Any current/future new fundraising through debt or equity?

TAKE Solutions currently has credit lines available to support growth for the next several quarters. They have maintained options to raise credit but have not specified any immediate new fundraises. The acquisition of $52 million for DataCeutics and KAI Research was funded out of internal accruals and previous capital infusion. The company currently holds a limited war chest of cash but has access to credit lines if needed. No explicit mention of plans for fresh equity fundraising or additional debt issuance was made for the near term. The focus appears to be on utilizing existing resources an

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

Internal capex requirements for FY2020 and FY2021 are generally manageable; the company feels fairly okay with current plans. Several work-in-progress intellectual properties (IPs) are at an interesting stage, expected to be capitalized and go to market soon. DataCeutics (DC) may not require much capex. KAI Research (KAI) is expected to require some investment; originally planned in the budget. Investment in KAI capex is anticipated to begin in one to two quarters from the discussion date (May 2019), not immediately. Overall, FY2020 capex is expected to be between Rs.120 Crores to Rs.150 Crore

Future growth expectations in sales/revenue/volumes?

Company achieved a revenue of Rs. 2,039 Cr in FY2019, a 28.5% YoY growth in rupee terms and 19% in dollar terms, indicating strong growth momentum (Page 3). Order book for Life Sciences as of March 2019 stood at $245.12 million, up 36.6% YoY, reflecting robust sales pipeline (Page 4). Company expects continued strong growth aided by expansion in North America through recent acquisitions, enhancing full-service CRO capabilities (Page 8). Growth driven by differentiated technology platforms like OneClinical, expanded predictive modeling, workflow enablement, and expanded services across therapeu

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

TAKE Solutions achieved strong revenue growth: 28.5% YoY in rupee terms and 19% in dollar terms in FY2019. EBITDA margin maintained around 18.81% (unadjusted) and 20.46% (adjusted) for FY2019. Adjusted EBITDA grew by 11.4% in Q4 FY2019. Expectation to maintain EBITDA margins around 12-13% excluding acquisitions. Acquisitions (DataCeutics and KAI Research) are expected to deliver EBITDA around 16%. Synergies from acquisitions will likely improve EBITDA over 6-12 months, with DataCeutics showing earlier margin improvement. Capex planned between Rs.120 Crores to Rs.150 Crores for FY2020, supporti

Current/ Expected Orderbook/ Pending Orders?

Closing order book as of March 2019: $251.70 million, with $245.12 million pertaining to Life Sciences. Order book increased from $189.36 million in FY2018, with Life Sciences order book at $179.46 million. Year-on-year growth in Life Sciences order book: 36.6%, better than expected. The order book does not include DataCeutics and KAI Research acquisitions, which add approximately $30 million. Company starts FY2020 on a strong footing with a robust and growing order book.

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Take Solutions LtdQ1 FY19Healthcare Services

Take Solutions Ltd Q1 FY19 Earnings Call Analysis

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

Price: ₹29.7P/E: 3157.7Market Cap: ₹632 CrSector: Healthcare Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Company achieved a revenue of Rs. 2,039 Cr in FY2019, a 28.5% YoY growth in rupee terms and 19% in dollar terms, indicating strong growth momentum (Page 3).
→Order book for Life Sciences as of March 2019 stood at $245.12 million, up 36.6% YoY, reflecting robust sales pipeline (Page 4).
→Company expects continued strong growth aided by expansion in North America through recent acquisitions, enhancing full-service CRO capabilities (Page 8).
→Growth driven by differentiated technology platforms like OneClinical, expanded predictive modeling, workflow enablement, and expanded services across therapeutic areas (Pages 7-8).
→Expects to maintain EBITDA margins with some improvement from offshore delivery and operational efficiencies (Pages 14-15).
→Anticipates steady-state unbilled receivables around 15 days; working capital cycle expected to improve from ~120-130 days to about 90 days over two years (Page 17).
→Growth supported by continuing investments in IP, technology, and sales enablement assets (Pages 7, 15).

Margin guidance

Category 3

→TAKE Solutions achieved strong revenue growth: 28.5% YoY in rupee terms and 19% in dollar terms in FY2019.
→EBITDA margin maintained around 18.81% (unadjusted) and 20.46% (adjusted) for FY2019.
→Adjusted EBITDA grew by 11.4% in Q4 FY2019.
→Expectation to maintain EBITDA margins around 12-13% excluding acquisitions.
→Acquisitions (DataCeutics and KAI Research) are expected to deliver EBITDA around 16%.
→Synergies from acquisitions will likely improve EBITDA over 6-12 months, with DataCeutics showing earlier margin improvement.
→Capex planned between Rs.120 Crores to Rs.150 Crores for FY2020, supporting growth and IP development.
→Order book grew 36.6% YoY in Life Sciences, indicating strong future revenue visibility.
→Management confident about controlled EBIT/EBITDA with modest fluctuations.
→Overall, growth trajectory and profitability outlook remain positive given strong order book, acquisitions, and operational efficiencies.

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Fundraise plans

→TAKE Solutions currently has credit lines available to support growth for the next several quarters.
→They have maintained options to raise credit but have not specified any immediate new fundraises.
→The acquisition of $52 million for DataCeutics and KAI Research was funded out of internal accruals and previous capital infusion.
→The company currently holds a limited war chest of cash but has access to credit lines if needed.
→No explicit mention of plans for fresh equity fundraising or additional debt issuance was made for the near term.
→The focus appears to be on utilizing existing resources and credit facilities to support ongoing business and acquisitions.

Order book

Yes

→Closing order book as of March 2019: $251.70 million, with $245.12 million pertaining to Life Sciences.
→Order book increased from $189.36 million in FY2018, with Life Sciences order book at $179.46 million.
→Year-on-year growth in Life Sciences order book: 36.6%, better than expected.
→The order book does not include DataCeutics and KAI Research acquisitions, which add approximately $30 million.
→Company starts FY2020 on a strong footing with a robust and growing order book.

Capex plans

Yes

→Internal capex requirements for FY2020 and FY2021 are generally manageable; the company feels fairly okay with current plans.
→Several work-in-progress intellectual properties (IPs) are at an interesting stage, expected to be capitalized and go to market soon.
→DataCeutics (DC) may not require much capex.
→KAI Research (KAI) is expected to require some investment; originally planned in the budget.
→Investment in KAI capex is anticipated to begin in one to two quarters from the discussion date (May 2019), not immediately.
→Overall, FY2020 capex is expected to be between Rs.120 Crores to Rs.150 Crores or possibly less.

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