Hitesh Windlass, managing director (MD) of Windlas Biotech, on Wednesday, said that the company expects to perform anywhere between 3- 5 percent faster than the market.
Speaking in an interview with CNBC-TV18, Windlass said, “The company has been growing at market plus 2 percent. The Indian pharma market grows between 9 to 11 percent. We have been growing faster than the market, almost 20 percent faster.”
He also added that going forward, the company expects to perform anywhere between 3- 5 percent faster than the market.
The company’s initial public offering (IPO) opens today with a price band of Rs 448-460 for a total size of just over Rs 400 crore. The contract drug manufacturer is among the top five players in the domestic formulation space. Shedding light on it, Windlass said, “The OFS is essentially driven by our exiting private equity fund, which has been with us from the last five-and-a-half years.”
On business, he said, “We are not chasing the US business. The company is focused on domestic opportunities and rest of the world (ROW) markets.”
“The company is strong, we have a strong balance sheet as well with sufficient cash reserve with us, as of March ’21 we had Rs 55 crore in our liquidity, and we are also looking to be an active consolidator in our industry. So, both organic and inorganic expansion is planned,” he further mentioned.
On debt, he said, “We have about Rs 30 crore of debt. Out of the proceeds of the issue, Rs 20 crore will be paid out and the rest is basically our credit limits with the banks so they will go on in rotation.”
On margins, he said, “We have been consistently performing between 12-13 percent in the last three years in terms of our EBITDA.”
Windlass also mentioned that the company is looking to expand and grow its trade generics vertical, export vertical and accelerate its foray into injectables.
For the entire management interview, watch the video
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