IPO Analysis

Date Heading Details
17-Nov-2020   15:02 Hrs IST Net Pix Shorts Digital Media coming with an IPO to raise upto Rs 3 crore <P align=justify><STRONG>Net Pix Shorts Digital Media</STRONG><UL><LI><DIV align=justify>Net Pix Shorts Digital Media is coming out with an initial public offering (IPO) of 9,00,000 Equity Shares of face value of Rs 10 each for cash at a fixed price of Rs 30 per equity share.</DIV></LI><LI><DIV align=justify>The issue will open on November 18, 2020 and will close on November 23, 2020.</DIV></LI><LI><DIV align=justify>The shares will be listed on SME Platform of BSE.</DIV></LI><LI><DIV align=justify>The share is priced 3.00 times higher to its face value of Rs 10.</DIV></LI><LI><DIV align=justify>Book running lead manager to the issue is Aryaman Financial Services.</DIV></LI><LI><DIV align=justify>Compliance Officer for the issue is Akanksha Sharma.</DIV></LI></UL><P align=justify><STRONG>Profile of the company</STRONG><P align=justify>The company is a technology based entertainment company operating in the niche segment of online short film contents and publishing the same on various digital online portals and OTT platforms. The online digital media industry is a continuously evolving technological industry and it endeavours to exploit these technological advances to reach audiences in India and globally with entertaining, socially relevant and heart-felt content.<P align=justify>The company's objective is to offer a platform for enabling digital online entertainment by creating and/or procuring short content in order to make its platform a preferred choice for short content audiences. It started its online content distribution through the internationally renowned ‘YouTube' portal and its channel - ‘Net Pix Shorts' went live on January 08, 2018. Currently, it has released 10 titles consisting of 12 videos on its YouTube channel aggregating to 154.94 minutes of content, which has received approximately 314.68 lakh aggregate views as on November 06, 2020. It has also received the Silver Creator award from YouTube for crossing 1,00,000 subscribers and currently, it has having approximately 2.46 lakh subscribers to its channel. It has recently launched its own music channel on YouTube - ‘Net Pix Raw Music' which went live August 14, 2020. The idea behind the music channel is to invite new and young musicians to showcase their talents on a global platform, where it offers them an online platform through its channel partners and OTT platform arrangements.<P align=justify><STRONG>Proceed is being used for:</STRONG><UL><LI><DIV align=justify>Acquisition of workshop &amp; Godown and Writer's Lounge on a long term lease basis.</DIV></LI><LI><DIV align=justify>Further augment company's digital media content library.</DIV></LI><LI><DIV align=justify>General corporate purpose.</DIV></LI></UL><P align=justify><STRONG>Industry overview</STRONG><P align=justify>The Indian Media and Entertainment (M&amp;E) industry is a sunrise sector for the economy and is making significant strides. Proving its resilience to the world, Indian M&amp;E industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. The industry has largely been driven by increasing digitisation and higher internet usage over the last decade. Internet has almost become a mainstream media for entertainment for most of the people. Media is consumed by audience across demographics and various avenues such as television, films, out-of-home (OOH), radio, animation, and visual effect (VFX), music, gaming, digital advertising, and print. The Indian advertising industry is projected to be the second fastest growing advertising market in Asia after China. At present, advertising revenue accounts for around 0.38 per cent of India's gross domestic product. By 2021, Indian media and entertainment industry will reach Rs 2.35 trillion.<P align=justify>The digital segment continued to be the torchbearer of growth of the industry in FY19, with a 43.4 per cent growth taking the overall segment (including digital advertising and subscription revenues from OTT video and audio) to Rs 173 billion in FY19. The rapid growth in infrastructure led to a spurt in demand for content and the resultant consumption was driven by an equal focus on the supply of digital content by platforms. Within the digital segment, the advertising sub-segment grew by approximately 38 per cent in FY19, with digital now forming a key part of media strategies across industry verticals. The growth in regional consumption also led to the emergence of new avenues for digital advertising. The digital subscription sub-segment is also starting to emerge as significant, especially for the fast growing OTT video. The digital market in India is set to become the second largest within media and entertainment by FY22 when it reaches Rs 386 billion. It will move ahead of print and be behind TV in its aggregate revenue. By FY24, the digital market will be half that of TV in the Indian economy.