Unmasking the IPO of Innova Captab Limited : Myth or Money Maker

 

Innova Captab Limited  is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.   Since our inception in 2006 with a small base, Innova Captab Limited have grown strength to strength and for last more than 15 years, Innova Captab Limited are catering to top Indian pharmaceuticals companies including 10 of the top 10, and 14 of the top 15. Company   have license to manufacture products through two state of the art manufacturing facilities while maintaining WHO-GMP, EU-GMP and other major registrations. With the support of our world class manufacturing facilities and a reliable supply value chain, Innova Captab Limited   are continuously thriving to maintain highly efficient operations. The foundation of Company is our in-house research and development (R&D). which helps to focus on to build an increasingly complex product portfolio and attract and retain customers. We proudly possess a strong team of 1000+ employees.

 

Innova Captab  positive :

·       Integrated Business Model: InnovaCaptab offers a diverse range of services, making it less susceptible to fluctuations in any single segment.

·    Strong CDMO Presence: The company is a leading Contract Development and Manufacturing Organization (CDMO) in India, with over 182 clients including renowned names like Cipla and Glenmark.

·   Growing Branded Generics Business: InnovaCaptab is expanding its domestic and international markets for branded generics, offering affordable alternatives to branded drugs.

·   Robust Financial Performance: The company has demonstrated consistent revenue growth and profitability, attracting potential investors.

 

Innova Captab Risk :

·        Competition: The Indian pharmaceutical market is highly competitive, with both domestic and multinational players vying for market share.

·   Dependence on CDMO Business: While lucrative, a significant portion of Innova Captab's revenue comes from the CDMO segment, exposing it to potential client losses or market changes.

·   International Expansion: Success in overseas markets, particularly in regulated markets like the US and Europe, requires stringent compliance and regulatory hurdles.

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·   Valuation Concerns: Some analysts suggest the company's recent IPO might have priced it at a premium.

 

 

Highlight of Balance Sheet:

·           1.  Strong Revenue Growth: Revenue grew from Rs. 800.5 crore in FY22 to                Rs. 1,118.6 crore in FY23, a 40% increase. 

·         2.  Profitability: Net profit rose from Rs. 64 crore in FY22 to Rs. 101.1 crore                in FY23, a 58% increase.

·         3. Margins: EBITDA margin stands at 14.7%, while PAT margin is 7.3%.

·         4. Debt: Net debt-to-equity ratio is 1.0, which is moderately high.

 

Income Statement:

·      Revenue:

o    FY22: Rs. 800.5 crore

o    FY23: Rs. 1,118.6 crore (40% YoY growth)

·   EBITDA:

o    FY22: Rs. 118.2 crore

o    FY23: Rs. 164.5 crore (38% YoY growth)

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·     PAT:

o    FY22: Rs. 64 crore

o    FY23: Rs. 101.1 crore (58% YoY growth)

·     Margins:

o    EBITDA margin: 14.7%

o    PAT margin: 7.3%

Assets and Liabilities :

·         Total Assets: Rs. 1,425.2 crore

·         Current Assets: Rs. 601.9 crore

·         Non-Current Assets: Rs. 823.3 crore

·         Total Liabilities: Rs. 1,292.2 crore

·         Current Liabilities: Rs. 545.7 crore

·         Non-Current Liabilities: Rs. 746.5 crore

·         Net Debt: Rs. 133 crore

·         Debt-to-Equity Ratio: 1.0

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Cash Flow Statement:

·         Operating Cash Flow: Rs. 192.3 crore

·         Investing Cash Flow: Rs. (228.4) crore

·         Financing Cash Flow: Rs. 101.9 crore

Key Financial Ratios:

·         Current Ratio: 1.10

·         Quick Ratio: 0.81

·         Return on Equity (ROE): 24.58%

·         Return on Assets (ROA): 7.26%

·         Interest Coverage Ratio: 7.79

 

IPO Arena

 

IPO date	21/12/2023 to 26/12/2023
Price band	Also read :Goldman Sachs Report on India's Current account deficit Rs. 426 – Rs . 448
Lot size	33 shares
Basis of Allotment	27/12/2023
Date of refund & share credit	28/12/2023
Date of listing	29/12/2023
GMP	+50 to -50

Innova Captab's financials based on publicly available information. It is not intended as investment advice. Please conduct your own research and due diligence before making any investment decisions.

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