Kopran Limited Q4 FY '24 Earnings Conference Call Summary
Financial Performance
• Q4 Turnover: INR 186 crores (up from INR 158 crores last year)
• Annual Turnover: INR 615 crores (up from INR 551 crores)
• Annual Profit: INR 51 crores (up from INR 27 crores)
Key Highlights
• Growth in Active Pharmaceutical Ingredients (API) sector despite competition.
• Successful product launches in the formulations segment.
• Investments in facility upgrades and aiming for USFDA approval for Beta lactam plant.
Q&A Session Insights
• Environmental Clearance (EC) for Panoli facility: Documentation submitted to Central authorities; optimistic about approval.
• Gross Margins: Declined to around 30% due to higher sales than production and pricing pressures; expected to improve with international approvals.
• R&D Center: Operational in Panoli; potential growth in contract manufacturing anticipated.
• Competitive Landscape: India catching up in synthetic APIs; challenges remain in fermentation-based products.
Future Projections
• Growth Rate: Targeting 18% to 20% growth this year, excluding Panoli contributions.
• EBITDA Projection: Approximately INR 100 crores for the current fiscal year, excluding Panoli operations.
• Outsourced Production: Currently minimal at less than 1%.
Strategic Developments
• Reducing reliance on the African market by developing new molecules and seeking registrations in the UK and Europe.
• Impact of Red Sea crisis: Affected shipment timings, but stable Indian Rupee indicates no significant forex impact.
Conclusion
• The company remains optimistic about its financial outlook and product launches, particularly in the US and European markets, while strategically managing operational expansions.

Kopran Limited Q3 FY24 Earnings Conference Call Summary
Key Highlights
• Date of Call: February 8, 2024
• Executives Present: Surendra Somani (Executive Vice Chairman), Kaushik, Arvind Rai, Julie Mehta, Vishal Bohra
Financial Performance
• Turnover: Slight increase in consolidated turnover.
• EBITDA: Significant rise from INR 13.84 crores to INR 23.58 crores.
• Margin Strategy: Focus on backward integration in API manufacturing to enhance margins.
Growth Plans
• Market Expansion: Aiming to enter regulated markets like the US and Europe.
• New Product Launches: Introduction of products like Tebipenem and anti-diabetic APIs.
• Projected Growth: Anticipated CAGR of 25%-30% over the next three years.
Operational Developments
• New Plant: Panoli plant expected to start production next quarter with an investment of INR 100 crores.
• Revenue Projections: Potential additional revenue of INR 300 crores from new plant operations.
R&D and Talent Acquisition
• Team Expansion: Plans to grow R&D team to about 100 members.
• Environmental Clearances: Ongoing processes for necessary approvals.
Strategic Focus
• CDMO Opportunities: Pursuing contract development and manufacturing, especially in anti-diabetic and cardiology segments.
• Geographic Expansion: Targeting new markets in Brazil and Germany.
Financial Targets
• EBITDA Margin: Targeting 18%-20% EBITDA margin.
• Gross Margins: Aiming for 40% for APIs and 35%-40% for formulations.
Mergers and Acquisitions
• M&A Strategy: No immediate plans for mergers and acquisitions, but open to future opportunities.
Conclusion
• Turnover Growth Outlook: Surendra Somani expressed skepticism about tripling turnover in three years, aiming instead to double it through new product launches and market expansions.

Kopran Limited Q2 FY2024 Investors Conference Call Summary
Call Details
• Date: November 22, 2023
• Hosted by: Batlivala & Karani Securities
• Key Management Present:
• Surendra Somani (Executive Vice Chairman)
• Ajit Jain (Chief Operating Officer)
• Sanjay Dosi (Group Advisor)
• Recording and transcript available on the company's website.
Company Performance Overview
• Revenue Growth: Increased from Rs.488 Crores (2021-2022) to Rs.554 Crores (2022-2023).
• Challenges: Impact of COVID-19 volatility and regulatory issues on profitability.
• Profitability: Affected by falling prices and inventory losses.
Segment Performance
• API Segment:
• Contributes over 60% of revenues.
• Experienced significant price drops, particularly for Meropenem.
• Stabilization in prices and demand noted.
• Expansion into new penems and chronic therapy products.
• Formulation Segment:
• Contributes 40% of revenues.
• Steady growth with plans for regulatory approvals and new registrations.
Future Strategies
• Business Mix Shift: Anticipated shift to 70% API and 30% formulations in 4-5 years.
• Market Expansion: Reducing dependency on South Africa; targeting Latin America, Southeast Asia, and Europe.
• Capacity Utilization: Expected doubling of API revenue in three years.
Management Insights
• Margin Improvements: Optimism in API segment; potential from products like Atenolol and Nitroxoline.
• Export Strategy: Conservative management of counterparty risk; hedging against currency fluctuations.
• Long-term Strategy: Gradual integration from API to formulations; focus on regulated markets.
Production-Linked Incentive (PLI) Scheme
• Unsuccessful Application: No immediate impact on capacity expansion plans.
• Growth Opportunities: Shift from lower-margin products to higher-margin offerings.
Future Growth Projections
• New Product Filings: Over 250 dossiers filed; expected growth rate of 10-15% in the next 1-2 years, potentially increasing to 20-25%.
• New API Development: Focus on diabetes and cardiac products with anticipated regulatory approvals.
Conclusion
• The call concluded with expressions of gratitude from the moderator, highlighting the company's strategic focus and growth potential.