Bliss GVS Pharma (506197) Q4 16/17 earnings summary

Executive summary

• FY17 consolidated revenue rose 44% to ₹82,532.13 lakh; PBT reached ₹11,633.82 lakh and PAT after minority interest ₹8,561.06 lakh, with EPS at ₹8.30.

• Growth was led by managed healthcare in Kenya, while pharmaceuticals delivered stable results despite currency pressure in Nigeria and difficult conditions in some markets.

Financial highlights

• Consolidated net sales increased 46.23% to ₹79,974.09 lakh from ₹54,689.41 lakh; total revenue grew to ₹82,532.13 lakh from ₹57,124.41 lakh.

• Consolidated PBT was ₹11,633.82 lakh versus ₹10,014.55 lakh; PAT after minority interest rose to ₹8,561.06 lakh from ₹8,248.25 lakh.

• Standalone net sales increased 6.99% to ₹34,918.37 lakh; PBT was ₹9,842.02 lakh versus ₹10,021.17 lakh, and PAT fell to ₹6,260.18 lakh from ₹6,561.47 lakh.

• EPS was ₹8.30 consolidated versus ₹8.00; standalone EPS was ₹6.07 versus ₹6.36.

• Other income included foreign-exchange gains of ₹1,393.11 lakh consolidated and ₹1,316.47 lakh standalone.

Outlook and guidance

• Management targeted 100 Kenyan clinics in the coming year, building on a network of more than 70 clinics serving over 80,000 patients monthly.

• R&D and marketing investments were expected to support expansion in existing and new markets, including South-East Asia and CIS, with a focus on suppositories and pessaries.

• Growth in managed healthcare remains subject to tender-based competition; operating-model optimization was underway to address this challenge.