Listening Post

Lydus Lifesciences Limited has many capabilities across the spectrum of the pharmaceutical value chain. From formulations to active pharmaceutical ingredients and animal healthcare products to wellness products, Zydus has earned a reputation for providing comprehensive and complete healthcare solutions. According to a source, the company has received final approval from the United States Food and Drug Administration (USFDA) to market Theophylline Extended-Release Tablets, 300 mg and 450 mg. Theophylline is used to treat asthma and chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in Ahmedabad SEZ, India. In the India formulation business, the company gained market share in dermatology and anti-infective therapies. On the super-specialty front, it retained a leadership position in the nephrology segment. The share of the chronic portfolio has increased consistently over the years and stood at 41.2 per cent for the year, which is an improvement of 360 bps over the last three years. In the US formulation business, it launched 5 new products and received approval for 12 ANDAs, including four tentative approvals during Q4FY2024.

Financing green initiatives

CapitaLand India Trust has secured a sustainability-linked loan of S$200 million from the International Finance Corporation. This will increase CLINT’s sustainable finance to S$1.16 billion, which is 79 per cent of its total loans. The loan will be used to refinance its existing revolving credit facilities. It will unlock additional availability of credit facilities and reduce the trust’s finance costs. CLINT intends to reduce the absolute greenhouse gas emissions of its IT business park portfolio by 40.5 per cent by 31 December 2023 from the baseline year of 2019. As of 31 March 2024, CLINT’s assets under management stand at S$3.1 billion. CLINT’s
portfolio includes 10 world-class IT business parks, three industrial facilities, one logistics park, and four data centre developments in India, with a total completed floor area of 21.0 million sq ft spread across Bangalore, Chennai, Hyderabad, Pune, and Mumbai.

Expanding distribution network

Bikaji Foods International is the third-largest ethnic snacks company in India with an international footprint, and is among the fastest-growing companies in the Indian organised snacks market. As a distributor, its territories have been increasing, and in the past year, it has added almost 100,000 outlets to its direct reach. This year, it opened CFAs in Ghaziabad and Varanasi, UP, and in the west of India, Ahmedabad and Pune. According to the management of the company, direct reach by FY26-end is expected to be at 400k outlets, with 150k outlets likely to be in focus markets. On the development front, the company plans to expand geographically, eyeing exports and intending to keep up with double-digit volume growth for the next 10 years. It plans to open 2-3 QSR (Quick Service Restaurants) in FY25. Amitabh Bachchan’s contract has been renewed for the next 2 years, and 14 new advertisements have been shot.

Huge capex

Fiem Industries Ltd. (FIEM) is one of the leading manufacturers of automotive lighting and signalling equipment and rear-view mirrors in India, and among the first companies in India to introduce LED lights in two-wheelers. It has diversified its product portfolio by entering into LED luminaires for indoor and outdoor applications and integrated passenger information systems for railways and buses. It has a client base of more than 50 two-wheeler and four-wheeler OEMs. It has three world-class R&D design centres located in India, Italy, and Japan. It works with all major EV OEMs here. The company is expecting a capex of R85.86 crore. It plans to invest R250-300 crore to enhance existing capacity for the current segment, undertake new projects for four-wheelers, and meet capex requirements in South India and around its hub motor units. Production of Full LED headlamps is scheduled to start in the fourth quarter of the financial year 2024-25, and this will be an export business for the company. Recently, it made a breakthrough in the four-wheeler passenger car segment in the European market.

Expanding portfolio

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, has completed the acquisition of Embassy Splendid TechZone, a Grade-A business park in Chennai. The R1,185 crore acquisition was funded primarily through a debt raise of R1,200 crore and internal accruals. This increases Embassy REIT’s total portfolio to 50.5 million sq ft, positioning it as one of the largest office REITs globally, and marks its entry into the new growth market of Chennai. Embassy REIT owns and operates a 45.4 million sq ft portfolio of nine infrastructure-like office parks and four city centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region. Its portfolio comprises 36.5 million sq ft of completed operating area and is home to over 250 of the world’s leading companies. The portfolio also includes strategic amenities, including four operational business hotels, two hotels under construction, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT’s ESG programme has been awarded a 5-star rating from both the British Safety Council and GRESB. It has also been recognised as the world’s largest ‘USGBC LEED Platinum-Certified’ office portfolio by Green Business
Certification Inc.