13th November, 2024

To, To,
Department of Corporate Services The Manager,
BSE Ltd. Listing Department,
Phiroze Jeejeebhoy Towers, National Stock Exchange of India Ltd.
Dalal Street, “Exchange Plaza”, C-1, Block G,
Mumbai – 400 001. Bandra-Kurla Complex,
Bandra (E), Mumbai – 400 051.

Ref.: Scrip Code No. : 540701 (Equity) Ref. : (i) Symbol – DCAL
: 974556 and 975834 (Debt) (ii) Series – EQ

SUB: INVESTORS PRESENTATION ON UN-AUDITED FINANCIAL RESULT FOR THE

SECOND QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024 –
REGULATIONS: 30 and 51
Dear Sir,
Pursuant to Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015, kindly find enclosed herewith Presentation on
financial result for the second quarter and half year ended 30th September, 2024 to be
made to Analyst and Investors.

The aforesaid presentation is also being hosted on the website of the Company,
www.imdcal.com in accordance with the Regulations 46 and 62 of the SEBI (Listing
Obligations and Disclosures Requirements) Regulations, 2015.

Kindly take the same on your record.

Thanking You,
Yours faithfully,
For, Dishman Carbogen Amcis Limited
Digitally signed by SHRIMA GAURANGBHAI
SHRIMA GAURANGBHAI DAVE DAVE
Date: 2024.11.13 23:35:34 +05'30'
Shrima Dave
Company Secretary

Encl.: As above
Investor Presentation
Quarter ended September 30 th , 2024
SAFE HARBOR STATEMENT

This presentation and the following discussion may contain “forward looking statements” by Dishman
Carbogen Amcis Limited (‘Dishman’ or the ‘Company’) that are not historical in nature. These forward-
looking statements, which may include statements relating to future results of operations, financial
condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,
expectations, estimates, and projections of the management of Dishman about the business, industry and
markets in which Dishman operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond Dishman’s control and difficult to predict, that
could cause actual results, performance or achievements to differ materially from those in the forward-
looking statements. Such statements are not, and should not be construed, as a representation as to future
performance or achievements of Dishman.
In particular, such statements should not be regarded as a projection of future performance of Dishman. It
should be noted that the actual performance or achievements of Dishman may vary significantly from such
statements.
DISHMAN IN A NUTSHELL

4 decades 2,200+ Team Strength

25 28
Committed Members Embracing
of Long-Standing Track Record in our Culture of Innovation &
Sustainability
CRAMS
Dedicated Team/Scientist Working Multi-Purpose MANUFACTURING RESEARCH & DEVELOPMENT
APIs in R&D - 950+ FACILITIES Globally and HIPO LABS
SPECIALTY CHEMICALS 50% of Technical Staff holding Ph.D

Global Health Authorities

Approved & Recognised by Solving Complex Problems for

250+ Clients
CHF 110 M
NEW PRODUCT DEVELOPMENT
4
Successful IN-ORGANIC GROWTH
USFDA, MEB, SWISS MEDIC,
PIPELINE TRANSACTIONS
ANSM, WHO, MFDS, PMDA

Operations in
India, Switzerland, UK,
France, China and the
16
Late Phase III
29
Total
Digital Transformation
underway; SAP
implementation in
Successful US FDA
inspections with zero
Form 483 in Neuland and
CGAM - Q1FY26
Netherlands Commercialized
molecules Molecules Aarau sites in Switzerland
3
 PAST PERFORMANCE AT A GLANCE

Revenue from Operations (₹ mn) EBITDA and EBITDA % Cash Profit (₹ mn)

26,158 EBITDA EBITDA % 4,087

24,129
21,407 3,374 3,260
20,436 19,120 4,976 3,039
3,902 4,142 4,085 2,538
2,744
18.2% 17.2% 15.6%
24.3%
14.3%

FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22^ FY23^ FY24^ FY20 FY21 FY22^ FY23^ FY24^

