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. |