<P align=justify>Of the digital content landscape in India, the OTT video sub-segment has seen the maximum traction in the last couple of years. With more than 30 OTT video platforms in the country, and a rapid growth in video consumption, the landscape has evolved rapidly across the entire value chain. Whether it is large broadcasters global digital video majors, traditional content creators or telecom companies, everyone has jumped onto the OTT bandwagon, in order to acquire the elusive digital customers who can potentially yield great value over the long run. The subscription revenues have registered a nearly 3x increase in FY19, totalling Rs 12 billion, with contributions from both direct subscription revenues of OTT platforms, as well as those from the telco partnerships. Direct subscriptions contributed around 65-70 per cent and the rest were realizations from telco partnerships.<P align=justify><STRONG>Pros and strengths</STRONG><P align=justify><STRONG>Strong intellectual property including diverse and growing content library:</STRONG> The company has a diverse content library, which is growing continuously with the addition of new releases. This enables it to distribute to platforms catering to a wide range of audiences. The company currently has a content library consisting of 10 titles and 9 music videos. All its current contents are created by it i.e, through outsourcing the production activities. Its major focus is on bringing the innovation in its content, give crystal clear message and making it audience focused. Its library has content which will appeal to audiences of varied demographics in India and outside India. It has endeavoured to touch on various social subjects in today's society, including loneliness, motherhood, love &amp; romance and LGBT relations, to name a few, and will continue to address these topics through the digital media platform. Also, certain of company's short films have received nominations and were the official selection at various film festivals and academies. The company has also diversified its content by recently launching a dedicated music channel in the name and style of Net Pix Raw Music on YouTube. With this channel, the company has undertaken to embrace all the content made by the budding artists with open arms and no biases, except for quality of the content. This music channel is an open platform for offering budding talents an opportunity to display their content of songs and music videos made with fresh ideas and ambitions. <P align=justify><STRONG>The company's YouTube Channel providing it global presence:</STRONG> In the business of Digital Media Publishing, a strategic marketing approach is important which is focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience and ultimately, to drive profitable customer action. As a start-up Company, it still has a global presence, mainly in the South Asian region. Further, the company's channels, Net Pix Shorts and Net Pix Raw Music have been accepted into the YouTube Partner Program by YouTube which is worldwide streaming video application. Once it uploads its videos on its channels in YouTube it can be viewed by anyone across the world. As of this Prospectus, it has approximately 2,47,700 subscribers on its YouTube Channels. Besides, certain of its videos &amp; short films are also available the other platforms like Hungama Play, Sony Liv, Shorts TV, MX Player and Hotstar, and they can be viewed by viewers across many countries worldwide as they are available on the online through the internet.<P align=justify><STRONG>Scalable business model:</STRONG> The company's business model is technology driven and comprises of optimum utilization of its ability to put together a successful team for its creative short films, efficient working of its marketing team, management expertise in identifying scripts, acquiring new OTT platform and online digital partners and customers, budgeting the production of the short films and achieving consequent economies of scale. This business model has proved successful and scalable for it not only since its incorporation but also in the Erstwhile Proprietorship firm. It can scale upward as per the requirement generated by company. The business scale generation is basically due to the exponential online digital possibilities open to it.<P align=justify><STRONG>Risks and concerns</STRONG><P align=justify><STRONG>Revenues, profitability directly linked to monetization of company's content:</STRONG> Monetization of content means deploying content on distribution platforms so as to enable them to generate view based, advertising &amp; other related revenue from company's content. The revenue is then shared by distribution platforms with it. Its profitability is significantly linked with the monetization of the content. The actual monetization of the content acquired by it may vary from estimates for factors which may be beyond its control. In certain contents, it may not be able to monetize adequately to recover the costs associated with such contents. Further, being a digital media publishing company it derives revenues from various types of digital content including but not limited to music, videos, short films, web series, etc. There is no specific process to compute which video or specific digital media item generated how much revenue, as some of the times these contents are even sold / hosted as a bundle or that they may be used with interlink ages. Hence it may not be able to specifically project the expected revenues from a specific media content, which it may propose to create or acquire from the Net Issue Proceeds.