Key Highlights

Crams constitute around 75% of total revenue and rest is from Marketable molecules including sale of Vitamin D, cholesterol products etc.

Around 50% of total business comes from Oncology segment and rest from others.

Currently, around 18 products of the company are in last phase and is getting ready for commercialisation globally. 1 product is going commercial by end of FY 19. Upliftment of revenue will start from FY 20 onwards. Expect around US $ 10 M of revenue to start with from the sale of new product in the first year.

Another such 15-16 molecules are under advanced developmental stage which gradually will be commercialised going forward.

Healthy order book across product categories and strong order pipeline. High enquiries from clients.

Revenues for June 18 quarter grew by 33% YoY. New customers resulted in new business in June 18 quarter. Also got more business from legacy customers. Management would like to wait for 1 more quarter before changing its guidance of 10% growth in net sales for FY 19.

There was a forex gain of Rs 27.5 crore which is booked in other operating income in June 18 quarter.

The company has significant amount of hedging positions every quarter. This forex gain if it's not a part of operating income would have been a part of sale. So which AS requires it to mention separately from sales, theoretically, OP figures will not change.

Rs 22.5 crore amortization of goodwill impact in June 18 quarter which is going to continue every quarter for another 12 years.

Net debt of US $ 134.75 M as on June 18. All the borrowing in foreign currency which was same as on Mar 18 quarter. There was a MTM impact which has gone to the balance sheet. Expects to reduce debt and bring down finance costs further.

US $ 250 M global sales, the company has taken active hedge policy. 50-60% is the effective hedge being placed.

Globally company further plans to consolidate all its subsidiaries in 1 umbrella.

Forex loss of Rs 3 crore included in finance costs.

Revenue growth guidance of around 10% for FY 19 and PAT margin of around 9-9.5%.

Long term tax rate of 30%

Overall, expects better performance in times to come.