API Holdings Limited (PharmEasy)

API Holdings (PharmEasy) is India’s largest digital healthcare platform (based on GMV of products and services sold for the year ended March 31, 2021) which operates an integrated, end-to-end business solving the healthcare needs of consumers through technology and fulfilment capabilities.

Our custom-built technology platform aims to provide each stakeholder in the healthcare value-chain benefits of an interconnected network.

We work closely with and build services for consumers, pharmaceutical companies, wholesalers, pharmacies, hospitals, doctors and clinics, and diagnostic labs. Our growing nationwide presence, the connected ecosystem approach, and multiple synergistic offerings have enabled us to build relationships with various stakeholders of the healthcare value chain.

What is PharmEasy ?
PharmEasy is a consumer healthcare “super app”.

PharmEasy is a consumer healthcare “super app” that provides consumers with on-demand, home delivered access to a wide range of prescription, OTC pharmaceutical, other consumer healthcare products, comprehensive diagnostic test services, and teleconsultations thereby serving their healthcare needs.

To change the face of healthcare in India, one consumer at a time.

PharmEasy Unlisted Share Price & API Holding Ltd. – Company Overview

API Holdings Limited formerly known as API Holdings Private Limited is an unlisted public limited company, incorporated on 31st March 2019.

API Holdings Limited is India’s largest digital healthcare platform in terms of the gross merchandise value (GMV) of products and services sold.

The Company is engaged in diversified businesses primarily trading pharmaceutical and cosmetic goods, licensing of internet portals or mobile applications related to sales and distribution of pharmaceutical and cosmetic goods, diagnostic services, teleconsulting, etc.

API Holdings Ltd, the parent company of online pharmacy and health tech platform PharmEasy, which recently withdrew its IPO due to “market conditions and external factors”, recorded a larger loss for FY22 than the previous year. Pharmeasy share price has grown from a distributor of medicinal products to a fully integrated, digital healthcare platform that offers teleconsultation, medical equipment, and pharmaceuticals.

PharmEasy Unlisted Share Price, API Holding Pre IPO Stock Details as of March 31, 2023

PharmEasy Outstanding Shares:	5,530,566,129
Face Value of PharmEasy Unlisted Share:	Rs. 1 Per Equity Share
ISIN of PharmEasy Unlisted Share:	INE0DJ201029
Lot Size of PharmEasy Unlisted Share:	1000 Shares
PharmEasy Share Price:	Best in Industry
PAN Number of PharmEasy:	AASCA1201E

API Holding Limited (PharmEasy) Incorporation Details

PharmEasy CIN Number	U60100MH2019PLC323444
		PharmEasy Registration Date	31-Mar-19
Category / Sub-Category of PharmEasy	Limited by Shares/ Non-govt company
		PharmEasy Registered Office Address	Unit No 104, Marwahs Complex 4, Marwah Estate, Krishnalal, Marwah Marg, Mumbai – 400072
PharmEasy Registrar & Transfer Agent Address and Contact Details	Link InTime India Private Limited, 902, 9TH Floor, Raheja Plaza 1, B Wing, Opposite R City Mall, L.B.S Marg, Ghatkopar, Mumbai – 400086

PharmEasy Board of Directors

Mr. Aditya Puri, Chairman, Non-Executive Director

Mr. Deepak Vaidya, Independent, Non-Executive Director

Mr. Ankur Thadani, Non-Executive Director

Mr. Ashutosh Sharma, Non-Executive Director

Ms. Vineeta Rai, Independent, Non-Executive Director

Dr. Jaydeep Tank, Independent, Non-Executive Director

Mr. Subramaniam Somasundaram, Independent, Non-Executive Director

Mr. Siddharth Shah, MD, and CEO

Mr. Harsh Parekh, Whole-time Director

Mr. Dharmil Sheth, Whole-time Director

PharmEasy Subsidiary & Associate Companies,

. No.	Name of the Company	Holding/ Subsidiary/ Associate	% of Shares held
1.	Threpsi Solutions Private Limited	Subsidiary	100
2.	ARZT and Health Private Limited	Subsidiary	100
3.	Ascent Wellness and Pharma Solutions Private Limited	Subsidiary	100
4.	Docon Technologies Private Limited	Subsidiary	100
5.	Thyrocare Technologies Limited	Subsidiary	71.18
6.	AKP Healthcare Private Limited	Subsidiary	51
7.	Ayro Retail Solutions Private Limited	Subsidiary	100
8.	Venkatesh Medico Private Limited	Subsidiary	51
9.	Instinct Innovations Private Limited	Subsidiary	100
10.	Eastern Agencies Healthcare Private Limited	Subsidiary	100
11.	MARG ERP Ltd	Associate	99.23
12.	Equinox Labs Limited	Associate	209.2
13.	Impex Healthcare Private Limited	Associate	90.30