<P align=justify><STRONG>Depend on relationships with platform owners for monetization of content library:</STRONG> The company's distribution platforms include various digital online portals and OTT platforms and they play a significant role in digital media. The company has entered into an agreement with various industry players to provide the platform and the said relationship is established through its existing network formed by experienced team. It has currently entered into an agreement with Google (YouTube), Hungama, Hotstar, MX Player, Amazon Prime Music, Jio Saavn and Gaana to name a few for short films and music (including music videos). Any failure to maintain these relationships with the aforementioned platform owners or to establish and capitalise on new relationships, could harm its business or prevent its business from growing, which could have a material adverse effect on its business prospects, financial condition and results of operations.<P align=justify><STRONG>Revenue dependent on few customers:</STRONG> Since the company is recently started its operation, it derives its entire operational revenue from a few customers. These customers are domestic and international media online platforms. If it unable to add additional online media partners to its portfolio, it will affect its financials adversely. Any perceived decline in its quality standards, growing competition and any change in demand may adversely affect its ability to retain the existing or acquire new customers and consequently affect its financials. The viewership of company's content depends significantly on the success of these third party online portals and OTT platforms. It cannot assure that it shall generate the same quantum of business, or any business at all from its existing customers, and any loss of business from it may adversely affect its revenues and results of operations. While it is constantly striving to increase its customer base and reduce dependence on any particular customer and also launch an OTT platform of its own, there is no assurance that it will be able to broaden its customer base in any future periods or that its business or results of operations will not be adversely affected by a reduction in viewership of its content or the popularity and acceptance of its customer's platforms.<P align=justify><STRONG>Outlook</STRONG><P align=justify>Incorporated in 2019, Net Pix Shorts Digital Media is a Mumbai-based technology entertainment company. The company prepares online short film content and publish it on the digital media channels and OTT platforms. It started content distribution through its channel 'Net Pix Shorts' on the 'YouTube' portal. It has a writer lounge, where it invites professional and potential writers who are members of the Screenwriters Association and they can use this lounge at free of cost. The company is a concise organization with its Directors and other Key Managerial Personnel taking the lead in day to day business activities. On the concern side, the company is dependent on third parties and certain related parties for carrying out the line production activities to create new content and is exposed to risks relating to fluctuations in availability, cost and skills of such third parties. Further, it does not have any long term agreements with any of the professionals, technicians, actors, etc. Besides, it requires several statutory and regulatory permits, licenses and approvals to operate its business. Many of these approvals are granted for fixed periods of time and need renewal from time to time.<P align=justify>The company is coming out with an IPO of 9,00,000 equity shares of Rs 10 each at a fixed price of Rs 30 per equity share to mobilize Rs 2.70 crore. On the performance front, revenue from operation for the year ended March 31, 2020 amounted to Rs 18.36 lakhs which was primarily on account of licensing fees of its content and income from channel partners. Profit after tax the year ended March 31, 2020 amounted to Rs 2.28 lakh which is 12.41% of the total revenue. With increasing content and with an aim to increase company's revenue, it intends to develop its own application for an OTT platform, where all its videos, music videos and short films will be available to view or download based on a periodic subscription fee. It intends to further increase the brand recognition through brand building efforts, communication and various initiatives, like participation in industry events, public relations and investor relations efforts.
