Last year we did an opening note on Neuland Labs and how the company is moving up in Pharma value chain, The company recently announced its full year revenue and the results are inline with our expectations

CMS segment outgrew other segments and now has ~28% share of total revenues up from ~26% last year, overall all segments had a good year with topline growing by more than 20%

If you peek under hood even more positive aspect was growth of development projects in CMS segment as they move from development to commercial stage the growth could sustain

Source : Investor Presentation

Margin trajectory is also in right direction, management indicated in concalls that they had some one offs in Q4 and are still in investment phase for Unit III

Updating our last year expectation vs Actuals
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The management continues to hint on scale up on CMS side and operating leverage playing out

“we have maybe about two peptides in CMS which are reasonably close to commercialisation but they are not yet in commercialisation and also we have two peptides which we are developing for generics which is part of the GDS new product portfolio”

“On the big picture the three manufacturing sites and the R&D facility that we have, one year ago we did Rs.700 crores, this year we did about Rs.950 crores. We expect operating leverage to play a role in the business going forward as well and that should also along with the better business mix help us have good margins”

Source Conference Calls

by FY23 I would not be surprised if the Unit III starts contributing ~INR 400 to 450 crores top line with overall top line in range of INR 1300 crores

At INR 2500 market cap (June 2021) this remains one of most interesting value migration play in CDMO space we continue to track this in score card