Ratings notes below
31.03.2023 (ICRA notes)
- African markets generates ~32-35% to export sales
- Manufacturing facility in Khatraj, Gujarat, received clearance from Therapeutic Goods Administration (TGA) for all three departments—tablets, capsules and creams
- In FY2022, company had acquired a plant in Mehsana (Gujarat) for Cephalosporin products. The production from this plant started from September 2022, which is expected to aid to near term revenue growth and earnings
- Extended sizable inter-corporate loans to unrelated parties, which stood at ~Rs. 58.6 crore as on March 31, 2022.
- There has not been any instance of bad debts in the past
- Higher credit period (up to ~120 days over ~60-90 days in the domestic market)
Disclosure: Invested (position size here, no transactions in last-30 days)