- 08 Aug 2024
- ICICI Securities
Caplin Point Q1FY25- Inline revenues but margins better
CAPLIPOINT - 2014 Change: 4.20 (0.21 %)News: Revenues grew ~16% YoY to ₹ 459 crore on the back of ~69% growth in Caplin Steriles (mainly US) to ₹ 78 crore which was driven by consistent launches in injectables and ophthalmics. Legacy Latam markets grew 9% to ₹ 381 crore. EBITDA grew ~20% YoY to ₹ 152 crore with margins stood at 33%. PAT grew ~22% to ₹ 125 crore.
Views: With US run-rate maintaining high tempo, the company is increasingly looking for new launches, product registration, backward integration besides looking for new expended production lines. The company plans to launch 8 new products in the US in the current fiscal, in several niche segments of Injectables and Ophthalmic. Besides US, it is augmenting plants for bigger geographies of Mexico, Columbia and Chile. Overall, it has undertaken significant capex to the tune of ₹ 650-700 crore (~Rs 500 crore already consumed) for expansion of Caplin Steriles plant for new lines, expansion of Latam focused plant, General API facility, Oncology API facility, Oncology OSD/ Injectables facility, new OSD facility among others.
Impact: Positive