07-Nov-2020   09:32 Hrs IST Gland Pharma coming with an IPO to raise upto Rs 6,480 crore <P align=justify><STRONG>Gland Pharma</STRONG><UL><LI><DIV align=justify>Gland Pharma coming is coming out with a 100% book building; initial public offering (IPO) with face value of Rs 1 each in a price band Rs 1490-1500 per equity share. </DIV></LI><LI><DIV align=justify>Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.</DIV></LI><LI><DIV align=justify>The issue will open for subscription on November 09, 2020 and will close on November 11, 2020.</DIV></LI><LI><DIV align=justify>The shares will be listed on BSE as well as NSE.</DIV></LI><LI><DIV align=justify>The face value of the share is Rs 1 and is priced 1490.00 times of its face value on the lower side and 1500.00 times on the higher side. </DIV></LI><LI><DIV align=justify>Book running lead managers to the issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities (India).</DIV></LI><LI><DIV align=justify>Compliance Officer for the issue is Sampath Kumar Pallerlamud.&nbsp; </DIV></LI></UL><P align=justify><STRONG>Profile of the company</STRONG><P align=justify>The company was incorporated as Gland Pharma Private Limited, a private limited company, at Hyderabad under the Companies Act, 1956 on March 20, 1978 and was granted the certificate of incorporation by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, the name of the company was changed to Gland Pharma Limited pursuant to a special resolution passed by the shareholders of the Company on December 5, 1994, and a fresh certificate of incorporation dated April 25, 1995 was issued by the Registrar of Companies, Andhra Pradesh at Hyderabad consequent upon change of name and conversion into a public limited company under the Companies Act, 1956.<P align=justify>The company is one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. It sells its products primarily under a business to business (B2B) model in over 60 countries as of June 30, 2020 including the United States, Europe, Canada, Australia, India and the Rest of the world. It has a consistent compliance track record with a range of regulatory regimes across these markets. It also has an extensive track record in complex injectables development, manufacturing and marketing and a close understanding of the related sophisticated scientific, technical and regulatory processes. It was established in Hyderabad, India in 1978 and has expanded from liquid parenterals to cover other elements of the injectables value chain, including contract development, own development, dossier preparation and filing, technology transfer and manufacturing across a range of delivery systems. It has a professional management team and one of its Promoters, Shanghai Fosun Pharma, is a global pharmaceutical major.<P align=justify>The company is focused on meeting diverse injectables needs with a stable supply of affordable and high quality products. It has established a portfolio of injectable products across various therapeutic areas and delivery systems. It is present in sterile injectables, oncology and ophthalmics, and focus on complex injectables, NCE-1s, First-to-File products and 505(b)(2) filings. Its delivery systems include liquid vials, lyophilized vials, pre-filled syringes, ampoules, bags and drops. It is expanding its development and manufacturing capabilities in complex injectables such as peptides, long-acting injectables, suspensions and hormonal products as well as new delivery systems such as pens and cartridges.<P align=justify>Over the years, the company has made substantial investments in its manufacturing infrastructure to support its product portfolio needs and reach. It has seven manufacturing facilities in India, comprising four finished formulations facilities with a total of 22 production lines and three API facilities. As of June 30, 2020, it had manufacturing capacity for finished formulations of approximately 755 million units per annum. Its API facilities provide it with in-house manufacturing capabilities for critical APIs, enabling it to control costs and quality and mitigate supply chain related risks around its key products. Its capabilities as a vertically integrated company include internal research and development (R&amp;D) expertise, robust manufacturing capabilities, a strict quality assurance system, extensive regulatory experience and established marketing and distribution relationships. <P align=justify><STRONG>Proceed is being used for:</STRONG><UL><LI><DIV align=justify>Funding incremental working capital requirements of the company.</DIV></LI><LI><DIV align=justify>Funding capital expenditure requirements of the company.</DIV></LI><LI><DIV align=justify>General corporate purposes.</DIV></LI></UL><P align=justify><STRONG>Industry Overview</STRONG><P align=justify>According to the IQVIA Report, the Indian pharmaceutical market was estimated to be $18 billion in 2019, growing approximately 11.6% CAGR from $11 billion in 2014. The industry has been able to offer a wide variety of high quality and affordable generics across the world. Increasing incidence of chronic diseases due to changing lifestyle, improving affordability, growing penetration of medical insurance, government policies such as Ayushman Bharat are expected to improve the diagnosis and treatment rates in India, driving the growth of the pharmaceutical industry despite population growth slowdown in 2020 to 2024. The market for injectable drugs is increasing as new ailments such as rheumatoid arthritis, multiple sclerosis, cancers and autoimmune disorders are now being treated through injectables solutions. Pharmaceutical companies are developing and investing heavily in the development of new complex molecules to target these diseases.