Indegene Limited

Empowering Progress, Connecting Future

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 Indegene Ltd

Subscribe at upper price band of INR 452

Innovating Health, Transforming Lives

Indegene Ltd. (IL), established on October 16, 1998, specializes in providing Industry Healthcare
digital-led commercialization services tailored for the life sciences sector. Their
clientele spans across various domains including biopharmaceutical, emerging
biotech, and medical devices companies. Indegene aids these firms in several Issue Details

critical areas such as drug development, clinical trials, regulatory compliance, Listing BSE & NSE
th
pharmacovigilance, and the marketing of their products. Leveraging over two Open Date 6 May 2024
decades of industry-specific expertise and purpose-built technology, Indegene Close Date 8th May 2024
Price Band INR 430-452
offers a comprehensive suite of solutions covering commercial, medical,
regulatory, and research and development operations. Their services cater to
Face Value INR 2
different stages of the product lifecycle, facilitating efficient product
development, market entry, and sales optimization. Lot Size 33 shares
Minimum Lot 1 Lot
Indegene boasts strong client relationships, notably with the top 20
biopharmaceutical companies globally based on revenue for the Financial Year
Issue Structure
2023. A significant portion of their revenue, exceeding 69%, is derived from these
Fresh Issue 41.3%
key clients, demonstrating the company's reliability and trustworthiness within
OFS 58.7%
the industry. As of December 31, 2023, Indegene served a total of 65 active clients,
Issue Size (Amt) INR 1,841.76 Cr
showcasing their widespread reach and impact. The company's revenue structure
reflects diverse client engagements, with a range of revenue streams from various Issue Size (Shares) 40,746,891

client tiers. QIB Share (%) ≤ 50%

Non-Inst Share (%) ≥ 15%

Indegene's suite of solutions encompasses enterprise commercial, medical, and Retail Share (%) ≥ 35%
clinical solutions, catering to the diverse needs of life sciences companies. With a Pre issue sh (nos) 222,435,091
workforce of 5181 employees and a global footprint spanning North America,
Post issue sh (nos) 239,249,250
₹ 10,346 –
Europe, and Asia, the company is well-positioned to meet the evolving needs of its
Post issue M Cap
clients. Moreover, Indegene has carved out a unique niche in the market, boasting 10,836 Cr
nearly 98% of global revenue and demonstrating strong growth potential with an
anticipated average CAGR of 6.5% in the coming years. Overall, Indegene's blend Pre Post
Shareholding (%)
of domain expertise and technological prowess positions it as a key partner for life (%) (%)
Public – Individual 19.89 16.20
sciences companies seeking to thrive in an increasingly digital-driven landscape. Selling S/h
Public – Investor 36.70 26.42
Selling S/h
Public – Others 43.24 57.23

Employee Trust 0.17 0.16

TOTAL 100 100

Key Financial Data (INR Cr, unless specified)
EBITDA PAT P/E
Revenue EBITDA PAT Adj EPS (₹) BVPS (₹) RoE (%) RoIC (%) EV/Sales (X) EV/EBITDA (X)
(%) (%) (X)
FY21 966.3 230.5 185.9 23.9 19.2 43.0 81.8 46.0 97.9 12.3 1.8 7.5
FY22 1,664.6 286.9 162.8 17.2 9.8 48.7 187.7 21.6 174.8 11.2 0.7 4.3
FY23 2,306.1 396.0 266.1 17.2 11.5 80.1 261.4 25.0 44.3 6.9 0.7 3.9
Source: Ventura Research

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 Industry Analysis

Overview
The life sciences industry, a cornerstone of global healthcare, encompasses a
multifaceted landscape of research, development, manufacturing, and marketing
endeavors aimed at advancing medical treatments and technologies. Its primary
components, the biopharmaceutical and medical devices sectors, spearhead
innovation in drug therapies and diagnostic tools. Biopharmaceutical companies
play a pivotal role in discovering, formulating, and distributing medications,
leveraging both chemical and biological compounds to combat diseases, alleviate
symptoms, and enhance overall well-being. In tandem, medical devices firms
specialize in designing and producing an array of instruments, systems, and
technologies pivotal for diagnosing, monitoring, and treating medical conditions.

