#ROE

In FY24, ROE witnessed an upward trend, increasing to 17.96%. Company observed a rise in the ratio, owing to an increase in the net profit. The company has a focused presence in North India, delivering quality healthcare services which in turn drives patient volumes. Strong patient volumes postpandemic and cost efficiency drove the overall profit and improved the ROE. Medanta is further foraying into Central India, supported by expansions across the NCR region. This would help to widen its patient base, thereby improving profitability and maintaining strong return ratios of the company going ahead.

#COMPANY #POTENTIAL

• Indian healthcare industry – The industry is growing at a significant pace, owing to its strengthening coverage, services and increasing expenditure by the public and private sectors. Going forward, the industry is anticipated to grow, mainly driven by the increased government expenditure and initiatives to boost the healthcare sector, followed by better case mix, higher ARPOBs and bed additions. The sector is also witnessing significant private equity activity, with investments directed towards both multispecialty and single-specialty hospitals and clinics. • Government Initiatives – Various initiatives have been undertaken which seeks to comprehensively strengthen the healthcare system, right from primary to tertiary care, thereby providing healthcare assurance and increase the coverage of healthcare services. • Health • Urban/Rural • Medical Insurance industry - The overall sector in India has undergone significant changes driven by regulatory reforms, technological advancements and increased public awareness. Standalone health insurance premiums surged by ~26% in FY24 YoY. This further propels the demand for healthcare services as insurance policies partly cover health expenses, eventually reducing the healthcare cost burden and encouraging an individual to undergo treatment. shift - Existing hospital beds and hospitalization services have a high level of concentration in urban areas, which in turn impacts the accessibility and affordability of these services in rural areas. While in the public sector, ~61% of beds are present in urban areas, the proportion jumps to 80% in case of the private sector. On an aggregate level, 72% of total beds are in urban areas while only 28% are in rural areas. Expenditure - While the all-India average medical expenditure per hospitalization case in public hospitals is low at ~₹4,452, the same for private hospitals is as high as ~₹31,845. Despite higher costs, mostly people depend on private hospitals for treatment as these largely meet service quality needs and demands

#COMPANY #OUTLOOK

• At a group level, the key levers that would further drive growth would be ramp up of the developing hospitals and adding up new specialties. Also, by focusing on improving efficiencies, mainly driven by increasing volumes, partly supported by tariff hikes. Strategically positioned in attractive markets, Medanta is well-positioned to meet the growing demand and has established a strong reputation as a leading destination for specialized care, attracting patients from various states who require treatment for complex procedures. • They expect international revenues (~₹54 cr in Q3 FY25) to increase going ahead. However, one of the challenges faced by the industry as a whole is that Bangladesh, being a leading country, sending patients for medical care in India has taken a hit over the course of 6-9 months period. Although, the company expects this scenario to stabilize. • Regional Outlook – ➢ The greenfield project at Medanta Noida hospital, with ~550-bedded capacity is progressing as planned. The hospital is envisaged to be commissioned by Q1/Q2 FY26 with ~300 beds being operational. ➢ During the quarter, it further expanded into Ranchi with a 110-bedded hospital under a lease term agreement. Strategically located ~1.2 kms from the existing Medanta Ranchi hospital, the new facility enables seamless integration and operational synergies. The hospital is expected to commence operations by the end of Q1 FY26. Overall, the complete investment is expected to be ~₹50 cr. ➢ Overall, the company has ~1,000 bed additions planned in the next 2 years, including Noida and the remaining expansion taking place in the existing units. They have 3 greenfield projects underway, comprising ~1,600 beds which includes Oshiwara, Mumbai with a 500-bedded hospital; Pitampura, New Delhi with a 750-bedded hospital and South Delhi project with 400 beds planned. These projects are under various stages of approval and construction, which shall take 3-4 years to commenc

Global Health Limited MEDANTA 1000-1190
Expected level 1500
Support 850

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Zydus Lifesciences Company details report

