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Motilal Oswal Report
We met with the management of Concord Biotech Ltd. and visited its Limbasi (active pharma ingredient)/Valthera (formulation) plants.
Over the past two decades, Concord Biotech has established capabilities across the complex fermentation value chain to manufacture APIs.
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The company has also put in efforts to forward-integrate to manufacture formulations in therapeutic areas of immunosuppressants, oncology and anti-infectives.
Overall, it has doubled its revenue/Ebitda/profit after tax over FY19-23 to Rs 8.5 billion, (~41% earnings compound annual growth rate).
It is building enough levers in the API/formulation segments to achieve a 25% revenue CAGR over the next five-six years.
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