CRAMS (₹ mn) Marketable Molecules (₹ mn) The company has a strong basket of about 16 APIs
in Late Phase III development.
21,680 The company is focused on improving its capacity
19,453 5,336
4,796 4,914 4,676 4,479
utilization at its manufacturing facilities by
16,493
15,100 14,324 targeting small and mid-sized global biotech
companies and diversifying across new
geographies.
Due to the current and prospective opportunities,
the company has set up additional development
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 and small-scale manufacturing facilities in
Switzerland and new injectables manufacturing
plant in France.
^ Adjusted for forex loss, Saas Cost and non-recurring expenses
4
 AGENDA

01 Quarter Highlights

02 Company Overview

03 Industry Overview
QUARTER
HIGHLIGHTS
Q2 FY25 RESULT HIGHLIGHTS

NET REVENUE (₹ mn) EBITDA (₹ mn) & EBITDA MARGIN

7,890
34.5% 1,485
5,866 18.8%
10.8%
631

Q2FY24 Q2FY25 Q2FY24^ Q2FY25^

CASH PAT (₹ mn) & CASH EPS (₹)

6.7
1,055
3.0
473

Q2FY24 Q2FY25
Cash PAT = Adjusted PAT + (Depreciation - additional goodwill amortization)
Adjusted PAT = Adjusted PBT - Normalized tax rate of 25%

^ Excluding Saas cost 7

H1 FY25 RESULT HIGHLIGHTS

NET REVENUE (₹ mn) EBITDA (₹ mn) & EBITDA MARGIN

13,100 0.2% 13,128 1,897 1,779

14.5% 13.5%

H1FY24 H1FY25 H1FY24^ H1FY25^

CASH PAT (₹ mn) & CASH EPS (₹)

1,370
1,216

8.7 7.8

H1FY24 H1FY25
Cash PAT = Adjusted PAT + (Depreciation - additional goodwill amortization)
Adjusted PAT = Adjusted PBT - Normalized tax rate of 25%

^ Excluding Saas cost 8

 CONSOLIDATED P&L STATEMENT

Particulars (₹ mn) Q2 FY25 Q2 FY24 YoY % H1 FY25 H1 FY24 YoY %

Income from Operations (Net) 7,890.4 5,865.9 34.5% 13,128.2 13,099.7 0.2%
COGS 1,905.6 1,343.5 41.8% 2569.1 2,976.6 -13.7%
Employee Expenses 3,197.3 2,830.6 13.0% 6,365.5 5,781.9 10.1%
Other Expenses 1,302.9 1,060.8 22.8% 2,415.1 2,444.2 -1.2%
EBITDA 1,484.6 631.0 135.3% 1,778.5 1,897.0 -6.2%
Margin % 18.8% 10.8% 13.5% 14.5%
Other Income 66.5 84.7 -21.5% 80.8 150.0 -46.1%
SaaS IT project cost 13.1 22.5 -41.8% 17.3 69.9 -75.3%
Depreciation & Amortization 720.9 750.4 -3.9% 1426.8 1,454.9 -1.9%
Finance Cost (Incl. Forex Impact) 366.3 274.9 33.2% 685.6 559.4 22.6%
Exceptional Items -29.6 -30.5 -84.0 -30.5
Profit Before Tax 421.2 -362.6 -354.4 -67.7
Tax Expense 90.3 46.4 90.4 171.3
% Tax Rate 21.4% - - -
Profit After Tax 330.9 -409.0 -444.8 -239.0
PAT Margin % 4.2% - - -
EPS 2.11 -2.61 -2.84 -1.52
As per Reported figures

9
REVENUE BREAKUP ANALYSIS

Revenue (₹ mn) Q2 FY25 Q2 FY24 YoY % H1 FY25 H1 FY24 YoY %

CARBOGEN AMCIS - Contract Research &

6,628.1 4,369.4 51.7% 10,020.4 9,981.6 0.4%
Manufacturing Services1
CARBOGEN AMCIS- Cholesterol & Vit D
557.9 868.1 -35.7% 1,336.7 1,799.3 -25.7%
Analogues2