In 1995, the group was restructured and thus was formed Cadila Healthcare under the aegis of the Zydus group. From a humble turnover Rs. 250 crores in 1995 the group witnessed a significant financial growth and registered a turnover of over Rs. 14,253 crores in FY20.
Adhering to its brand promise of being dedicated to life in all its dimensions, Zydus continues to innovate with an unswerving focus to address the unmet healthcare needs. Simultaneously it rededicates itself to its mission of creating healthier, happier communities across the globe

Business Segments

1) US Formulations (51% in Q1 FY25 vs 38% in FY22) The company distributes over 200 generic products in the U.S. market, holding leadership positions in more than 20% of its product families and ranking among the top three in approximately 60% of its products. As the 5th largest generic company in the U.S., it has launched 67 new products between FY23 and Q1 FY25, including Indomethacin suppository and Zituvimet. By FY24, the company had secured 402 product approvals and 460 ANDA filings. Segment revenue grew by 49% from FY22 to FY24, driven by volume expansion and new product launches. [

2) India Business (37% in Q1 FY25 vs 45% in FY22): The segment is split into:
a) Formulations (23% in Q1 FY25 vs 32% in FY22): The company offers branded formulations focused on therapeutic areas including Cardiology, Anti-Diabetes, Respiratory, Gynaecology, GastroIntestinal, Dermatology and super specialty areas of Oncology and Nephrology. Its key brand portfolio includes Vivitra, Exemptia, Atorva, Forglyn, Lipaglyn, Ujvira, etc. The company’s brands were ranked amongst the Top 300 brands of the Indian Pharmaceutical Market during FY24. The segment revenue grew by 12% between FY22 and FY24, as its innovation products registered strong volume growt

b) Consumer Wellness (14% in Q1 FY25 vs 13% in FY22): The company operates in two different segments viz. personal care segment comprising the Nycil and Everyuth brands and food and nutrition segment through the brands Glucon-D, Sugar Free, Complan, and Nutralite. Five out of these six brands hold leadership positions in their respective categories. The segment revenue grew by 16% between FY22 and FY24.

International Markets Formulations

The company's international markets division comprises of the Emerging Markets (selected territories in Asia Pacific, Middle East, Africa and Latin America) and Europe (France, Spain and the UK). It operates in the branded generics segment with Cardiology, Diabetology, Neuro-Psychiatry, and Pain Management in the emerging markets. It has a market share of 7.4% in Sri Lanka with 30 brands ranked first in their respective molecule categories. It is also the 2nd largest company in South Africa and the 9th largest in the Phillippines in the participated market. The segment revenue grew by 34% between FY22 and FY24, driven by strong demand across all key geographies

Financial Highlights

• In Q4 FY25 and FY25, the company achieved strong revenue growth in line with expectations. • During the year, EBITDA was ₹7,058.5 crore, up by 31.1% YoY owing to improved product mix and operating leverage. • In FY25, they incurred a capex of ₹1,214 crore. • As on 31st March 2025, net cash stood at ~₹4,884 crore as compared to ~₹856 crore in 31st March 2024.

BUSINESS HIGHLIGHTS

INDIA • During the quarter, revenue from this region grew by 13% YoY and stood at ₹2,447.5 crore and it outpaced the overall market growth. In FY25, revenue was ₹8,612.5 crore, an increase of 12% YoY. • In Q4 FY25, revenue from formulation business was ~₹1,539 crore an increase of 10.7% YoY led by strong uptick in pillar and innovation brands. The strategic interventions in previous years have enabled the branded formulations business to consistently outperform the market, with a continued focus on strengthening presence in priority therapy areas. • Secondary sales during the quarter grew by ~10% YoY. This performance was primarily fueled by the chronic segment, which delivered higher-than-market growth across key therapies. • In Q4 FY25, the consumer wellness segment reported revenue of ₹908.1 crore, a growth of 17.1% YoY with a volume growth of ~13%. Further, the personal care segment such as Nivea, EverYuth and the food & nutrition segment recorded strong double-digit growth. • They have initiated the development of the world’s first combination vaccine targeting shigellosis and typhoid with the support of Gates Foundation. • The company remains confident in its ability to outperform the market in India in FY26 despite expectations of lower industry growth supported by a robust pipeline of upcoming product launches.

