeted to improve to **75-80%** in FY2024, supporting volume growth. - Ibuprofen commercial capacity is expanding from **300 MT to 700-900 MT per month** within six months, aiding volume increase. - The company aims to consolidate current capacities before future expansions, with no major capex planned in FY2024. - Growth is expected to be supported by increased domestic and semi-regulated market presence, particularly for products like alfuzosin.

- SMS Pharmaceuticals is targeting around 20% topline growth in FY2024 compared to FY2023. - EBITDA margins are expected to improve towards 17%, with aims to achieve pre-COVID levels of around 20% margin over the next two years. - ARV segment EBITDA margin is expected to be around 15%, with a revenue contribution targeted at approximately 20%. - The company plans better margin realization through vertical integration, backward integration, and in-house production of key starting materials to optimize costs. - Raw material prices have stabilized, which is expected to support margin expansion gradually. - Ibuprofen volumes are expected to grow substantially with capacity increasing from 300 MT to 700-900 MT per month over six months, supporting revenue growth. - Focus on R&D and cost optimization is seen as a key driver to improve operating profitability going forward.

- The ARV (Antiretroviral) segment has recently added more customers, with orders now starting to flow in. - Healthy orders of ARV products are expected for at least the next two to three quarters. - The company expects a decent contribution from the ARV segment, targeting around 20% revenue contribution. - The operating segment is tender-driven, but SMS Pharmaceuticals is only an API player; formulators bid for tenders. - No specific values for the current order book or pending orders are disclosed in the transcript. - Overall, the outlook suggests a growing and steady order inflow in key segments like ARV for FY2024.