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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.
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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