Dear Shareholders,
I am delighted to present Blue Jet Healthcare Limited inaugural Annual Report,
following our successful IPO in FY2024. This year marks a significant milestone in our
journey as we transition into a publicly listed company, reflecting our commitment to
growth, transparency, and long-term value creation. Through this report, we aim to offer a
thorough understanding of our commitment to ‘Empowering Innovators, Enriching Lives',
our performance, and the path ahead to both new and existing investors.
Blue Jet Healthcare Limited is a speciality pharmaceutical and healthcare ingredients
and intermediates company, focusing on niche products tailored for both innovator and
multinational generic pharmaceutical companies. Since our inception in 1968, we have
developed a robust Contract Development and Manufacturing Organisation (CDMO) business
model. Our specialised chemistry capabilities are focused on contrast media intermediates
and high-intensity sweeteners.
We take pride in our in-house manufacturing capabilities, encompassing key starting
intermediates and advanced intermediates. This vertical integration enables us to maintain
rigorous control over our production processes, ensuring consistent quality and cost
effectiveness. Currently, we operate three state-of-the-art manufacturing facilities in
Maharashtra, India. These facilities undergo regular, stringent customer audits on a
recurring basis. To meet growing customer demand, we have strategically invested in
expanding our manufacturing capacity over the past six years. In FY2021, we strengthened
our capabilities further by acquiring a ‘greenfield' manufacturing site on a
leasehold basis in Ambernath (Unit IV).
With a customer base exceeding 400 clients across 39 countries, we have cultivated
enduring relationships supported by long-term contracts extending up to five years. Our
success is underpinned by our ‘Collaboration, Development, Manufacturing' approach,
which remains instrumental in driving our CDMO business forward. Over the years, our
product portfolio has evolved in response to our customers' evolving needs, bolstered by
our manufacturing prowess and technology-driven product development.
Our operations are primarily organised in three product categories:
(i) Contrast Media Intermediates,
(ii) High-Intensity Sweeteners, and
(iii) Pharma Intermediates and Active Pharmaceutical Ingredients (‘APIs').
Contrast Media Intermediates
Our contrast media portfolio comprises of 19 products that are either commercialised or
under validation. Contrast media are agents used in medical imaging to enhance the
visibility of body tissues under X-rays, computed tomography (‘CT'), magnetic
resonance imaging (‘MRI'), or ultrasound. We have established long-term supply
relationships with three of the largest contrast media manufacturers globally. These
relationships have consistently retained ~70% of the global market share.
High-Intensity Sweeteners
In our high-intensity sweetener business, we focus on the development, manufacturing,
and marketing of saccharin and its salts. Our process is backward-integrated, promoting
environmental sustainability and cost-effective production. Saccharin is used in a variety
of products, including table-top sweeteners, oral care, beverages, confectionery,
pharmaceuticals, food supplements, and animal feeds. Due to stringent regulations,
customers seek stability in their supply chains, leading to long-term partnerships. We are
proud to be part of the select supplier base for several multinational companies in the
oral care and non-alcoholic beverage markets.
Pharma Intermediates and APIs
Blue Jet Healthcare Limited is well-suited to meet the needs of multinational innovator
pharmaceutical companies seeking pharma intermediates for New Chemical Entities (NCEs).
Our focus on expertise, track record, and therapeutic experience aligns perfectly with
their requirements. We have been a CDMO for certain products over the past two decades,
specialising in handling complex intermediates tailored to specific therapeutic areas such
as cardiovascular, oncology, and central nervous system (CNS), including NCEs. By engaging
early in the drug development process, we build strong relationships and deliver
high-quality, innovative solutions. Our approach ensures that we provide tailored support
throughout the drug development lifecycle, making us a preferred partner for clients
seeking reliable CDMO services for NCE development.
Robust Financial Performance
With a wealth of experience spanning decades in both the Indian and overseas markets,
Blue Jet Healthcare Limited boasts a robust presence in its targeted segments. We have
demonstrated commendable performance in the past financial year, achieving a significant
milestone of 7,116 Million in operating revenues, despite facing various macroeconomic
challenges, marking an impressive CAGR of over 12%. Furthermore, the EBITDA for the year
reached 2,292 Milllion, reflecting an over 4% year-on-year increase. The combination of
reduced raw material costs and an enhanced product mix resulting from new additions to our
product portfolio has positioned us advantageously in the market. Leveraging our
pioneering status in the contrast media sector, we anticipate robust growth in this
segment. Despite challenges such as the fire incident at our Mahad facility and
unfavourable market conditions during the fiscal year, we remained resolute in our
strategies and growth initiatives, which ultimately sustained our growth trajectory.
With our robust business model, customer-centric approach, and a dedicated team, we are
well-positioned to navigate the evolving landscape and achieve our ambitious goals. A
significant milestone in our journey was the successful Initial Public Offering [IPO] in
November 23, which transformed our closely held company to a Public listed Company on the
BSE & NSE. As we embark on this new chapter as a publicly listed entity, we remain
steadfast in our dedication to innovation, operational excellence, and delivering
sustainable value to our shareholders.
Our journey thus far has been made possible by the steadfast trust and unwavering
support of our shareholders, customers, employees, and other stakeholders. I express my
deepest gratitude for your faith in our vision and your invaluable contribution to our
success.
Best regards,
Mr. Akshay Bansarilal Arora
Chairman