Disclosure Details
• Date of disclosure: February 8, 2024
• Earnings call held on: February 2, 2024
• Key executives present:
• Banwari Lal Mittal (Founder & Executive Chairman)
• Ravi Kant Sharma (CEO)
Financial Performance Highlights
• Revenue growth: 31.1% year-on-year, reaching INR 366.8 crores
• Gross profit increase: 44.7% to INR 31.1 crores
• Profit after tax: INR 20.2 crores
• Challenges in Healthbuddy supply chain segment
• Significant growth in B2B Retailer Shakti business: 147%
Management Insights
• Simplification of ownership structure ongoing
• Confidence in future growth opportunities in India's healthcare sector
RetailerShakti Growth Dynamics
• Inquiry by Dixit Kalra on growth balance:
• Over 11,100 unique retailers in current quarter (up from 9,684)
• Focus on expanding into eastern, northeastern, and northern markets
• Competition in organized wholesaler space noted as an opportunity for growth
E-Pharmacy Sector Challenges
• Decline in customer purchases linked to changing consumer behavior
• Confidence in stabilization of purchasing patterns as customer trust grows
Healthbuddy Platform Impact
• Decline in demand attributed to increased discounting by Flipkart
• Focus redirected towards RetailerShakti for future growth
Financial Projections and Cost Management
• Projected yield of around 10% on treasury, estimating annual other income of INR 40-50 crores
• Potential cost reductions in employee and operational expenses as RetailerShakti grows
Market Discounting Behavior
• Shift from growth-focused to sustainable growth approach in the start-up ecosystem
• Base discount settled around 15%
Retailer Engagement and Expansion
• Retailer numbers increased from 9,600 to approximately 11,000
• Ongoing expansion of Health Buddy network, albeit slower than anticipated
Working Capital and Gross Margins
• Confidence in maintaining a working capital cycle of around 31 days
• Reduced discounting primarily affects growth, not gross margins
Future Goals and Operational Positivity
• Targeting increase of actively transacting retailers from 11,100 to 15,000 by fiscal year-end
• Confidence in achieving operational positivity next year, with RetailerShakti as the growth engine
Closing Remarks
• Gratitude expressed by Ravi Kant Sharma and Banwari Lal Mittal to participants
• Call concluded with an invitation for future queries.

Company Performance
• Date of Call: November 16, 2023
• Revenue: INR 355.5 crores (40% increase YoY)
• Gross Profit: INR 35.1 crores (86% growth)
• EBITDA: Positive at INR 0.3 crores
• Profit After Tax: INR 13.1 crores
• Healthbuddy Segment Revenue: INR 251.6 crores
Management Focus
• Profitability and Cash Flow: Emphasis on sustainable cash flow and working capital management.
• Inventory Management: Targeting a 35-40 day inventory cycle.
• Receivables Management: Negotiating better payment terms with pharmaceutical companies.
Financial Insights
• Gross Margin: Approximately 9.9%, with plans for improvement through procurement negotiations.
• Revenue Segments:
• RetailerShakti: Surpassed INR 100 crores quarterly.
• Healthbuddy: Stabilized around INR 250 crores.
• Market Share Goal: Aim to capture 10-20% of wallet share from 900,000 retailers in India.
Infrastructure and Capacity
• Current Capacity: Facilities can support 3-4 times current order processing levels.
• Chronic Medications: Constitute 40-45% of the Indian pharmaceutical market.
Business Verticals
• Healthbuddy: Focus on chronic medications.
• RetailerShakti: Broader portfolio including acute and chronic products.
Regulatory and Strategic Developments
• Myjoy: Clarified as a customer, not a subsidiary.
• Genu Path Labs and Genu Health Apps: Initial focus on West Bengal with long-term revenue expectations.
• Regulatory Process: Ongoing with SEBI regarding public shareholding exemptions.
Digital Distribution Platform
• RetailerShakti: Enhances retailer efficiency with real-time inventory visibility and reliable delivery.
• Expansion Plans: Cautious growth in generic medicine offerings and plans for new warehouses.
Investor Engagement
• Future Presentations: Consideration of including registered Healthbuddies numbers.
• Merger and Stake Queries: Addressed inquiries about the merger with SastaSundar HealthBuddy and Flipkart Health stake.
Conclusion
• Optimism: Management expressed confidence in future growth and India's market potential.

Disclosure and Key Participants
• Date of call: August 17, 2023
• Submitted to: BSE and NSE on August 24, 2023
• Key executives:
• Banwari Lal Mittal (Founder and Executive Chairman)
• Dinkar Bagaria (CFO)
Company Performance and Strategy
• Focus on:
• Opportunities in India's healthcare sector
• Data-driven supply chain for affordable healthcare
• Digital efficiency and profitable supply chain transformation
• Plans to simplify corporate structure and launch AI-based healthcare applications
Q&A Highlights
• Material Costs: Logistics costs included in material consumption.
• Government Circular: New prescription format won't materially affect operations.
• B2C Platform Scalability: Online model supplements traditional pharmacies, especially in underserved areas.
• Global Online Pharmacy Landscape: No fully matured online pharmacy market; China still developing.
• Cash Flow Confidence: B2C business expected to achieve positive cash flow within a year.
Financial Insights
• Capital Expenditures:
• CAPEX: 30 crores
• Inventory investments: 80 crores
• Future Investments: Focus on B2B Retailer Shakti and AI health app.
• Warehouse Expansion: Plans to add 17 warehouses over two and a half years.
Market Dynamics
• E-Pharmacy sector dynamics:
• Reduction in industry discounts stabilizing cash flow.
• Shift from cash-burning strategies to efficiency and consumer experience.
• Health Buddy Supply Chain: Positive performance noted, with focus on profitability.
Shareholding and Financial Services
• Current promoters to retain majority stake post-investments.
• Financial services income includes investment gains and interest income.
Strategic Partnerships and Growth
• Flipkart Health Investment: 25% investment confirmed.
• Warehouse expansion to service multiple regions.
• Emphasis on quality in distribution through partnerships.
B2B and Diagnostic Services
• Retailer Shakti: Aims for guaranteed next-day delivery for pharmacies.
• Genu Path Lab: Plans to leverage Genu Health app and partner with diagnostic centers.
Conclusion
• Optimism about future growth and commitment to stakeholder value amidst evolving market conditions.