Bliss GVS Pharma (506197) Q4 19/20 earnings summary

Executive summary

• FY20 consolidated revenue fell 23.3% YoY to ₹6,893 Mn; EBITDA was ₹1,232 Mn and PAT ₹953 Mn, including a ₹1,338.10 lakh exceptional impairment after loss of control of Eco Rich Cosmetics.

• Standalone performance improved: operational revenue rose 3.6% YoY to ₹4,420 Mn and PAT increased 24.1% to ₹923 Mn.

• Business priorities include expanding capacity, R&D, product registrations and geographic reach while consolidating its established African branded-formulations business.

Financial highlights

• Consolidated total revenue was ₹72,642.79 lakh vs ₹93,619.95 lakh in FY19; PBT was ₹14,234.61 lakh vs ₹18,191.52 lakh, and PAT ₹9,525.28 lakh vs ₹12,666.27 lakh.

• Consolidated operational revenue was ₹6,893 Mn, down 23.3% YoY; EBITDA declined 21.9% to ₹1,232 Mn, while net profit fell 24.8% to ₹953 Mn.

• Standalone total revenue rose to ₹47,688.46 lakh from ₹46,240.31 lakh; PBT was ₹12,171.25 lakh and PAT ₹9,233.43 lakh.

• Standalone operational revenue increased 3.6% YoY to ₹4,420 Mn; EBITDA was ₹1,002 Mn and net profit ₹923 Mn.

Outlook and guidance

• Phase I of the Vevoor multi-product facility was commissioned, adding planned capacity of ~420 Mn units annually; products are prepared for technology transfer and scale-up.

• Expansion priorities include South East Asia, Latin America, North Africa and regulated markets; product registrations in South East Asia have commenced.

• Management identified ongoing COVID-19 uncertainty, lockdown effects on distribution and sales, and potential supply-chain disruption as constraints on the FY21 recovery.