The economic significance of this industry is underscored by the substantial sales

figures it commands, a testament to the vital role it plays in global healthcare
ecosystems. These sales figures, which reached remarkable heights in 2023 and are
projected to surge even further by 2026, reflect the industry's enduring relevance
and growth trajectory. Moreover, the life sciences value chain encompasses a
diverse array of activities, spanning from the initial stages of drug discovery and
clinical trials to the intricate processes of regulatory compliance, marketing, and
distribution. These interwoven segments collectively drive the industry forward,
facilitating the development, approval, and commercialization of life-saving
treatments and medical technologies.

Several key factors underpin the growth and evolution of the life sciences sector.
The aging demographic profile of populations worldwide presents both challenges
and opportunities, with an increasing number of elderly individuals necessitating
innovative healthcare solutions to address age-related ailments. Concurrently, the
rising prevalence of chronic diseases underscores the urgent need for novel
therapies and interventions to manage and mitigate these conditions effectively.
This imperative is further underscored by the emergence of new diseases,
demanding agile responses from industry stakeholders to develop and deploy
targeted treatments swiftly.

Amidst these challenges, the industry is witnessing a transformative shift towards

patient-centric care models, with a growing emphasis on preventive healthcare,
remote monitoring, and telemedicine. Technological advancements, including the
integration of smart medical devices, wearables, and telehealth applications, are
reshaping the patient-provider dynamic, fostering greater patient engagement and
empowerment. Furthermore, biotechnological innovations and the advent of
precision medicine are revolutionizing treatment paradigms, enabling tailored
therapies based on individual genetic profiles, lifestyles, and environmental factors.

Regulatory bodies, such as the U.S. Food and Drug Administration, are actively
collaborating with industry stakeholders to foster innovation and ensure the safety
and efficacy of new treatments and technologies. Initiatives aimed at streamlining
regulatory processes, such as flexible approaches to Next Generation Sequencing

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 tests, are poised to catalyze advancements in precision medicine and genomic-
based therapies.

Overall, the life sciences industry stands at the forefront of healthcare innovation,
driven by a confluence of technological, demographic, and regulatory trends. As it
continues to evolve, the industry holds immense promise for addressing global
health challenges, improving patient outcomes, and shaping the future of medicine.

Life Sciences Industry in India

In India, the life sciences industry mirrors its global counterparts in its dedication to
research, development, and commercialization of pharmaceuticals and medical
devices. With a burgeoning population and increasing healthcare needs, the Indian
life sciences sector plays a critical role in providing affordable healthcare solutions
to both domestic and global markets.

The Indian life sciences industry comprises a diverse ecosystem of pharmaceutical

companies, biotech firms, medical device manufacturers, research institutions, and
contract research organizations (CROs). These entities collaborate across the value
chain, from drug discovery and clinical trials to regulatory approvals,
manufacturing, and marketing.

One of the distinctive features of the Indian life sciences landscape is its
prominence as a global hub for generic drug manufacturing. Indian pharmaceutical
companies are renowned for producing high-quality generic medications at
competitive prices, making essential medicines accessible to populations
worldwide. Additionally, the country has emerged as a key player in the production
of biosimilars, further expanding its footprint in the biopharmaceutical space.

In recent years, India has witnessed significant investments and collaborations in

biotechnology and innovation-driven research. This has led to the emergence of a
vibrant biotech ecosystem, characterized by a growing number of biotech startups,
incubators, and venture capital funding. These initiatives focus on areas such as
biologics, genomics, personalized medicine, and agricultural biotechnology,
positioning India as a hub for cutting-edge biotechnological innovations.

