Indegene Limited was incorporated in 1998 and is engaged in providing digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Their solutions enable life sciences companies to develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. They achieve this by combining over two decades of healthcare domain expertise and fit-for purpose technology. Their portfolio of solutions covers all aspects of commercial, medical, regulatory and R&D operations of life sciences companies.

They have established client relationships with each of the 20 largest biopharmaceutical companies in the world by revenue for the Financial Year 2023 (Source: Everest Report), having earned more than 69.00% of their total revenue from operations for each of the nine months ended December 31, 2023 and 2022 and the Financial Years 2023, 2022 and 2021 from these 20 customers. As of December 31, 2023, they had a total of 65 active clients (i.e., clients from whom they earned US$0.25 million or more in revenues during the 12 months preceding the relevant date). They had 27 clients from whom they earned between US$1 million and US$10 million in revenues, five clients from whom they earned between US$10 million and US$25 million in revenues, and three clients from whom they earned more than US$25 million in revenues, during the 12 months ended December 31, 2023.

Positioned at the intersection of healthcare and technology, their solutions span across different stages of the commercialization lifecycle of drugs and medical devices. Their Enterprise Commercial Solutions and their Omni channel Activation solutions cater to the commercial functions of life sciences companies while their Enterprise Medical Solutions and Enterprise Clinical Solutions cater to their medical and R&D functions.

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• The company’s domain expertise is in healthcare
• The business possesses a portfolio of in-house developed technologies and strong digital capabilities.
• The business has a history of building enduring relationships with its clients.
• The business has a worldwide delivery approach.
• Skilled and experienced Promoters and management team with committed employee base.
• The business has a history of generating value through acquisitions.

• Repayment/prepayment of indebtedness of one of the Material Subsidiaries, ILSL Holdings, Inc.;
• Funding the capital expenditure requirements of the Company and one of the Material Subsidiaries, Indegene, Inc.; and
• General corporate purposes and inorganic growth.

With a distinct business strategy and a virtual monopoly in its industry, the company generates over 98% of its revenue globally. Throughout the reported periods, it showed consistent growth in both its top and bottom lines, and the segment is expected to have promising future growth. Based on FY24 annualized earnings, the issue is fully valued, however considering its specialty play, it is appropriately priced leaving something on table for one and everyone. Investors may subscribe for the medium to long term returns.