Cupid Limited Q3 FY24 Earnings Conference Call Summary
Key Financial Highlights
• Revenue Growth: 16% increase to Rs. 40 crore.
• Net Profit: 73% rise compared to the previous quarter.
• Female Condom Sales: Only Rs. 1 crore due to laboratory breakdown in South Africa.
Future Projections
• Q4 Revenue Forecast: Rs. 50-55 crore.
• Expected Female Condom Sales: Rs. 21 crore.
Fundraising and Strategic Initiatives
• Recent Fundraising: Rs. 385 crore through warrants to foreign institutional investors (FIIs).
• Use of Funds: Working capital and strategic acquisitions in condom and IVD sectors within 18 months.
• Product Line Expansion: Introduction of polyisoprene and polyurethane condoms.
Retail and Market Expansion
• Retail Outlets: Reached approximately 1,000, focusing on Northern India.
• Distribution Strategy: Careful spending on distribution; less than 10% of budget for advertising.
• International Market Entry: Plans to enter the US market for female condoms, pending FDA approval.
Financial Performance and Goals
• Operating Margins: Currently in the low 20s, aiming for 25%.
• EBITDA Margin: Approximately 30.33%, with a goal to maintain above 35%.
• Cash Conversion Cycle: Focus on improving supplier relationships and payment terms for a 20% improvement in inventory days.
Order Book and Sales Expectations
• Current Order Book: Rs. 80 crores (Rs. 30 crores for female condoms, Rs. 50 crores for male condoms).
• Expected Orders: Anticipated revenues of Rs. 80-85 crores from Africa, Brazil, and the Indian government over the next 12 months.
Market Trends and Future Outlook
• Premium Condom Market: Trend towards premium condoms in Asia, with expectations for India to follow in 10-15 years.
• Long-term Revenue Goals: Projected revenue close to $400 crores and EBITDA over $100 crores following expansion plans.
Conclusion
• Gratitude Expressed: Halwasiya thanked shareholders and employees for their support and commitment.

Cupid Limited Q2 FY2024 Earnings Conference Call Summary
Overview
• Date of Call: November 9, 2023
• Moderated by: Kaushal Shinde, Kirin Advisors
• Key Management Present:
• Aditya Halwasiya (Managing Director)
• Omprakash Garg (Senior Advisor)
Sales Performance
• Decline in Sales:
• Attributed to lack of high-margin female condom orders from South Africa.
• Delays in laboratory testing results.
Strategic Plans
• Sales Enhancement:
• Focus on female condom segment.
• Plans to enter new markets and increase sales force.
• In Vitro Diagnostics (IVD) Kits:
• All certified products are in the market.
• Anticipated sales growth after obtaining certifications for larger export tenders.
Market Focus
• Export Sales:
• 94% of sales from exports, primarily to Tanzania and UNFPA.
• Domestic Sales Strategy:
• Emphasis on B2C strategies to increase domestic sales.
• Challenges in brand building in a price-sensitive market acknowledged.
Future Outlook
• Management and Expansion:
• Need for a competent management team and potential land acquisitions for new facilities.
• Omprakash Garg confirmed intention to remain in an advisory role for at least three years.
• Financial Strategy:
• Focus on organic growth rather than acquiring more stake.
• Sufficient cash reserves (120-140 Crores) for capacity expansion without external funding.
Capacity Expansion Plans
• Production Capacity:
• Plans to add seven dipping lines.
• Increase male condom capacity from 480 million to over 900 million units.
• Increase female condom capacity from 50 million to 100 million units.
• Cost and Timeline:
• Estimated expansion cost: 50 to 60 Crores.
• Expected asset turnover: approximately 3x.
• Capacity expansion expected within 16 to 24 months.
Financial Projections
• Revenue and Profitability Goals:
• Aim to double revenue and profitability within the next three to four years.
• Projected EBITDA margins to exceed 20% by next financial year.
• Sales and Approval Timeline:
• No sales or FDA approvals for female condoms expected before FY2026.
• Current sales levels anticipated to remain around 140 Crores for the upcoming year.
Conclusion
• Management expressed optimism about the company's future and employee commitment.
• Focus on increasing order pipeline, particularly from South Africa and Brazil, with stable contributions from female condoms until expansion completion.