<P align=justify>Biologics are gaining popularity in the pharmaceutical industry, and injectables, especially prefilled syringes, are witnessing increased adoption as the preferred drug delivery systems due to their ease of handling, less overfills and more safety to patients. In the coming few years, many biologic drugs will witness loss of patent exclusivity. This is expected to result in a surge in their biosimilar products thereby increasing demand for the injectable drug delivery devices for these formulations. Injectables form appears to have high entry barriers due to its inherent complex nature. Injectables manufacturers face high entry barriers such as high capital investments, operational costs, manufacturing complexities, stricter compliance requirement due to the sterile nature of products and high-quality standards, resulting in limited competition in the market. The capital investment for an injectables manufacturer is higher compared to that for oral solids. Injectable plants require 1.3-1.5 times more capital expenditure as compared to oral solids plants. Addition of new injectables lines is less capital intensive as compared to adding a new injectables facility. The high capital investment is necessary to ensure adherence to quality standards and minimize errors.<P align=justify><STRONG>Pros and strengths</STRONG><P align=justify><STRONG>Extensive and vertically integrated injectables manufacturing capabilities</STRONG>: The company's seven manufacturing facilities are situated in southern India including two sterile injectables facilities, one dedicated Penems facility, one oncology facility and three API facilities. Its manufacturing process is designed to facilitate production flexibility and deliver high and consistent product quality. Its four finished formulation manufacturing facilities with a total of 22 production lines possess the flexibility to accommodate different product requirements without the need to install new production lines. This allows it to adapt quickly to changes in product specifications, market demand and production requirements. In addition, it considers that diversification of product approvals across its multiple manufacturing units for its key products mitigates its exposure to regulatory risk with respect to any particular unit and provides increased certainty of supply.<P align=justify><STRONG>Diversified B2B-led model across markets</STRONG>: The company's primary business model is B2B, covering IP-led, technology transfer and contract manufacturing models, complemented by a B2C model in its home market of India. It consider that its various B2B business models enable it to (i) grow market share in key markets such as the United States, Europe, Canada and Australia, particularly the United States, while reducing the marketing investments it need to make, (ii) leverage the reputation of its marketing partners in their home markets to build its own presence in these markets, (iii) build its own reputation as a complex injectables manufacturer with a consistent compliance record attracting confidence from other potential marketing partners, and (iv) balance profitability and capacity utilisation while continuing to deliver high manufacturing and quality standards to a broad range of customers. It adopts the B2B IP-led model primarily for marketing its portfolio of products. Under this model, it enters into long-term development, licensing and manufacturing and supply agreements with leading pharmaceutical companies with strong and independent sales and distribution networks under which it receive licensing fees together with milestone payments tied to completion of specific product development stages.<P align=justify><STRONG>Extensive portfolio of complex products supported by internal R&amp;D and regulatory capabilities</STRONG>: The company is a vertically integrated company with demonstrated ability to advance a product from the R&amp;D stage through commercialization. Its capabilities include internal research and development expertise, robust manufacturing capabilities (including the ability to synthesise and manufacture critical APIs in-house), a strict quality assurance system, extensive regulatory experience and established marketing and distribution relationships. As of June 30, 2020, it had a total workforce of 3,766 excluding contract labourers across these business divisions, including an in-house R&amp;D team for product development, regulatory affairs for obtaining product registrations, manufacturing, supply chain management, and sales and marketing.<P align=justify><STRONG>Experienced management and qualified team:</STRONG> The company has a professional and experienced management team with significant expertise in the pharmaceutical industry. It considers this facilitates effective operational coordination and continuity of business strategies. Its management team includes experienced senior executives, many of whom have been with it for a significant period of time. Its labourers possess a range of qualifications including scientific, pharmacy post graduate and graduate and it has a wellestablished record of developing its in-house talent. One of the company's Promoters, Shanghai Fosun Pharma, is a global pharmaceutical major with extensive pharmaceutical manufacturing, distribution and R&amp;D expertise internationally, and in China. Its relationship with Shanghai Fosun Pharma provides it with widened market access opportunities arising from its own continuing internationalisation. In particular, it has benefitted from Shanghai Fosun Pharma's established presence in China and Africa, both of which it consider to be key growth markets for injectables.<P align=justify><STRONG>Risks and concerns:</STRONG><P align=justify><STRONG>Dependent on the sale of products to key customers and in key markets</STRONG>: The company is dependent on its key customers having presence in the generic injectables industry in which it operates. As the company is dependent on its key customers for a significant portion of its sales as well as the sale of its products in the United States, Europe, Canada and Australia, the loss of such customers and such markets may materially affect its business, cash flows and results of operations. Further, the volume of sales to its customers may vary due to its customers' attempts to manage their inventory, market demand, product and supply pricing trends and customer preferences, among others, which may result in a decrease in demand or lack of commercial success of products of which it is a major supplier, which could reduce its sales and materially adversely affect its business, cash flows, results of operations and financial condition.