Bliss GVS Pharma (506197) Q4 18/19 earnings summary

Executive summary

• FY19 consolidated operational revenue rose 10.2% YoY to ₹8,982 Mn; PAT increased 42.8% to ₹1,267 Mn, while EBITDA fell 20.0% to ₹1,576 Mn.

• Growth plans center on sub-Saharan Africa and expansion into South-East Asia and regulated markets, supported by a new Palghar facility and higher R&D investment.

Financial highlights

• Consolidated operational revenue ₹8,982 Mn vs ₹8,151 Mn; EBITDA ₹1,576 Mn vs ₹1,971 Mn; PAT ₹1,267 Mn vs ₹886 Mn.

• Consolidated EBITDA margin 17.55%, down 663 bps YoY; PAT margin 13.53%.

• Standalone operational revenue ₹4,266 Mn, up 43.0%; EBITDA ₹931 Mn, up 5.2%; net profit ₹744 Mn, up 30.5%.

• Standalone EBITDA margin 21.82%, down from 29.67%; basic and diluted EPS ₹7.22 vs ₹5.53.

• Consolidated basic and diluted EPS ₹11.99 vs ₹5.70.

Outlook and guidance

• Plans target greater presence in South-East Asia and regulated and emerging markets, including the US, UK and Russia; product registrations in South-East Asia have commenced.

• After batch validation and initial products from the new plant, regulatory approval applications for the US and UK are planned.

• More than 18 products were in development; R&D expenditure was approximately doubled YoY, targeting developed and global markets.