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What is the story about?
Ahmedabad-based pharma company Corona Remedies has entered the povidone-iodine antiseptic segment through the acquisition of Wokadine from Dr. Reddy’s for around ₹95 crore, funded entirely through internal accruals.
The brand currently has sales of about ₹30 crore, and the Chief Financial Officer, Bhavin Bhagat, hopes to double its sales in three years by reaching new markets within India. "We are eyeing to grow by 20 to 25% compounded annual growth," he said.
For the entire discussion, watch the accompanying video
Along with revenue growth, the nearly ₹9,000-crore company is also focusing on improving profitability. Current gross margins for the brand are in the range of 53–55%, and by the end of FY27, the gross margins may be wider by 400 basis points, Bhagat said.
Wokadine marks the fifth brand acquisition over the last decade, and the company has enough cash for more. As of December 31, the company had cash of ₹112 crore and it aims to generate at least 75% of its earnings before interest, tax, depreciation, and amortisation (EBITDA) in cash.
EBITDA is a measure of the profitability of a company's core business.
Follow our live-blog for stock market updates.
The brand currently has sales of about ₹30 crore, and the Chief Financial Officer, Bhavin Bhagat, hopes to double its sales in three years by reaching new markets within India. "We are eyeing to grow by 20 to 25% compounded annual growth," he said.
For the entire discussion, watch the accompanying video
Along with revenue growth, the nearly ₹9,000-crore company is also focusing on improving profitability. Current gross margins for the brand are in the range of 53–55%, and by the end of FY27, the gross margins may be wider by 400 basis points, Bhagat said.
Wokadine marks the fifth brand acquisition over the last decade, and the company has enough cash for more. As of December 31, the company had cash of ₹112 crore and it aims to generate at least 75% of its earnings before interest, tax, depreciation, and amortisation (EBITDA) in cash.
EBITDA is a measure of the profitability of a company's core business.
Follow our live-blog for stock market updates.
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