<P align=justify><STRONG>Significant portion of income depend on sales of key injectable formulations</STRONG>: A significant portion of the company's yearly income is dependent on sales of its key injectables formulations for that year. Its key injectables formulations vary from year to year as a result of market demand and opportunities. As a result of increased competition, pricing pressures or fluctuation in the demand or supply of these products or products in the injectables category generally, its sales and margins from these products may decline in the future. If the sales volume or pricing of such products declines in the future, its business, financial condition, cash flows and results of operations could be materially adversely affected. Furthermore, its key injectables formulations could be rendered obsolete or negatively impacted by numerous factors, many of which are beyond its control, including development by others of new pharmaceutical products that are more effective than its and changes in the prescribing practices of physicians and manufacturing or supply interruptions. <P align=justify><STRONG>Require certain approvals and licenses in ordinary course of business</STRONG>: The company is required to obtain and maintain a number of statutory and regulatory licenses, permits and approvals for carrying out its business and for each of its manufacturing facilities under various central, state and local governmental rules and regulations in India. A majority of these approvals are granted for a limited duration and require renewal. It cannot assure you that the renewals to such approvals will be issued or granted to it in a timely manner, or at all. If it does not receive such approvals or are not able to renew the approvals in a timely manner, its business and operations may be materially adversely affected. Further, the licenses, permits and approvals required by it are subject to several conditions and it cannot assure you that it will be able to continuously meet such conditions, which may lead to cancellation, revocation or suspension of the relevant licenses, permits and approvals. <P align=justify><STRONG>Significant working capital requirements</STRONG>: The company's business requires significant working capital including in connection with its manufacturing operations and its development of new products. It intends to utilise Rs 7,695.00 million (a part of the Net Proceeds) towards funding its incremental working capital requirements in Fiscals 2021 and 2022. The actual amount of its future capital requirements may differ from estimates as a result of, among other factors, unforeseen delays or cost overruns, unanticipated expenses, regulatory changes, economic conditions, technological changes, additional market developments and new opportunities in the generic injectables industry. The company's sources of additional financing, where required to meet its working capital needs, may include the incurrence of debt, the issue of equity or debt securities or a combination of both. If it decides to raise additional funds through the incurrence of debt, its interest and debt repayment obligations will increase, which may have a significant effect on its profitability and cash flows.<P align=justify><STRONG>Outlook</STRONG><P align=justify>Gland Pharma, the Hyderabad-based company is one of the fastest-growing generic injectable companies. It manufactures a diversified range of high-quality complex injectables. The company offers products like sterile injectables, oncology, and ophthalmics, complex injectables (peptides, suspensions, hormonal products, long-acting injectables), NCE-1s, First-to-File products, etc.&nbsp; The company's products are developed and manufactured in India which has previously conferred R&amp;D and manufacturing cost advantages on Indian pharmaceuticals manufacturers compared to their competitors in higher cost markets. It has a professional and experienced management team with significant expertise in the pharmaceutical industry. It considers this facilitates effective operational coordination and continuity of business strategies. On the concern side, if the company's API production is interrupted or it fails to produce or procure high-quality APIs in the quantities it require in a cost-effective manner, sales of its products could be delayed or interrupted. Before obtaining regulatory approvals for the sale of some of its drug candidates in the future, it may be required to conduct extensive clinical trials to demonstrate the safety and efficacy of its drug candidates in humans. Clinical trials are expensive, difficult to design and implement, can take many years to complete and are uncertain as to the outcomes. A failure of one or more of its clinical trials can occur at any stage of testing.&nbsp; <P align=justify>On the performance front, the company's revenue from operations increased by 28.81% to Rs 26,332.40 million in Fiscal 2020 from Rs 20,442.03 million in Fiscal 2019. The company's restated profit for the year increased by 71.04% to Rs 7,728.58 million in Fiscal 2020 from Rs 4,518.56 million in Fiscal 2019. The company intends to continue enhancing its product portfolio to offer a diverse suite of products to cater to the growing demand for injectables. It will continue to identify, develop and launch new products and delivery systems from its pipeline to meet market needs and capture growth opportunities to sustain its revenue growth and profitability. It will continue to focus on developing products primarily for the U.S. market and leverage this product portfolio to extend across other markets.
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