The medical devices segment in India has also experienced rapid growth, driven by
increasing healthcare expenditure, rising awareness about preventive healthcare,
and government initiatives to promote domestic manufacturing. Indian medical
device companies are leveraging technology to develop innovative and affordable
devices tailored to the needs of the Indian market while also eyeing global
expansion opportunities.

Regulatory reforms, such as the introduction of the Goods and Services Tax (GST)
and initiatives like the National Biopharma Mission and the National Medical
Devices Promotion Council (NMDPC), aim to bolster the competitiveness and
attractiveness of the Indian life sciences sector. These measures facilitate ease of
doing business, encourage innovation, and promote investments in research and
development.

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 Despite the industry's growth trajectory, challenges persist, including regulatory
complexities, infrastructure bottlenecks, and the need for skilled talent. However,
concerted efforts by industry stakeholders, government bodies, and academia are
poised to address these challenges and propel the Indian life sciences industry
towards greater heights of success and innovation. With its vast talent pool, robust
research capabilities, and commitment to delivering affordable healthcare
solutions, India continues to be a significant player in the global life sciences arena.

Company Highlights

• Over the last three fiscal years, the company has consistently demonstrated
strong financial performance on a consolidated basis.
• Total income and net profit figures for FY21 were Rs. 996.92 cr. and Rs. 185.68 cr.
respectively, followed by Rs. 1690.50 cr. and Rs. 162.82 cr. for FY22, and Rs.
2364.10 cr. and Rs. 266.10 cr. for FY23.
• As of December 31, 2023, for the 9 months of FY24, the company achieved a net
profit of Rs. 241.90 cr. with a total income of Rs. 1969.75 cr
• PAT margins for the reported periods were 19.22% (FY21), 9.78% (FY22), 11.54%
(FY23), and 12.62% for the 9 months of FY24
• The company's average EPS for the last three fiscal years stands at Rs. 9.64, with an
average RoNW of 27.37%

Growth Strategy

• Enhance technology portfolio- Indegene is focused on developing and

expanding its technology portfolio, including tools and platforms with AI and
NLP capabilities. These applications automate processes related to developing
commercial assets, managing regulatory documents, and engaging with
patients and healthcare professionals. By investing in Gen AI-enabled solutions,
they aim to improve offerings in clinical, pharmacovigilance, and regulatory
areas, thereby increasing market share
• Pursue strategic acquisitions- The company actively seeks acquisition
opportunities aligned with capability enhancement, technology advancement,
efficiency improvement, and talent acquisition. With a track record of 13
successful acquisitions, they aim to capitalize on synergistic benefits and
recently completed the acquisition of Trilogy, further expanding their service
offerings
• Strengthen customer relationships and expand market segments- The
company aims to deepen existing client relationships and establish new ones,
focusing on high-value opportunities and scaling nascent business verticals. By
leveraging their wide portfolio of solutions and entering clients' ecosystems at
various stages of commercialization, they seek to expand their services across
different departments within client organizations

• Focus on operational excellence - Indegene prioritizes operational excellence

through talent acquisition and development, quality focus, and operational
efficiency. They aim to recruit candidates with relevant skill sets and cultural fit,

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 implement quality control systems, processes, and benchmarks, and drive
operational efficiency through continuous improvement efforts

