₹190.6 crore from ₹168.8 crore in the previous financial year, India Ratings said in a report in June based on the company’s provisional financials. Aizant broadly operates four segments–clinical research, formulations, internal products, and contract manufacturing operations (CMO), which includes services from drug development to manufacturing.
“While revenue from the clinical research segment and the formulations segment recovered in FY22, that from the internal products segment remained stagnant," India Ratings said in its report. The agency added that it expected Aizant’s revenue to “grow further in the medium-to-long term due to an increase in the capacity in the clinical research segment, higher execution of CMO, and a consistent demand from the formulation and internal products segments." InvAscent is the investment adviser to a family of funds that operate under the name India Life Sciences Fund.
It has so far raised about $500 million from global investors across three funds and deployed the amount in 35 companies across pharma, healthcare delivery, healthtech, medical devices, and animal health industries. The PE firm is currently deploying from its fourth fund (India Life Sciences Fund IV).
Research firm Mordor Intelligence estimated revenue from India’s pharma contract development and manufacturing industry at $15.6 billion in 2023, lower than China’s $27.1 billion, as per a Reuters report in November. Mordor, however, estimated revenue from the industry to grow, on average, at more than 11% annually over the next five years, compared with a pace of about 9.6% for China.
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