Annual Report: 2024
API Holdings Limited Directors' Report Summary (Fiscal Year Ended March 31, 2024)
Annual Report Presentation: The directors present the 5th Annual Report, including audited financial statements (consolidated and standalone).
Strategic Focus: During the year, the company realigned focus to improve Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) by enhancing operational efficiencies and synergies.
Key Initiatives:
Fiscal Year Definition: "Fiscal 2024" refers to the 12-month period ending March 31, 2024, with "Fiscal 2023" referencing the period ending March 31, 2023.
Key Revenue Segments (Fiscal 2024):
Key Milestones (Diagnostics):
Financial Highlights Summary (Consolidated):
Commentary on Revenue Decrease: Concentrated on higher margin customers, maximized warehouse utilization, and consolidated marketing efforts. Reduced marketing expenses to concentrate on high-value customers. Sales to Hospital decreased by focusing on service levels, better fulfillment and faster delivery. Sales to Chemists/Institutions dropped due to capital constraints, but subsequently resolved with fundraising. Diagnostics grew due to Thyrocare's improved performance, test additions, and franchise network expansion. Focus on high margin business and discontinued non-strategic business.
ESOP and Exceptional Items:
Cash Flow: Reduction in net cash outflow from operating activities to INR 611.34 million due to reduced operating losses and working capital optimization. Increase in cash due to rights issue proceeds (INR 20,000 million).
Major Events During the Year:
Changes in Share Capital: Increased authorized share capital and alloted shares.
Increased authorized share capital to INR 35,000 million.
The Company issued Compulsorily Convertible Preference Shares Series B (“CCPS B") by way of rights issue for an aggregate amount upto INR 35,000 million.
20,66,19,848 CCPS B allotted for INR 20,000.8 million.
Allotment of 2,46,922 (Two Lakh Forty Six Thousand Nine Hundred Twenty Two) equity shares pursuant to the conversion of 10,756 CCPS A.
Further, the Company had allotted an aggregate of 9,81,47,440 (Nine Crore Eighty One Lakh Forty Seven Thousand Four Hundred Forty) equity shares pursuant to the conversion of 49,07,372 CCPS B.
Debentures: Board approved issuance and allotment of unrated, unlisted, unsecured, redeemable, non-convertible debentures.
Material Changes Affecting Financial Position (Subsequent to Fiscal Year End): Allotment of 15,49,50,398 CCPS B, and 3,14,24,499 CCPS B via preferential issue. Acquisition of additional equity stakes in Aryan Wellness, Mahaveer Medi-Sales, and Aushad Pharma Distributors. Acquisition of Polo Labs diagnostic business by Thyrocare Technologies Limited.
ROR Letters: Vistra ITCL (India) Limited issued ROR Letters, intimation of failure to comply with covenants.
Framework Agreement: The Company and the Debenture Trustee entered into a framework agreement ("Framework Agreement”).
Undertaking Rights Issue: Company received approximately INR 35,000 million to comply with a fund raise condition, Rights Issue in September 2023.
Post the end of the financial year, in accordance with the terms of the Framework Agreement, the Company redeemed (i) Tranche 2 NCDs (INR 6,412.90 million); (ii) Tranche 4A NCDs (INR 6,600 million); (iii) Tranche 4B NCDs (INR 6,600 million), (iv) issued CCPS B amounting to INR 3041.89 million and (v) paid early redemption charges of amounting to INR 3,424.94.
Directors and Key Personnel Changes: Appointed Mr. Hardik Dedhia and Dr. Dhaval Shah, appointed Dr. Ranjan Pai, Mr. Shyam Powar and Mr. Dovaldas Buzinskas as additional Directors, Mr. Dharmil Sheth and Mr. Harsh Parekh tendered their resignations, Mr. Yartharth Bhargova was appointed as Chief Financial Officer and Mr. Rahul Guha was appointed as President Operations.
Directors' Responsibility Statement: Confirms adherence to accounting standards, fair representation of company affairs, and preparation on a going concern basis.
Auditors: Price Waterhouse Chartered Accountants LLP appointed as statutory auditors; HRU & Associates appointed as secretarial auditors.
Risk Management: Company has a Risk Management Policy for sustainable growth.
Vigil Mechanism: Company has a Whistle-blower Policy for reporting unethical practices.
Internal Financial Control: Adequate internal financial control is in place with no reportable material weakness.
Loans, Investments, Guarantees: Details provided in the standalone financial statements.
Related Party Transactions: Transactions with related parties are on arm's length basis, with disclosure of particulars.
Dividend: No dividend recommended due to losses.
Deposits: No public deposits accepted.
Corporate Social Responsibility: Company was ineligible to spend on CSR for the financial year 2023-24.
Employee Stock Option Scheme: Disclosures provided under rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014.
Sexual Harassment: No cases reported under the Sexual Harassment of Women at Workplace Act, 2013.
Board Meetings: 11 Board meetings held.
Audit Committee: 3 Audit Committee meetings held.
Nomination and Remuneration Committee: 3 Nomination and Remuneration Committee meetings held.
Stakeholders' Relationship Committee: No Stakeholders' Relationship Committee meeting held.
Corporate Social Responsibility Committee: No Corporate Social Responsibility Committee meeting held.
Secretarial Standards: Complied with applicable secretarial standards.
Foreign Exchange Management Regulations: Received certificate for compliance with downstream investment regulations.
Annual Return: Will be placed on Company website.
Shifting of Registered office: Shifted its registered office within the local limits of the Mumbai city.
Energy conservation, technology absorption and foreign exchange: Information on energy conservation, technology absorption, and foreign exchange earnings/outgo provided.
General Disclosures: No disclosure/reporting required regarding equity shares with differential rights, material orders impacting going concern, cost records maintenance, auditor-reported fraud, transfer to reserves, one-time settlements, transfer to Investor Education and Protection Fund, or proceedings under the Insolvency and Bankruptcy Code.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.
You can buy unlisted shares through a broker or platform that specializes in unlisted share transactions. We provide a secure and easy way to purchase unlisted shares from top companies, ensuring a smooth transaction process.
The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.
Unlisted shares can offer higher growth potential, as they are typically not subject to the same market volatility as listed shares. However, they come with higher risk due to limited liquidity and availability of information. It's important to research thoroughly and consult experts before investing.
To sell unlisted shares, you can connect with a broker or platform that facilitates the sale of private stocks. We help investors buy and sell unlisted shares with ease, ensuring that your transaction is handled professionally and securely.
Yes, unlisted shares can eventually be listed on a stock exchange through an Initial Public Offering (IPO). This process allows the company to offer its shares publicly and be traded on major exchanges, potentially increasing liquidity and visibility.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
The value of unlisted shares is typically determined by private transactions, financial reports, and market demand. We provide the latest updates on share prices of unlisted companies, giving you the most accurate valuation available.
The minimum investment for unlisted shares can vary depending on the company and broker. Generally, the minimum investment is higher than for listed stocks, but we provide detailed information to help you make the best investment decisions.
Yes, unlisted shares may pay dividends if the company has declared them. However, since these companies may be in their growth stage, dividend payments are not always guaranteed. It's important to check the company's financial health before investing.
It's important to conduct thorough research on the company's financials, management, market potential, and overall business model. You can also seek professional advice from experts to help you choose unlisted shares with strong growth prospects.
Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
