I am sharing my work on entities related to the Anuh Pharma group.
The 4 main group cos operating in pharma sector are Anuh Pharma (listed co), Eskay Iodine (operates in iodine based APIs), S Kant Healthcare (formulations business in Africa), and Eskay Speciality (specialty chemical business).
Eskay Iodine
- Manufactures iodine based chemicals and has low operating margins (5-9% OPM)
- Benefitted from higher iodine prices, grown very well in 2022
- In terms of scale, they are smaller than Anuh Pharma
S Kant Healthcare
- Has very good margins (20-25%), exporting formulations specializing in anti-malarial drugs. For anti-malarial drugs, they source API partly from Anuh Pharma
- Has reached good scale, 45 cr.+ PAT in FY22 (vs 31 cr. for Anuh Pharma)
- Has done very good growth in Nigeria, very big presence in Africa
Eskay Speciality
- They largely operate in regulated markets of USA, Europe and Australia.
- It seems that this is a very high margin business, not much data available in open domain
Disclousure: Invested (position size here, bought shares in last-30 days)