DCAL India - NCE APIs & Intermediates3 490.6 358.5 36.9% 1,312.9 741.9 77.0%

DCAL India - Quats & Generics3 213.8 269.9 -20.8% 458.2 576.9 -20.6%

Grand Total 7,890.4 5,865.9 13,128.2 13,099.7

1. Includes Switzerland, UK, France & China

2. Includes Netherlands
3. Includes India and its marketing entities
10
REVENUE BREAK-UP

Total Operating Revenue – Q2 FY25 Total Operating Revenue – H1 FY25

CARBOGEN AMCIS - Contract

Research & Manufacturing
Services
6.2% 10.0%
7.1%
2.7% 3.5%
10.2%
CARBOGEN AMCIS -
Cholesterol & Vit D Analogues

DCAL India - NCE APIs &

Intermediates
84.0% 76.3%

DCAL India - Quats & Generics

11
MARGIN ANALYSIS

Adjusted EBITDA Margin %* Q2 FY25 Q2 FY24 H1 FY25 H1 FY24

CARBOGEN AMCIS - Contract Research & Manufacturing

19.7% 12.2% 14.3% 17.5%
Services2

CARBOGEN AMCIS- Cholesterol & Vit D Analogues3 14.7% 10.1% 8.5% 14.4%

DCAL India - NCE APIs & Intermediates1 13.9% - 14.0% -

DCAL India - Quats & Generics1 6.7% 7.5% 6.3% 7.2%

1. Includes India and its marketing entities

2. Includes Switzerland, UK, France & China
3. Includes the Netherlands
* Excluding Saas cost
.

12
Q2 & H1 FY25 RESULT HIGHLIGHTS

Net Revenue at Rs 7,890.4 mn in Q2 FY25 up by 34.5% YoY mainly due to increase in commercial sales in the CRAMS segment in Switzerland
and India.
Carbogen Amcis AG – CRAMS revenue increased by 51.7% YoY in Q2 FY25 primarily due to higher commercial sales and also rollover of certain
shipment which got pushed to Q2 from Q1 FY25.
Carbogen Amcis BV– Cholesterol and Vitamin D analogues revenue decreased by 35.7% YoY in Q2 FY25 primarily due to lower sales of
Cholesterol SF on account of lower margin realizations.
DCAL India – NCE APIs and Intermediates revenue increased by 36.9% YoY in Q2 FY25 primarily due to increase in commercial sales from Bavla
site.
DCAL India – Quats & Generics revenue decreased by 20.8% YoY in Q2 FY25 primarily due to slowdown in the agrochemical sector.
EBITDA Margin at 18.8% in Q2 FY25 compared to 10.8% in Q2 FY24 due to:
Increase in operating margins in CARBOGEN AMCIS – CRAMS segment from 12.2% to 19.7% due to higher volume of commercial sales.
Increase in operating margins at Carbogen Amcis BV from 10.1% to 14.7% due to higher sales of vitamin D analogues with higher margins.
Increase in operating margins at DCAL India - NCE APIs & Intermediates to 13.9% compared to negative margins in Q2 FY24 due to increase
in operations in Bavla site.
Net Debt excluding lease liabilities was CHF 173 mn as on September 30, 2024.

Capital expenditure for H1 FY25 was approximately USD 15.9 mn.

13
COMPANY
OVERVIEW
ABOUT US

Established in 1983, Dishman Carbogen Amcis Limited is a

fully integrated CRAMS (Contract Research & Manufacturing)
company with strong capabilities right from process research
& development to late stage clinical and commercial
manufacturing and supply of API to innovator pharmaceutical
companies.

The Company has global presence with development and

manufacturing sites in Switzerland, UK, France, Netherlands,
India and China.

