Overview
Gujarat Themis Biosyn Limited (GTBL) was established in 1981 as a joint venture with the Gujarat Industrial Investment Corporation Ltd (GIIC) and Chemosyn (P) Ltd., under the leadership of Kantilal Shah. Production began in August 1985. In June 1991, the Yuhan Group from South Korea and the Pharmaceutical Business Group (India) Ltd. (PBG) took over the company. This consortium included Themis Medicare Ltd., Kopran Ltd., Anant & Co., Cadila Health Care Ltd. (Zydus), and Lyka Labs Ltd. Since 2007, Themis Medicare Ltd., a joint venture with Gedeon Richter Ltd. from Hungary, has actively managed the company.
GTBL initially produced the antibiotic erythromycin and obtained licenses in 1990 to manufacture bulk drugs like rifampicin, cephalexin, griseofulvin, and their formulations. However, challenges with purity levels, yield, and imports led to financial difficulties, and the company became a BIFR case in 1990. A group including Lyka Labs, Themis Chemicals, Kopran, and Cadila, along with Yuhan Corporation, South Korea, which provided technology and financial support, subsequently took over the company.
In 1995-96, GTBL increased its paid-up share capital from Rs 11.25 crores to Rs 11.60 crores by allotting 350,000 equity shares at Rs 10 each, with a premium of Rs 20 per share, to financial institutions through the conversion of a fund interest term loan. The company also expanded its rifamysin-S production capacity to 90 mtpa and rifampicin production to 120 mtpa. Additionally, GTBL launched a new pharmaceutical division, introducing a variety of anti-tuberculosis products and other antibiotics.
The company continues to explore new diversification opportunities and expand the capacity of existing products to reduce production costs and increase turnover.
Key Metrics
| Indicator |
CAGR 3 Yrs |
CAGR 5 Yrs |
TTM |
Mar '24 |
Mar '23 |
Mar '22 |
Mar '21 |
Mar '20 |
Mar '19 |
Mar '18 |
Mar '17 |
Mar '16 |
Mar '15 |
| Total Revenue |
22.9% |
32.1% |
174.2 |
174.2 |
155 |
118.9 |
93.8 |
86.8 |
43.3 |
39 |
36.1 |
32.8 |
31.5 |
| Operating Expenses |
21.3% |
22% |
91.1 |
91.1 |
74.8 |
56.8 |
51.1 |
53.3 |
33.7 |
32.6 |
29.6 |
26.6 |
25.1 |
| Operating Profit |
25.8% |
60.9% |
79 |
78.7 |
74.2 |
58 |
39.5 |
31.8 |
7.3 |
6.2 |
6 |
6.1 |
6.3 |
| Operating Profit Margin % |
2.4% |
21.7% |
|
45.20% |
47.88% |
48.82% |
42.07% |
36.67% |
16.95% |
16.01% |
16.77% |
18.46% |
19.95% |
| Total Expenses |
21.5% |
22% |
|
94.9 |
77.5 |
59.9 |
52.9 |
55.6 |
35.1 |
34.1 |
31.2 |
28.1 |
26.9 |
| EBIDT |
24.9% |
54.3% |
|
83.1 |
80.2 |
62.1 |
42.7 |
33.5 |
9.5 |
6.4 |
6.4 |
6.2 |
6.4 |
| EBIDT margin % |
1.5% |
16.7% |
|
47.71% |
51.77% |
52.22% |
45.56% |
38.63% |
22.07% |
16.44% |
17.79% |
18.98% |
20.24% |
| Interest |
26% |
14.9% |
0.2 |
0.2 |
0.2 |
0.8 |
0.1 |
0.9 |
0.1 |
0.4 |
0.4 |
0.4 |
0.4 |
| Depreciation |
27.2% |
23.9% |
3.5 |
3.5 |
2.6 |
2.2 |
1.7 |
1.4 |
1.2 |
1.1 |
1.1 |
1.2 |
1.4 |
| Profit Before Tax |
24.7% |
57.4% |
79.3 |
79.3 |
77.5 |
59 |
40.9 |
31.3 |
8.2 |
4.8 |
4.9 |
4.6 |
4.6 |
| Tax |
23.6% |
62.2% |
20.2 |
20.2 |
19.5 |
15.4 |
10.7 |
7.6 |
1.8 |
1 |
0.5 |
|
|
| PAT Before ExtraOrdinary Items |
25.2% |
56% |
|
59.2 |
58 |
43.6 |
30.2 |
23.7 |
6.4 |
3.9 |
4.4 |
4.6 |
4.6 |
| Net Profit |
25.2% |
56% |
59.2 |
59.2 |
58 |
43.6 |
30.2 |
23.7 |
6.4 |
3.9 |
4.4 |
4.6 |
4.6 |
| Net Profit Margin % |
1.5% |
17.4% |
|
34.83% |
38.91% |
37.98% |
33.32% |
27.81% |
15.61% |
9.96% |
12.26% |
14.18% |
14.61% |
| EPS |
-27% |
13% |
|
8.1 |
39.9 |
30 |
20.8 |
16.3 |
4.4 |
2.7 |
3 |
3.2 |
|
| Cash from Operating Activity |
120.4% |
146.9% |
|
64.2 |
39.5 |
40.3 |
6 |
0.6 |
0.7 |
5.6 |
2.8 |
3.9 |
2.7 |
| Cash from Investing Activity |
-2500% |
-56.9% |
|
-55.2 |
-20.4 |
-29.8 |
2.3 |
-3 |
-5.8 |
-1 |
-2.5 |
-0.8 |
-0.3 |
| Cash from Financing Activity |
-18.3% |
-262.3% |
|
-8.6 |
