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, 2024
PharmEasy Outstanding Shares: 15114200000
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
GST Number of PharmEasy: 27AASCA1201E2Z2
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
- Threpsi Solutions Private Limited – Subsidiary (100%)
- ARZT and Health Private Limited – Subsidiary (100%)
- Ascent Wellness and Pharma Solutions Private Limited – Subsidiary (100%)
- Docon Technologies Private Limited – Subsidiary (100%)
- Thyrocare Technologies Limited – Subsidiary (71.18%)
- AKP Healthcare Private Limited – Subsidiary (51%)
- Ayro Retail Solutions Private Limited – Subsidiary (100%)
- Venkatesh Medico Private Limited – Subsidiary (51%)
- Instinct Innovations Private Limited – Subsidiary (100%)
- Eastern Agencies Healthcare Private Limited – Subsidiary (100%)
- MARG ERP Ltd – Associate (99.23%)
- Equinox Labs Limited – Associate (209.2%)
- 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%).
API Holdings Limited Consolidated Balance Sheet (Rs in Millions)
| Particulars | 31-03-2024 | 31-03-2023 |
| Non-current assets | ||
| Property, plant and equipment | 2,862.44 | 3,378.97 |
| Right-of-use assets | 1,385.84 | 1,541.02 |
| Capital work-in-progress | 27.56 | 30.63 |
| Goodwill | 36,911.84 | 42,699.35 |
| Other intangible assets | 4,474.21 | 5,742.05 |
| Intangible assets under development | 9.48 | 10.74 |
| Investments accounted for using the equity method | 1,748.03 | 2,016.06 |
| Investments | 174.62 | 173.62 |
| Other financial assets | 249.95 | 353.17 |
| Deferred tax assets (net) | 426.98 | 219.18 |
| Non - current tax assets (net) | 758.44 | 844.92 |
| Other non-current assets | 104.68 | 205.82 |
| Current assets | ||
| Inventories | 5,555.60 | 6,881.60 |
| Investments | 1,367.55 | 1,232.37 |
| Trade receivables | 7,062.10 | 9,050.34 |
| Cash and cash equivalents | 3,279.89 | 1,936.48 |
| Other bank balances | 12,825.02 | 1,038.69 |
| Loans | 695.58 | 1,171.28 |
| Other financial assets | 862.62 | 920.24 |
| Other current assets | 3,071.28 | 3,116.49 |
| Assets classified as held for sale | 42.89 | 1.14 |
| Total assets | 83,896.60 | 82,564.16 |
| Equity | ||
| Equity Share capital | 6,240.44 | 6,142.04 |
| Instruments entirely in the nature of equity | 256.53 | - |
| Equity component of compound financial instruments | 78.90 | 78.9 |
| Reserves and surplus | 15,568.55 | 14,703.77 |
| Non-controlling interests | 3,738.68 | 3,444.18 |
| Non-current liabilities | ||
| Borrowings | 20,243.92 | 32,009.08 |
| Lease liabilities | 900.39 | 1,028.72 |
| Provisions | 111.66 | 131.36 |
| Deferred tax liabilities (net) | 1,732.70 | 1,793.71 |
| Contract liabilities | - | 0.17 |
| Current liabilities | ||
| Borrowings | 20,739.65 | 9,190.76 |
| Lease liabilities | 310.25 | 333.82 |
| Trade payables | ||
| Total outstanding dues of micro and small enterprises | 322.97 | 181.25 |
| Total outstanding dues of other than micro and small enterprises | 3,806.10 | 3,952.86 |
| Other financial liabilities | 7,752.28 | 7,473.88 |
| Other current liabilities | 1,618.82 | 1,491.32 |
| Contract liabilities | 130.79 | 141.7 |
| Provisions | 302.91 | 366.24 |
| Current tax liabilities (net) | 41.06 | 100.4 |
| Total equity and liabilities | 83,896.60 | 82,564.16 |
API Holdings Limited Consolidated Profit & Loss Statement (Rs in Millions)
| Particulars | 31-03-2024 | 31-03-2023 |
| Income | ||
| Revenue from operations | 56,642.86 | 66,439.38 |
| Other income | 946.55 | 558.33 |
| Total income | 57,589.41 | 66,997.71 |
| Expenses | ||
| Cost of Material Consumed | 1,645.09 | 1,569.20 |
| Purchase of stock-in-trade | 45,728.06 | 55,120.60 |
| Changes in inventories of stock-in-trade | 1,430.14 | 618.96 |
| Employee benefits expense | 6,993.63 | 12,833.20 |
| Finance costs | 7,279.16 | 6,655.43 |
| Depreciation and amortization expense | 2,159.52 | 2,434.40 |
| Expected credit loss on financial assets | 1,692.64 | |
| Other expenses | 5,619.76 | 10,508.31 |
| Total expenses | 72,548.00 | 89,740.10 |
| Loss before exceptional items, share of net profit/(loss) of Investments accounted for using the equity method and tax | -14,958.59 | -22,742.39 |
| Share of profit/(loss) of Investments accounted for using the equity method | 8.75 | -2.99 |
| Loss before exceptional items and tax | -14,949.84 | -22,745.38 |