Dishman provides end-to-end integrated high-value niche

CRAMS offering and has comprehensive product offerings
which include APIs, High Potent APIs, Intermediates, Phase
Transfer Catalysts, Vitamin D Analogues, Cholesterol, Lanolin-
related products, Antiseptic and Disinfectant formulations.

15
 KEY STRENGTHS

Preferred global outsourcing Upfront investment of more

partner with capabilities across the than ₹10,000 mn in large
entire CRAMS value chain scale multi-purpose
manufacturing capacities

Strong chemistry skills The HIPO facility at Bavla,

India is the largest HIPO
facility in Asia. Dishman is at
forefront to gain from the
high margin HIPO opportunity
in the Oncology space

16
 ROBUST R&D CAPABILITIES

Facilities are approved by recognised health agencies: Superior Chemistry Skills & Capabilities

USFDA, MEB, SWISS MEDIC, ANSM, WHO, MFDS, PMDA 28 dedicated R&D labs with multiple shift R&D
CARBOGEN
AMCIS BV.,
Veenendaal, The
CARBOGEN AMCIS operations, including HIPO labs
(Shanghai) Co. Ltd.
Netherlands China

Dishman India,
25 multi-purpose facilities at Bavla, Naroda,
Naroda Plant,
MANUFACTURING FACILITES

Carbogen
Ahmedabad
Manchester, Switzerland, Netherlands and
AMCIS Ltd., Dishman India, Bavla
Manchester,
UK
Plant, Ahmedabad Shanghai
Carbogen AMCIS
SAS, SaintBeauzire,
France
Dishman India,
Head Office,
1 dedicated production facility for APIs and
Ahmedabad
Dishman
CARBOGEN Intermediates at Bavla
Dishman AMCIS (Japan)
Carbogen Ltd.
Dishman USA Inc Amcis Europe
Dishman India,
7,500 m2 floor space of R&D at Switzerland,
Ltd.
Carbogen AMCIS AG., Mumbai
Bubendorf, Switzerland
Dishman Carbogen Manchester and Bavla
Amcis (Singapore)
Pte Ltd
Carbogen AMCIS AG.,
Hunzenschwil, Switzerland State of the art HIPO Capabilities

Sites Carbogen AMCIS AG.,

Aarau, Switzerland 750 m3 of reactor capacity at Bavla, 230 m3 at
Dishman
Sales Offices
Carbogen AMCIS AG.,
Australasia Pty.
Ltd.
Naroda and 63 m3 at Shanghai
Vionnaz, Switzerland

9,500 m2 new sterile injectable facility at

France
17
 PREFERRED GLOBAL OUTSOURCING PARTNER

CLOSE PROXIMITY LARGE SCALE

INTEGRATED ACROSS THE STRONG CHEMISTRY
TO CLIENTS WITH MANUFACTURING
VALUE CHAIN CAPABILITIES
GLOBAL PRESENCE CAPACITIES

Integrated CRAMS Player present along the entire value chain from building blocks to commercialization and product launch stage

Drug Lifecycle Management Strong R&D Capabilities Close Proximity to Clients Large Scale Mfg. Capacity

§ Preclinical to commercial § Globally, Dishman group has § Local representation, local § Dedicated USFDA inspected
manufacturing capabilities. ~550 scientists, with 50+ support in all major markets. production facilities.
§ Ensures seamless process & doctorates as senior scientists. § Front end via CA with access to § Asia’s largest HIPO facility in
technology transfer from lab to more than 200 established Bavla.
plant. customer relationships of CA. § Large capacities provide
§ Single partner for R&D, process § Trust & Confidence of competitive edge to win big
development and commercial customers for entire drug life long-term contracts
production. cycle engagement

18
INTEGRATED CRAMS PLAYER

CARBOGEN AMCIS (CA)

STRONG RESEARCH CAPABILITIES
§ Focus is on supporting the development process from
bench to market
§ Process research and development to the supply of
APIs for preclinical studies, clinical trials and
commercial use

