- 17 May 2024
- ICICI Securities
CAPLIN POINT Q4FY24- US DRIVEN GROWTH CONTINUES
News: Revenues grew ~16% YoY to Rs 453 crore on the back of ~78% growth in Caplin Steriles (mainly US) to Rs 103 crore which was driven by consistent launches in injectables and ophthalmics. Legacy Latam markets growth was slightly muted at 5% to Rs 350 crore on a higher base. EBITDA grew ~17% YoY to Rs 145 crore with margins stood at 32%. PAT grew ~20% to Rs 121 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 11 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 Rs 650-700 crore (~Rs 460 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