| Impairment of goodwill | -5,825.00 | -28,256.10 |
| Impairment of investments in associates | -334.25 | -963.74 |
| Early redemption charges for NCD 's | -3,424.94 | - |
| Others | -685.69 | - |
| Loss before tax | -25,219.72 | -51,965.22 |
| Current tax | 379.21 | 389.48 |
| Deferred tax charge / (credit) | -270.03 | -241.11 |
| Tax expense pertaining to prior periods | 6.23 | 3.75 |
| Loss after tax | -25,335.13 | -52,117.34 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit and loss | ||
| Remeasurements of post-employment defined benefit plans | 24.64 | 97.95 |
| Income tax relating to above items | -1.22 | -6.22 |
| Other comprehensive income, net of tax | 23.42 | 91.73 |
| Total comprehensive loss | -25,311.71 | -52,025.61 |
| Profit/(loss) for the period attributable to: | ||
| Owners of API Holdings Limited | -25,499.51 | -52,295.46 |
| Non controlling interest | 164.38 | 178.12 |
| Other comprehensive income / (loss) for the period attributable to: | -25,335.13 | -52,117.34 |
| Owners of API Holdings Limited | 21.69 | 86.81 |
| Non controlling interest | 1.73 | 4.92 |
| 23.42 | 91.73 | |
| Total comprehensive income / (loss) for the period attributable to: | ||
| Owners of API Holdings Limited | -25,477.82 | -52,208.65 |
| Non controlling interest | 166.11 | 183.04 |
| Loss per share (face value of Rs. 1 each) attributable to owners of the group | ||
| Basic | -4.07 | -8.51 |
| Diluted | -4.07 | -8.51 |
API Holdings Limited Consolidated Cash Flow Statement (Rs in Millions)
| Particulars | 31-03-2025 | 31-03-2024 |
| Equity share capital | 6.27 | 6.27 |
| Other equity | 51,589.87 | 77,068.13 |
| Non-controlling interests | 1,712.13 | 1,531.83 |
| Total equity | 53,308.27 | 78,606.23 |
| Borrowings | 7,115.71 | 7,594.56 |
| Lease liabilities | 1,219.39 | 1,365.85 |
| Derivative financial liabilities | 139.38 | 42.69 |
| Provisions | 263.93 | 327.14 |
| Deferred tax liabilities (net) | 7.67 | 7.67 |
| Other liabilities | 282.57 | 309.57 |
| Total non-current liabilities | 9,028.65 | 9,647.48 |
| Borrowings | 13,780.94 | 5,515.88 |
| Lease liabilities | 345.09 | 370.97 |
| Trade payables | ||
| Total outstanding dues of micro enterprises and small enterprises | 143.37 | 119.66 |
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 11,672.70 | 15,737.80 |
| Derivative financial liabilities | 267.30 | 136.26 |
| Other financial liabilities | 10,247.49 | 5,390.89 |
| Provisions | 230.98 | 248.97 |
| Current tax liabilities (net) | 68.71 | 0.00 |
| Other current liabilities | 3,175.86 | 2,394.94 |
| Total current liabilities | 39,832.44 | 29,915.37 |
| Total equity and liabilities | 102,169.36 | 118,169.08 |
Here is a summary of the Cash Flow Statement for the years 2024 and 2023:
Cash Flow from Operating Activities
The company reported a loss before tax of ₹25,219.72 million in 2024, a significant improvement compared to the loss of ₹51,965.22 million in 2023. Despite the loss, adjustments for non-cash items like depreciation, impairment of goodwill, and finance costs contributed positively to the operating cash flow. Notable adjustments include a ₹2,159.52 million depreciation expense, ₹7,279.16 million in finance costs, and ₹5,825 million goodwill impairment. After adjusting for changes in working capital, the company reported a net cash outflow from operating activities of ₹611.36 million, a significant improvement from the ₹7,465.86 million outflow in the prior year. The changes in trade receivables, payables, and inventories also contributed positively to cash flow, but income tax payments of ₹357.08 million further reduced the net operating cash flow.
Cash Flow from Investing Activities
In 2024, the company experienced a significant net cash outflow of ₹12,609.50 million from investing activities, up from ₹710.77 million in the previous year. This was primarily due to the placement of ₹17,007.83 million in fixed deposits with banks, offset partially by the withdrawal of ₹5,221.50 million in deposits. The company also invested ₹1,081.05 million in financial assets and ₹723.14 million in property, plant, and equipment, which were partially offset by proceeds from the sale of these assets. Additionally, the purchase and sale of mutual funds contributed to the cash flow, but overall the investing activities resulted in a large cash outflow.
