In Q3 and the first nine months of FY23, the company achieved a remarkable 11 per cent (year-on-year) revenue growth. Additionally, the Complex Hospital Generics segment demonstrated growth of 6 per cent in the quarter and 9 per cent over the nine months.
During the 9MFY23, the company launched 21 new products, resulting in the introduction of 25 new stock keeping units (SKUs). These products have contributed about 17 per cent to the overall sales of the consumer business within the past two years. To further enhance their product portfolio, the company is concentrating on incorporating innovative offerings and optimising their production capacity to its fullest potential.
The CDMO business is experiencing robust inflows of request for proposals (RFPs), while there is a relatively softer demand for the existing generic and API as well as the vitamins portfolio. Moreover, the company is strategically focusing on expanding its pipeline of injectable products, currently having 34 SKUs in development.
The company aims to achieve zero-debt status by Q2 FY24 while focusing on reviving demand for underperforming plants in the US and the UK. Expansion into alternative distribution channels, such as e-commerce, modern trade and the company’s own website are being pursued.