PharmEasy Industry Outlook

According to a Red Seer Report, the company has a target addressable market of Rs. 10.4 trillion ($139 billion) as of 2020, which corresponds to the size of the entire Indian Healthcare market in 2020. The target addressable market is expected to grow at a 14% CAGR to reach $20 trillion ($266 billion) by 2025.

Online pharmacy-led play: Online pharmacies, consisting of at-home delivery of prescription medicines, covered 63% of the market pre-COVID in 2019 and held 55% of the market in 2020, despite the disruption in pharma supply. eOTC is the second-largest segment, constituting doorstep delivery of generic medicines and health products. It accounted for 26% of the market share before COVID, which soared to 35% in 2020, owing to the high demand for COVID-related OTC products.

Large headroom ahead: Despite the high growth, digital penetration in health (across pharma, OTC, diagnostics, and consultation) is only at 2%, indicating a very nascent stage of penetration. For example, online pharmacy penetration in India was 2.3% in 2020, significantly lower than in China (10-15%) and the United States (30-35%).

PharmEasy Balance Sheet Balance Sheet (In Rs. Millions)

Particulars	31st March 2023	31st March 2022	31st March 2021
ASSETS
Non-current assets
Property, plant and equipment	3,378.97	3,613.83	613.68
Right-of-use assets	1,541.02	1,994.89	948.48
Capital work-in-progress	30.63	69.59	2.5
Goodwill	42,699.35	70,955.45	31921.56
Other intangible assets	5,742.05	6,635.14	668.55
Intangible assets under development	10.74	9.97	–
Investments accounted for using the equity method	2,016.06	2,965.22	–
Financial assets
Investments	173.62	152.79	1.08
Other financial assets	353.17	380.11	114.02
Deferred tax assets (net)	219.18	168.16	16.75
Non – current tax assets (net)	844.92	558.46	186.14
Other non-current assets	205.82	1,457.61	1,399.54
Total non-current assets	57,215.53	88,961.22	35,872.30
Current assets
Inventories	6,881.60	7,612.40	4056.16
Financial assets
Investments	1,232.37	1,261.53	8.06
Trade receivables	9,050.34	8,608.50	3582.86
Cash and cash equivalents	1,936.48	1,543.97	2,295.45
Other bank balances	1,038.69	1,748.18	936.36
Loans	1,171.28	555.36	9
Other financial assets	920.24	757.24	421.34
Current tax assets (net)	–	–	2.35
Other current assets	3,116.49	2,934.87	1869.56
Assets classified as held for sale	1.14	–
Total current assets	25,348.63	25,022.05	13181.14
Total assets	82,564.16	1,13,983.27	49053.44
EQUITY AND LIABILITIES
Equity
Equity Share capital	6,142.04	6,142.04	256.20
Other equity
Instruments entirely in the nature of equity	–	–	115.47
Equity component of compound financial instruments	78.9	78.9	828.90
Reserves and surplus	14,703.77	60,751.91	33,193.24
Equity attributable to owners of API Holdings Limited	20,924.71	66,972.85	34,393.81
Non-controlling interests	3,444.18	3,251.96	1,417.95
Total equity	24,368.89	70,224.81	35,811.76
Liabilities
Non-current liabilities
Financial liabilities
Borrowings	32,009.08	1,000.69	2,321.53
Lease liabilities	1,028.72	1,505.61	795.68
Other financial liabilities	–	1,528.19	7.80
Provisions	131.36	129.45	146.80
Deferred tax liabilities (net)	1,793.71	1,977.56	207.69
Contract liabilities	0.17	0.90	0.08
Total non-current liabilities	34,963.04	6,142.40	3,479.58
Current liabilities
Financial liabilities
Borrowings	9,190.76	24,853.54	3,532.35
Lease liabilities	333.82	382.52	191.36
Trade payables
Total outstanding dues of micro and small enterprises	181.25	185.67	115.77
Total outstanding dues of other than micro and small enterprises	3,952.86	4,403.14	3,539.76
Other financial liabilities	7,473.88	5,965.89	1,351.05
Other current liabilities	1,491.32	1,150.26	707.09
Contract liabilities	141.70	189.73	76.44
Provisions	366.24	438.12	245.39
Current tax liabilities (net)	100.40	47.19	2.89
Total current liabilities	23,232.23	37,616.06	9762.1
Total liabilities	58,195.27	43,758.46	13,241.68
Total equity and liabilities	82,564.16	1,13,983.27	49,053.44