Cash Flow from Financing Activities
The company saw a net cash inflow of ₹14,568.33 million from financing activities in 2024, up from ₹8,534.85 million in 2023. This inflow was primarily driven by the proceeds from the issue of compulsorily convertible preference shares (₹20,000.80 million). However, significant outflows, such as repayments of short-term borrowings (₹2,102.32 million), interest payments (₹2,447.16 million), and lease payments, reduced the net inflow. The company also repaid ₹494.31 million in long-term borrowings, although it received some long-term borrowings amounting to ₹286.29 million.
Net Cash Flow and Closing Cash Position
Overall, the company’s cash flows resulted in a net increase of ₹1,347.47 million during the year, compared to ₹358.22 million in 2023. As a result, the company’s cash and cash equivalents increased from ₹1,926.98 million at the beginning of the year to ₹3,274.45 million at the end of the year.
Financial Ratios of API Holdings Limited
| Particulars | 2024 | 2023 |
| Current Ratio | 0.89 | 3.73 |
| Debt-Equity ratio | 0.6 | 0.01 |
| Debt Service coverage ratio | -1.5 | -7.14 |
| Return on Equity Ratio | -1.11 | -1.34 |
| Inventory turnover ratio | 7.57 | 8.29 |
| Trade Receivables Turnover Ratio | 11.34 | 13.05 |
| Trade Payable Turnover Ratio | 10.06 | 11.44 |
| Net Capital Turnover Ratio | -2.28 | 1.67 |
| Net Profit ratio | -4.2 | -6.28 |
| Return on Capital Employed (%) | -29% | -92% |
| Return on Investment (%) | -27% | -78% |
Here is a summary of the financial and operational metrics for API Holdings Limited for the year 2024 and 2023:
Current Ratio: The current ratio measures the company’s ability to cover its short-term liabilities with its short-term assets. A current ratio below 1 (0.89) in 2024 suggests liquidity issues, meaning the company may struggle to meet its short-term obligations. This is a deterioration from 2023 (3.73), indicating a sharp decline in liquidity.
Debt-Equity Ratio: This ratio indicates the proportion of debt used to finance the company relative to shareholders ' equity. In 2024, a debt-equity ratio of 0.6 suggests that the company is using more debt compared to 2023, where it was almost negligible (0.01). The increase in debt may indicate higher financial risk due to leveraged financing.
Debt Service Coverage Ratio: This ratio assesses the company’s ability to meet its debt obligations. A negative ratio (-1.5) in both years implies that the company is struggling to generate enough operating income to cover its debt servicing, though the improvement from -7.14 in 2023 indicates a slight recovery.
Return on Equity (ROE): ROE measures the profitability relative to shareholders ' equity. A negative ROE (-1.11%) indicates that the company is incurring losses, resulting in a negative return to shareholders. The slight improvement from 2023 (-1.34%) reflects a marginal reduction in losses.
Inventory Turnover Ratio: This ratio indicates how efficiently the company is managing its inventory. A decrease to 7.57 in 2024 from 8.29 in 2023 suggests that the company is holding onto its inventory for a longer period, which could indicate slower sales or overstocking.
Trade Receivables Turnover Ratio: This ratio shows how effectively the company is collecting its receivables. A decrease to 11.34 in 2024 indicates slower collection of receivables compared to 2023 (13.05), which could affect liquidity.
Trade Payables Turnover Ratio:This ratio measures how quickly the company is paying its suppliers. A decline to 10.06 in 2024 from 11.44 in 2023 suggests the company is taking longer to pay its creditors, which might be a cash flow management strategy.
Net Capital Turnover Ratio: This ratio measures how efficiently the company is using its working capital to generate sales. A negative ratio (-2.28) in 2024 reflects poor utilization of working capital, meaning the company’s liabilities exceed its assets, a significant deterioration from 2023 (1.67).
Net Profit Ratio: The net profit ratio reflects how much of the company 's revenue is left after all expenses are paid. A negative ratio (-4.2%) in both years indicates losses, though 2024 shows an improvement from 2023 (-6.28%).
Return on Capital Employed (ROCE): ROCE measures the profitability of the company relative to its capital employed. A negative ROCE (-29%) in 2024 shows that the company is unable to generate positive returns on its investments, but this is a significant improvement from 2023 (-92%).
Return on Investment (ROI): ROI measures the return generated on investments. A negative ROI (-27%) in 2024 indicates losses from investments, though it shows a recovery compared to 2023 (-78%), indicating improved investment performance.
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