-13.3 |
-14 |
-5.2 |
2.1 |
5.3 |
-3.8 |
-0.2 |
-3.1 |
-3.1 |
| Net Cash Flow |
- |
- |
|
- |
5.8 |
-3.5 |
3.1 |
-0.3 |
0.2 |
0.8 |
0.1 |
0 |
-0.7 |
Shareholding Pattern
| Shareholding Pattern |
| |
|
|
|
|
|
|
|
|
|
|
| In % |
DEC'21 |
MAR'22 |
JUN'22 |
SEP'22 |
DEC'22 |
MAR'23 |
JUN'23 |
SEP'23 |
DEC'23 |
MAR'24 |
| Promoter |
74.99 |
74.99 |
74.99 |
74.99 |
74.99 |
74.99 |
74.99 |
74.99 |
70.86 |
70.86 |
| Public Shareholding |
25.01 |
25.01 |
25.01 |
25.01 |
25.01 |
25.01 |
25.01 |
25.01 |
29.14 |
29.14 |
| Institutions |
0.31 |
0.31 |
0.31 |
0.03 |
0.04 |
0.04 |
0.04 |
0.04 |
0.91 |
1.87 |
| Non-Institutions |
24.7 |
24.7 |
24.69 |
24.97 |
24.96 |
24.96 |
24.96 |
24.96 |
28.23 |
27.26 |
| Shares held by Custodians - DR |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
| No. of Shareholders |
13059 |
13917 |
13830 |
14904 |
16550 |
16804 |
17373 |
19846 |
28655 |
29576 |
Understanding the shareholding pattern of Gujarat Themis Biosyn provides insights into the ownership structure and investor confidence.
Promoters: The promoter group, including Themis Medicare Ltd. and GIIC, holds a substantial stake, around 72%, ensuring strong control and direction over the company's strategic decisions.
Institutional Investors: A small portion, about 2%, is held by institutional investors such as mutual funds and insurance companies, indicating institutional trust in the company's growth prospects.
Retail Investors: Retail investors hold the remaining 26%, reflecting growing retail interest due to the company's consistent performance and promising future.
| PEER COMPARISON |
| Peer Name |
Latest Price |
PE |
Market cap(Cr) |
Prom Holding(%) |
YoY Qtly Sales(%) |
ROCE(%) |
ROE(%) |
| Guj. Themis Biosyn |
386.8 |
46.52 |
2752 |
70.86 |
52.3 |
51.42 |
38.87 |
| Indoco Remedies |
306.65 |
28.06 |
2763 |
58.72 |
5.02 |
16.9 |
13.83 |
| Sequent Scientific |
106.35 |
0 |
2582 |
52.79 |
-1.49 |
-3.71 |
-17.34 |
| Novartis |
1021 |
30.26 |
2577 |
70.68 |
6.62 |
6.57 |
13.33 |
| Gufic Biosciences |
307 |
35.85 |
3088 |
72.51 |
12.69 |
20.1 |
22.92 |
| Unichem Lab |
537.1 |
0 |
3817 |
70.22 |
7.36 |
-4.74 |
-8.3 |
| Zota Health Care |
473 |
0 |
1232 |
66.15 |
34.7 |
-2.29 |
-7.18 |
| Beta Drugs |
1198.95 |
31.72 |
1156 |
66.73 |
— |
32.39 |
25 |
The above table gives a good picture on how the company fares against its competitors. As we can see, the Sales, ROCE and ROE are better than the peer entities.
Strategic Initiatives and Future Prospects
Gujarat Themis Biosyn is poised for continued growth, supported by several strategic initiatives:
Capacity Expansion: GTBL is investing in expanding its production capacities to meet the increasing demand for its products, both domestically and internationally.
R&D Investment: Enhanced focus on research and development to innovate and introduce new products, particularly in high-demand therapeutic areas.
Market Diversification: Efforts to diversify its market presence beyond India, targeting regulated markets such as the US and Europe for higher revenue and margin opportunities.
Sustainability Practices: Implementation of environmentally sustainable practices in manufacturing, aligning with global standards and improving its ESG (Environmental, Social, and Governance) ratings.
Conclusion
Gujarat Themis Biosyn Ltd. stands out in the pharmaceutical industry with its strong financial performance, strategic shareholding pattern, and focused growth strategy. While it operates on a smaller scale compared to some of its peers, its niche specialization, efficient operations, and strategic initiatives position it for sustained growth and value creation for its shareholders. The company's future prospects appear bright, supported by ongoing investments in capacity, R&D, and market diversification.
Discalimer!
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