PharmEasy Balance Sheet Profit & Loss Statement (In Rs. Millions)

Particulars	31st March, 2023	31st March, 2022	31st March, 2022
Income
Revenue from operations	66,439.38	57,288.21	23,352.69
Other income	558.33	521.81	253.93
Total income	66,997.71	57,810.02	23,606.62
Expenses
Cost of Material Consumed	1,569.20	854.6	–
Purchase of stock-in-trade	55,120.60	52,566.12	22,668.17
Changes in inventories of stock-in-trade	618.96	-2,290.53	-1,143.95
Employee benefits expense	12,833.20	14,589.71	2,702.94
Finance costs	6,655.43	2,582.64	434.31
Depreciation and amortization expense	2,434.40	1,587.85	329.01
Other expenses	10,508.31	15,025.51	4,818.80
Total expenses	89,740.10	84,915.90	29,809.28
Loss before exceptional items, share of net profit/(loss) of Investments accounted for using the equity method and tax	-22,742.39	-27,105.88	-6,202.66
Share of profit/(loss) of Investments accounted for using the equity method	-2.99	6.61	–
Loss before exceptional items and tax	-22,745.38	-27,099.27	-6,202.66
Exceptional items
Impairment of goodwill	(28,256.10)	-12,671.00	–
Impairment of investments in associates	(963.74)	–	–
Others	–	62.57	–
Loss before tax	-51,965.22	-39,707.70	-6,202.66
Tax expense
Current tax	389.48	342.74	46.68
Deferred tax charge / (credit)	-241.11	-125.48	164.02
Tax expense pertaining to prior periods	3.75	–	–
Total tax expense	152.12	217.26	210.70
Loss after tax	-52,117.34	-39,924.96	-6,413.36
Loss for the year	-52,117.34	-39,924.96	-6,413.36
Other comprehensive income
Items that will not be reclassified to profit and loss
Remeasurements of post-employment defined benefit plans	97.95	105.98	-34.50
Income tax relating to above items	-6.22	0.07	-0.41
Total other comprehensive income/ (loss) for the year	91.73	106.05	-34.91
Total comprehensive loss	-52,025.61	-39,818.91	-6,448.27
Profit/(loss) for the period attributable to:
– Owners of API Holdings Limited	-52,295.46	-40,276.98	-6,361.89
– Non controlling interest	178.12	352.02	-51.47
Other comprehensive income / (loss) for the period attributable to:	-52,117.34	-39,924.96	-6,413.36
– Owners of API Holdings Limited	86.81	106.28	-34.27
– Non controlling interest	4.92	-0.23	-0.64
	91.73	106.05	-34.91
Total comprehensive income / (loss) for the period attributable to:
– Owners of API Holdings Limited	-52,208.65	-40,170.70	-6,396.16
– Non controlling interest	183.04	351.79	-52.11
	-52,025.61	-39,818.91	-6,448.27
Loss per share (face value of Rs. 1 each) attributable to owners of the group
Basic	-8.51	-7.28	-2.67
Diluted	-8.51	-7.28	-2.67

Dividend History of PharmEasy Balance Sheet

Particulars	2023	2022	2021
Dividend (final + interim) (In Rs.)	–	–	–
Retained Earnings (In Rs. Millions)	-1,08,251.03	-55966.2	-15025.1

Recent Financial Performance of PharmEasy

Revenue from Operations of the company increased by 15.97% from Rs. 57,288.21 Million in FY 2022 to Rs. 66,439.38 Million in FY 2022.

Loss after tax of the company stood at Rs. (52,117.34) Millions in FY 2023 against a loss after tax of Rs. (39,924.96) Millions in FY 2022, increased by 30.54%.

Total borrowings of the company increased from Rs.25,854.23 Million as of 31st March 2022 to Rs.41,199.84 Million as of 31st March 2023. Due to this, the Finance cost of the company increased by 157.70% from Rs. 2,582.64 Million in FY 2022 to Rs. 6,655.43 Million in FY 2023.

The Current Ratio of the company as of 31st March 2023, was 1.091.

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