The capex for FY22 stood at Rs 145 crore and is expected to be in the range of Rs 250-350 crore for the entire FY23 which would be funded through a mix of internal accruals and debt
The plant is expected to start commercial operations from Q4FY24
All the capex is being met through internal accruals only
Through the contract, the company will supply two key GMP intermediates for one of the 'patented drugs' of the innovator pharmaceutical customer
Headwinds related to pricing pressures and rising raw material costs will result in some contraction in margins in Q4 FY22 and FY23
Ind-Ra maintains a neutral outlook for healthcare in FY23
The Gujarat Biotechnology policy released last month has made radical changes to position the state as a biotechnology hub. It already has a thriving ecosystem of pharma companies and varied suppliers
The company plans to establish a state-of-the-art greenfield pharma facility with a total of 4-6 manufacturing units in different therapeutics categories to cater to domestic and export markets
Large players are adequately capitalised to make bigger investments to adjust for the ongoing fundamental shift in market opportunities
Fitch estimates JPL's EBITDA to drop significantly in FY23 due to lower volume and narrowing of the margin to 11% (FY22 estimate: 14%).
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