Innova Captab (INNOVACAP) Q4 23/24 earnings summary

Executive summary

• Integrated pharmaceutical business spans R&D, manufacturing, distribution, marketing and exports; listed on BSE and NSE in Dec 2023.

• FY24 delivered revenue and profit growth alongside stronger operating cash generation; CDMO revenue remained exposed to API price pass-through pressure.

Financial highlights

• FY24 revenue from operations was ₹1,081.3 Cr, up 16.9%; total income was ₹1,093.8 Cr, EBITDA ₹166.9 Cr and PAT ₹94.3 Cr.

• FY24 EBITDA margin was 15.4% vs 13.3%; PAT rose 38.9% from ₹68.0 Cr, and EPS was ₹18.66 vs ₹14.16.

• Q4 FY24 revenue from operations was ₹262.6 Cr; EBITDA was ₹43.8 Cr, up 48.7%, and PAT was ₹28.7 Cr, up 66.5%.

• FY24 net cash from operating activities was ₹146.34 Cr vs ₹67.12 Cr in FY23.

Outlook and guidance

• Targeting ~20% CAGR growth over the next 3–4 years, supported by the Jammu facility and Sharon acquisition.

• Jammu commercial operations across four blocks were expected from Q2 FY25; optimal utilization is targeted within 3–4 years, with revenue ramping after launch.

• CDMO volume is expected to grow at double-digit rates in FY25; revenue growth depends on API pricing, which may offset volume gains.

• Panchkula R&D center plans include generic and complex generic development; preliminary research began on 12+ formulations going or soon going off patent.