Anupam Rasayan - Multiple Fronts To Enhance Growth Prospects: Nirmal Bang

Nirmal Bang Report

In this report, we have summarised key takeaways from the zoom meeting with the management of Anupam Rasayan India Ltd. The underlying theme was:

• The custom synthesis and manufacturing pie in agrochem, pharma and specialty chemicals is large enough and each CSM provider has its own niche with customers. This is based on the expertise of each CSM player (including Anupam Rasayan) in synthesis, the stage of chemical process in the manufacturing of the final product and consistency in quality/delivery at a reasonable price,

• Anupam Rasayan has the potential to earn revenue of Rs 17- 18 billion on exiting assets, driven by multi-purpose plan flexibility on type of chemicals, the synthesis and the stage of manufacturing sequence for customers’ final molecule,

• the company sees growth from increased wallet share and higher volume from existing customers, new contracts/letter of intents and growth in high-value fluorination derivatives based on hydrofluoric acid and

• new capex to add capacity and synthesis facilities combined with research and development pipeline and increase in the share of work from innovators.

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