Cupid Limited Q1 FY2024 Earnings Conference Call Summary
Key Highlights
• Date of Call: August 2, 2023
• Submitted Transcript: August 7, 2023
• Managing Director: Omprakash Garg
Financial Performance
• One-time Expense: INR 4.4 crores for damaged lubricant products.
• Order Book Decline: Decreased from INR 177 crores to INR 104 crores; some orders canceled.
• Revenue Decline: 20% drop attributed to geopolitical issues and delayed orders.
• Projected Turnover: Expected to be around INR 155 crores with a 50% profit margin on female condoms.
Strategic Focus
• Export Markets: Emphasis on higher profit margins; domestic sales account for only 5% of revenue.
• In Vitro Diagnostics (IVD) Segment: Awaiting certifications to participate in tenders; expected sales of INR 2 crores this financial year.
Investments and Financial Management
• Current Investments: Mutual funds and fixed deposits with HDFC and Kotak Bank.
• Pending Litigation: INR 9.79 crores settled amicably with no penalties.
• Future Capital Expenditures: INR 12 crores planned for land acquisition.
Sales and Market Expansion
• Female Condoms: Expected sales recovery of INR 32 crores in FY '24; exploring new regions for sales growth.
• International Reach: Expanded to 105 countries, including new markets in Europe and Africa.
IVD Business Outlook
• Growth Potential: Expected to generate INR 50-100 crores in revenue over the next 2-3 years.
• Certification Timeline: WHO and CE marking expected by December 2024.
Stakeholder Engagement
• Promoter Stake Sale: Ongoing discussions primarily for personal reasons.
• Investor Gratitude: Garg expressed thanks to investors, customers, and employees for their support.

Cupid Limited Conference Call Summary
Financial Performance
• Q4 and FY '23 Earnings:
• 34% increase in Q4 revenue.
• 99% rise in net profit year-over-year.
• Full year revenue: INR 164.1 crores (up 19%).
• Profit after tax increased by 82%.
• Total dividend declared: INR 5 per share (highest in history).
Future Outlook
• Revenue Growth:
• Anticipated 10-12% revenue growth for FY '24.
• Strong demand for products expected to drive growth.
Capacity Expansion
• Current Utilization:
• Capacity utilization at 94%.
• Plans to expand capacity by 12-15% (targeting ~700 million units).
• Estimated capital expenditure: INR 12-15 crores.
• Expansion process expected to take 12-15 months.
Raw Material Costs
• Cost Trends:
• Most raw material costs stabilized or decreased by 5-7%.
• Natural rubber latex prices increased by 6%.
IVD Division Performance
• Sales Challenges:
• Last year's sales: INR 40 lakhs (projected INR 10 crores).
• Anticipated sales: INR 2.5 crores for FY '24 and INR 5 crores for FY '25.
• Delays attributed to COVID and stringent tender requirements.
Cash Reserves and Share Buyback
• Financial Management:
• Management considering share buyback alongside capital needs for expansion.
• Concerns raised about cash reserves.
Investor Engagement
• Ongoing Negotiations:
• Discussions with Indian investors expected to resolve within six months.
• Potential acquisition of a 45% stake by investors.
Management Transition
• Succession Planning:
• Omprakash Garg plans to exit his 45% stake while remaining as an advisor for 2-3 years.
• Complete management changeover anticipated.
IVD Segment Goals
• Revenue Projections:
• Targeting INR 100 crores in revenue from IVD segment by FY '26.
• Dependent on WHO approval and operational experience.
Product Focus
• IVD Products:
• Focusing on Dengue fever, malaria, HIV, and syphilis.
• Addressing quality issues in lubricant sales, projecting INR 10 crores for FY '24 and INR 30 crores for FY '25.
Conclusion
• Overall Outlook:
• Emphasis on sustainable growth and strong performance despite market challenges.
• Invitation for further queries at the end of the call.

Cupid Limited Q3 FY2023 Earnings Conference Call Summary
Financial Performance
• Revenue Increase: 15% rise in revenue year-over-year.
• Profit Surge: 302% increase in profit after tax.
• Key Drivers:
• Strong export focus (96% of sales).
• Declining input costs.
• Increased sales of high-margin female condoms.
Future Plans and Projections
• IVD Operations: Targeting INR 50-100 crores in revenue by FY2025.
• Revenue Projections for 2025:
• Total expected revenue: INR 325-350 crores.
• IVD division: INR 50-100 crores.
• Condom business: Over INR 180 crores.
• Cash Position: Over INR 100 crores available for dividends, expansion, or share buybacks.
Raw Material Pricing and Order Book
• Input Costs: General decline, with a 20% drop in silicone oil prices; slight increase in latex prices.
• Current Order Book: Stands at INR 171 crores, with expectations for new tenders.
Management Focus and Concerns
• Management Bandwidth: Concerns raised about diversification into IVD and lubricants; reassurance that focus remains on the condom business.
• Female Condoms: Ongoing FDA reviews and need for clinical studies in the U.S.
Employee Share Option Plan (ESOP)
• ESOP Details: 27 employees offered options at INR 140 per share.
IVD Business Updates
• Investment: INR 8 crores invested in the IVD business, ready for orders pending certifications.
• Manufacturing Partnership: Discussions with a Singapore-based firm for diabetes detection products.
Additional Insights
• Order Book Composition: 60% male condoms, 31% female condoms, 9% lubricants.
• IVD Segment: No current order book; sales of INR 12 lakhs last quarter; expectations of INR 5-10 crores for FY '24.
• Profitability Outlook: IVD segment not yet profitable but expected to generate profit in Q1 FY '24.
Conclusion
• Optimism for FY '24: Projected 10% increase in top line and 20% increase in net profit compared to FY '23.
• Management Capability: Current management capable of handling operations during the search for a new CEO.