Bliss GVS Pharma (506197) Q4 21/22 earnings summary

Executive summary

• FY22 performance rebounded across standalone and consolidated operations, with revenue up YoY; consolidated PAT fell sharply after a ₹736 Mn exceptional impairment linked to a disposed subsidiary.

• Growth plans center on manufacturing expansion, R&D, and entry into additional markets; solar power is expected to meet 60–70% of Palghar facilities’ power needs.

Financial highlights

• Standalone revenue ₹6,364 Mn vs ₹4,655 Mn YoY; EBITDA ₹1,092 Mn vs ₹915 Mn, at a 17% margin; PAT ₹927 Mn vs ₹675 Mn.

• Consolidated revenue ₹7,475 Mn vs ₹5,772 Mn; EBITDA ₹1,183 Mn vs ₹1,066 Mn, at a 16% margin.

• Consolidated PAT ₹231 Mn vs ₹740 Mn after a ₹736 Mn exceptional item; excluding the item, PAT margin was 12% vs reported 3%.

• Cash flow from operations was ₹1,355 Mn, up 112% YoY.

Outlook and guidance

• Plans include expanding manufacturing capacity and capabilities, strengthening the product pipeline and R&D, and entering unexplored markets; no numeric financial guidance was stated.

• Vevoor capacity enhancement and the new tablet packaging line are expected to improve operational efficiency; capacity at the Palghar packaging line is expected to increase three-fold.

• Solar generation is expected to cover 60–70% of power needs at Palghar manufacturing facilities and reduce energy costs and carbon emissions.