DISHMAN INDIA
STRONG MANUFACTURING CAPABILITIES
§ Large dedicated R&D center with multiple shift R&D
operations (India)
§ Multi purpose and dedicated production facilities for
APIs, intermediates ( Europe and China)
§ Dedicated API manufacturing capacities (India, China)

19
CUTTING EDGE HIPO CAPABILITIES

The HIPO facility at Bavla, India, is one of the kind facility in the world and the largest facility in Asia. The facility has a sound mix of Kilo lab and full-
scale manufacturing units to cater to both small volume and large volume orders.
State of the art containment services, with all cGMP compliant facilities with an ability to operate for preclinical testing, clinical trials and
commercial use.
Facilities range from laboratory scale for process research and development to large scale manufacturing on 6,300 L scale, with an ability to handle
the highest category IV compounds (high toxicity levels).

Kilo-scale Commercial Scale Laboratories Pilot Plant Commercial Scale

Manufacturing Manufacturing Manufacturing Manufacturing
Facility Facility Facility Facility
FACILITIES
Bavla, India Shanghai, China
Switzerland Up to 1,600 L Switzerland Switzerland Up to 6,300 L
Up to 15 Kg 10 MT p.a. Up to 250 L Up to 630 L 10 MT p.a.

CONTAINMENT OEL < 1 µg/m3 OEL < 1 µg/m3 OEL 1 - 10 µg/m3 OEL 1 - 10 µg/m3 OEL 1 - 10 µg/m3

TOXICITY LEVEL Category IV Category III

Highly Potent APIs for clinical trials and commercial use

20
INDUSTRY
OVERVIEW
 EXPECTED GLOBAL SPENDING BY THERAPY AREAS IN 2028

Oncology & Obesity expected to lead growth 5-Yr CAGR

2024-2028
Oncology 440 14-17%
Immunology 192 2-5%
Top 20 Therapy Areas (US$ bn) - 2028

Diabete s 184 3-6%

Cardiovascular 126 2-5%
CNS 103 6-9%
Respiratory 99 3-6%
Mental health 81 9-12%
Infectious diseases 75 3-6%
Obesity 74 24-27%
GU sexual health 62 3-6%
GI Products 52 3-6%
§ Oncology continues as the largest spending therapy area with growth projected in the
Pain 50 4-7%
HIV antivirals 44 14–17% range through 2028 as new treatments continue to be launched.
2-5%
Ophthalmology 38 § Oncology (cancer treatment) requires highly potent drugs which are highly effective 4-7%
Musculoskeletal 32 4-7%
at much smaller dosages and have the ability to target only the diseased cells.
Dermatology 30
4-7%
Vaccines e x flu and COVID-19 30
§ Oncology as a therapeutic segment is a key focus area for Dishman 7-10%
Blood coagulation 29
-2-5%
Lipid regulators 22 § Currently, Dishman has 15 molecules in phase III. Out of these, many molecules are in
4-7%
Cough, Cold, incl flu… 15
Oncology segment. 4-7%

Source: IQVIA Institute, December 2023

22
 SPECIALTY: MARKET SHARE & GROWTH

Specialty medicines will represent about 43% of global spending in

2028 and 55% of total spending in developed markets 55%
50%

43% 43%
40% 41%

35% 36%
31%
29%

23% 24%

13% 13%
10%
8%

2013 2018 2023 2028

Pharmerging Other Developed Global 10 Developed

Source: IQVIA Institute, Dec 2023

23
 FOR FURTHER QUERIES

Mr. Harshil Dalal

Dishman Carbogen Amcis Ltd Global CFO
Dishman Corporate House Email: harshil.dalal@dishmangroup.com
Iscon-Bopal Road, Ambli
Ahmedabad - 380058
Gujarat, Mr. Binay Sarda
India
Ernst & Young LLP
www.imdcal.com P: +91 9920893764
Email: binay.sarda@in.ey.com