Investment Rationale

• Deep Domain Expertise : Indegene's extensive healthcare expertise enables them

to effectively leverage technology for optimizing sales and marketing costs,
driving omnichannel activation, accelerating patient recruitment for clinical trials,
and expediting regulatory submissions. With a significant portion of their delivery
employees possessing healthcare-related educational backgrounds, Indegene
offers end-to-end capabilities and expertise across the commercialization value
chain
• Advanced Digital Capabilities : The company's robust suite of proprietary tools
and platforms, powered by AI, ML, NLP, and advanced analytics, drives
transformation across the commercialization lifecycle of biopharmaceutical
products and medical devices. Supported by a dedicated team of 650 individuals,
Indegene's technology innovation focuses on driving efficiency, effectiveness,
and quality in R&D and commercialization processes
• Established Client Relationships :Indegene has cultivated long-standing
relationships with top biopharmaceutical companies globally, including each of
the top 20 by revenue for FY2023. The company's high retention rates, evidenced
by recurring revenues accounting for a significant proportion of total revenues,
underscore the value and stickiness of their solutions
• Global Delivery Model : Leveraging enterprise-wide technology-enabled Centers
of Excellence (COEs) and digital Omnichannel Activation solutions, Indegene
delivers multi-year, global solutions tailored to client needs. Their COEs comprise
subject matter experts across functional areas, collaborating closely with clients
to drive digital transformation
• Experienced Management and Successful Acquisitions Indegene's management
team, with domain experience in life sciences, marketing, and digital
transformation, is supported by a diverse talent pool from 22 nationalities. The
company's successful track record in acquisitions since 2005 has enabled them
to access new technologies, markets, and clients, expanding their solution
portfolio and augmenting their commercialization capabilities

Key Concerns

• Regulatory Compliance: Given the highly regulated nature of the healthcare industry,
ensuring compliance with various regulations and standards is crucial. Indegene may
need to continuously monitor and adapt to changes in regulations related to data
privacy, drug approvals, and healthcare practices
• Competition: The life sciences industry is highly competitive. Indegene Ltd needs
to constantly innovate and develop new solutions to stay ahead of the
competition
• Business Model Complexity: Indegene's business and revenue models might be
unfamiliar to potential investors, making it difficult to assess their future
prospects

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 Issue Structure and Offer Details
The Indegene IPO is a book-built offering totaling Rs 1,841.76 crores. This comprises
a fresh issue of 1.68 crore shares valued at Rs 760.00 crores and an offer for sale of
2.39 crore shares valued at Rs 1,081.76 crores.
Issue Structure
Investor Category Allocation No. of shares
offered
QIB Not more than 50% of the Offer 20,235,170
NIB Not less than 15% of the Offer 6,070,552
Retail Not less than 35% of the Offer 14,164,620
Number of shares based on a higher price band of INR 452
Source: Company Reports

Objects of the Issue

Objects Amount
(in Cr.)
Repayment/prepayment of
391.3
indebtedness of one of the Material Subsidiaries, ILSL Holdings, Inc.
Funding the capital expenditure
requirements of the Company and one of the Material Subsidiaries,
102.9
Indegene, Inc

