Message from Chairman:
Dear Valued Stakeholders,
It gives me great pleasure to address you all at the onset of the new financial year. I
would like to start by conveying my gratitude to all our stakeholders, partners and
employees for their continuous support in our journey. Our mission as always, is to
provide reliable, safe and affordable products, to help people live healthier lives.
Biotechnology and Pharmaceuticals are one of the most critical industries as it
pertains to the health and well-being of the general population. Over and above,
situations like the pandemic, chronic illnesses and various such factors keep this sector
in the forefront. We at Gujarat Themis Biosyn Limited ("GTBL'), strive to be a part
of our nation's journey to a better healthcare system by providing the best in class
products.
The importance of Biotechnology and Pharmaceuticals is underscored by the investments
that have been flowing in that sector, both domestically as well as internationally.
Moreover, Government policies to support this sector also emphasize its relevance.
I am happy to share that your Company is a pioneer in the field of Biotechnology
Fermentation and has performed well over the last fiscal year and navigated temporary
market headwinds successfully, continuing its growth trajectory.
Total revenue from operations stood at Rs.169.82 Crores for the year ended 31st
March, 2024, as against Rs.148.39 Crores for the corresponding previous financial year, an
increase of 14.45%.
The total cost of raw materials incurred (including changes in inventory) for the
financial year ended 31st March, 2024 was Rs.36.68 Crores as against Rs.26.49
Crores for the corresponding previous period.
The EBIDTA (earnings before interest, depreciation and tax, excluding other income) was
Rs.78.73 Crore for the year ended 31st March, 2024, as against Rs.73.63 Crore
for the corresponding previous period, an increase of 6.93%.
The finance cost for the financial year ended 31st March, 2024 was Rs.0.23
Crore as against Rs.0.18 Crore for the corresponding previous period.
The PAT (profit after tax) was Rs.59.16 Crores for the year ended 31st
March, 2024, as against Rs.57.97 Crores for the corresponding previous period, an increase
of 2.06%.
Better realizations were offset by higher utility costs and investment in R&D,
which kept margins flattish.
We believe that GTBL has the potential to grow significantly to capitalize on market
opportunities, both domestic and global, and become a key player in its space. Our domain
expertise in fermentation is only one of the factors that sets us aside among other
companies.
On that note, your Company is going through a transformation phase. As you might be
aware, we are in the middle of an extensive capex initiative, to the tune of over '200 cr,
which is being executed over a span of 2-3 years. This has been staggered over three main
stages:
Firstly, we have been investing substantially in R&D and product development. Phase
1 of our new state-of-the-art R&D section has been commissioned, and three more
R&D sections would be commissioned shortly. We are working on multiple new molecules
through the fermentation process, which is our forte.
Secondly, we have developed an API facility in line with our strategy for forward
integration, to expand our footprint in the overall supply chain. Under this API block, we
aim to manufacture several Rifa-based products such as Rifapentine. Cold runs have been in
progress and we expect to get it commissioned soon.
Lastly, part of the capex is being directed towards setting up additional fermentation
capacities in our existing land area. The molecules developed in our R&D lab would be
scaled up to commercial levels in these new fermentation units.
All these new facilities are compliant with various global regulatory norms, since we
are targeting export markets in addition to the domestic market. The new products would
address new therapeutic areas in line with our motto to improve public health. These
expansion plans are based on indications that the overall market demand is on a
sustainably upward trajectory. With a competent leadership team, and a skilled and
dedicated workforce, we are very bullish for the opportunities that the coming year is
expected to bring, which would enable us to scale new heights.
I would like to take this opportunity to thank each member of the GTBL family. I would
also like to thank our Customers, Creditors, Banks, Financial Institutions and other
Stakeholders. Their faith in us and their continued support helps us perform well, excel
and prosper.
Yours sincerely,
Sd/-
Dr. Dinesh S. Patel
Chairman.