UNITED STATES

• In FY25, revenue from this region stood registered a growth of 27.2% YoY and stood at ₹11,050 crore primarily driven by volume expansion and successful new product launches. • The company aims to strengthen its presence by building a comprehensive portfolio across various dosage forms and therapeutic areas. This will be achieved through a combination of in-house development and strategic partnerships. • During the quarter, the company filed 3 ANDAs (Abbreviated New Drug Application) and launched 5 new products. • They are expanding its specialty footprint in the US by developing a portfolio of 505(B)(2) products and strengthening its presence in the paediatric rare disease segment. Further, the company entered into an exclusive development, licensing, supply and commercialization agreement with Synthon BV, for a novel 505(B)(2) oncology product. • The company received US FDA (Food and Drug Administration) approval to initiate a Phase 2B clinical trial of Usnoflast in patients with ALS (Amyotrophic Lateral Sclerosis). • The management highlighted that the potential impact of US imposed tariffs on pharmaceuticals remains uncertain due to multiple factors, but any tariffs would likely affect operations. In order to mitigate this, the company explores co-development and manufacturing opportunities at third-party locations within the US for select products. • In FY26, the management anticipates single digit growth from this region with several important product launches. • The company has ~14-15 critical product launches in FY27 and does not anticipate a significant decline from FY25 performance, contingent on timely regulatory approvals. Many of these launches involve complex products with potential semi-exclusive or exclusive market opportunities. They remain committed to consistent annual product launches, steadily expanding its portfolio and strengthening its market base.

INTERNATIONAL MARKETS

• During the quarter, revenue from this region grew by 11.8% YoY and stood at ₹554.7 crore. In FY25, the same increased by 13.8% YoY and was ₹2,194.7 crore primarily attributed to solid demand across geographies. • The management highlighted that emerging markets, continued to grow at a strong double-digit rate while also improving profitability and this trend is expected to persist in the future. • Going forward, they are trying to expand the company’s presence in targeted therapy areas across key geographies driven by leveraging the company’s global R&D (research and development) capabilities, with a strong pipeline of differentiated and complex generics as well as specialty product.

FUTURE OUTLOOK

• They are aiming for double-digit revenue growth in FY26, driven by strong performance in India and international markets, along with the expansion of new growth areas like biologics and vaccines. • In FY26, the management envisages EBITDA margin to be ~26.5% owing to pricing pressures, increased competition, a loss of market share in FY25 and higher R&D spending. However, they anticipate gradual margin improvement in the range of ~50-70 bps in the future primarily led by operational efficiency initiatives. Kredent Infoedge Private Limited is a SEBI registered Research Analyst and Investment Advisor. Research Analyst SEBI Registration Number – INH300007493. Investment Advisor SEBI Registration Number – INA000017781. Registered Office Address: J-1/14, Block - EP and GP, 9th Floor, Sector V Saltlake City, Kolkata WB 700091 IN. CIN: U72400WB2006PTC111010 Disclaimer: This document has been prepared to provide a brief summary of the conference call conducted by the companies and is intended to be used for learning enhancements. Nothing contained herein should be construed as a recommendation on any stock or sector.

Zydus Lifesciences Limited 750-890
Expected level 1100
Support 650

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📌 Chaman Lal Setia Exports - Earnings Call Transcript

📑 [Quarter and Financial Year Ended March 31, 2025] Key Developments: Investor/Analysts conference call held on May 29, 2025.
Revenue increased by 11%. Company donated ₹50 lakhs to Prime Minister National Relief Fund. Rice volume around 65,000 tons and Paddy rice over 7,600 tons Stock value is ₹430 crores.

Challenges & Risks: Ocean freight rates had gone up significantly. Prices were 15-20% lower than last year.
Transportation cost has doubled, impacting profitability.

Management Outlook: Target revenue of ₹2,000 crores with new plants.
Expanding to domestic market also but not at lower prices.

Expect good profits.

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