General Corporate purposes 265.7

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 Indegene Ltd financial summary and analysis
Fig in INR Cr (unless specified) FY21 FY22 FY23 Fig in INR Cr (unless specified) FY21 FY22 FY23
Income Statement Per share data & Yields
Revenue 966.3 1,664.6 2,306.1 Adjusted EPS (INR) 954.7 1,052.8 1,700.3
YoY Growth (%) 50.3 72.3 38.5 Adjusted Cash EPS (INR) 1,117.9 1,266.5 2,082.5
Raw Material Cost 0.0 0.0 0.0 Adjusted BVPS (INR) 2,128.4 4,881.2 6,796.9
RM Cost to Sales (%) 0.0 0.0 0.0 Adjusted CFO per share (INR) 1,099.3 1,898.0 832.1
Employee Cost 535.6 1,014.3 1,464.8 CFO Yield (%) 243.2 419.9 184.1
Employee Cost to Sales (%) 55.4 60.9 63.5 Adjusted FCF per share (INR) 1,003.2 1,767.5 858.5
Other Expenses 200.1 363.3 445.4 FCF Yield (%) 221.9 391.0 189.9
Other Exp to Sales (%) 20.7 21.8 19.3
EBITDA 230.5 286.9 396.0 Solvency Ratio (X)
Margin (%) 23.9 17.2 17.2 Total Debt to Equity 0.1 0.0 0.4
YoY Growth (%) 60.5 24.5 38.0 Net Debt to Equity (0.3) (0.8) (0.3)
Depreciation & Amortization 25.5 33.5 59.8 Net Debt to EBITDA (0.5) (2.2) (0.8)
EBIT 205.0 253.5 336.2
Margin (%) 21.2 15.2 14.6 Return Ratios (%)
YoY Growth (%) 64.9 23.7 32.6 Return on Equity 46.0 21.6 25.0
Other Income 30.6 25.9 58.2 Return on Capital Employed 47.1 23.3 16.9
Bill discounting & other charges 7.0 6.0 31.3 Return on Invested Capital 97.9 174.8 44.3
Fin Charges Coverage (X) 29.5 42.5 10.7
Exceptional Item 3.0 (46.9) 0.0 Working Capital Ratios
PBT 231.7 226.5 363.0 Payable Days (Nos) 19 16 12
Margin (%) 24.0 13.6 15.7 Inventory Days (Nos) 0 0 0
YoY Growth (%) 207.7 (2.2) 60.3 Receivable Days (Nos) 108 97 102
Tax Expense 45.8 63.7 96.9 Net Working Capital Days (Nos) 89 81 90
Tax Rate (%) 19.8 28.1 26.7 Net Working Capital to Sales (%) 24.3 22.2 24.7
PAT 185.9 162.8 266.1
Margin (%) 19.2 9.8 11.5 Valuation (X)
YoY Growth (%) 277.8 (12.4) 63.4 P/E 0.5 0.4 0.3
Min Int/Sh of Assoc (36.5) 1.9 0.0 P/BV 0.2 0.1 0.1
Net Profit 149.4 164.8 266.1 EV/EBITDA (0.2) (1.9) (0.6)
Margin (%) 15.5 9.9 11.5 EV/Sales (0.0) (0.3) (0.1)
YoY Growth (%) (2,471.5) 10.3 61.5
Cash Flow Statement
Balance Sheet PBT 231.7 226.5 363.0
Share Capital 0.3 0.4 44.3 Adjustments 101.0 268.7 63.2
Total Reserves 332.8 763.5 1,019.4 Change in Working Capital (114.8) (134.5) (199.1)
Shareholders Fund 333.1 763.9 1,063.7 Less: Tax Paid (45.8) (63.7) (96.9)
Long Term Borrowings 17.7 10.9 394.3 Cash Flow from Operations 172.0 297.0 130.2
Deferred Tax Assets / Liabilities (36.7) (69.2) (67.1) Net Capital Expenditure (20.6) (24.7) (18.8)
Other Long Term Liabilities 33.5 111.7 221.7 Change in Investments (3.6) (135.5) (874.5)
Long Term Trade Payables 0.0 0.0 0.0 Cash Flow from Investing (24.2) (160.2) (893.3)
Long Term Provisions 12.3 26.5 35.0 Change in Borrowings (124.5) (23.5) 364.4
Total Liabilities 359.9 843.9 1,647.7 Less: Finance Cost (7.0) (6.0) (31.3)
Net Block 85.9 137.7 664.1 Proceeds from Equity 0.0 262.9 0.0
Capital Work in Progress 0.0 0.0 0.0 Buyback of Shares 0.0 0.0 0.0
Intangible assets under development 0.0 0.0 0.0 Dividend Paid 0.0 0.0 0.0
Non Current Investments 0.0 0.0 0.0 Cash flow from Financing (131.5) 233.5 333.1
Long Term Loans & Advances 14.0 16.5 20.3 Net Cash Flow 16.3 370.3 (430.0)
Other Non Current Assets 0.1 0.1 3.7 Forex Effect (2.4) 2.6 (2.7)
Net Current Assets 259.9 689.6 959.6 Opening Balance of Cash 173.9 187.8 560.7
Total Assets 359.9 843.9 1,647.7 Closing Balance of Cash 187.8 560.7 128.0
Source: Ventura Research

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 Disclosures and Disclaimer

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