Core Viewpoint - Croda International reported strong 2025 results with increased sales and profits, alongside a three-year financial framework aimed at enhancing margins and cash generation by 2028 [1] Financial Performance - Sales rose 7% in constant currency to £1.7 billion, with patented ingredient sales increasing by 9% and a notable demand for innovation [2] - Adjusted operating profit increased by 8% to £295 million, while adjusted profit before tax also rose by 8% to £276 million, aligning with guidance [2] - Free cash flow reached £162 million, supported by reduced capital spending and lower working capital in the latter half of the year [2] - Net debt at year-end was £524 million, with a leverage ratio of 1.3x EBITDA [2] - The company proposed a final dividend of 63 pence, bringing the total annual dividend to 111 pence, a slight increase from the previous year [2] Segment and Regional Performance - In Q4, sales grew by 5% in constant currency, slightly exceeding expectations, with Consumer Care up 9% driven by Flavors and Fragrances and Beauty Actives [3] - Life Sciences sales increased by 8%, with Pharma achieving its strongest quarter due to higher excipient sales [3] - Crop protection sales rose by 12% in Q4, although growth is expected to slow in 2026 [3] - Industrial Specialties saw a decline of 19% compared to a strong prior-year performance [3] Full Year Segment Performance - For the full year, Consumer Care sales increased by 8%, with Flavors and Fragrances up 15% and Beauty Actives growing by 6% [4] - Life Sciences rose by 8%, with crop protection up 14% as demand rebounded after destocking [4] - Pharma growth was at 4%, which was below expectations due to U.S. policy impacts on vaccine adjuvant sales [4] - Industrial Specialties declined by 2%, with direct sales growth offsetting a decline with Cargill, which now represents 20% of Industrial Specialties sales [4] Regional Performance - Croda reported growth across all regions, led by EMEA with a 9% sales increase [5] - Asia lagged due to U.S. tariffs impacting customer exports in pharma and industrial markets [5] - North America showed improvement in the second half, supported by a recovery in the beauty sector [5]

Core Viewpoint - Sudeep Pharma has set a price band of Rs 563–593 for its initial public offering (IPO) of Rs 895 crore, which will open for subscription on November 21 and close on November 25, with an anchor book opening on November 20 [1][7]. Group 1: IPO Details - The IPO consists of a fresh issue of Rs 95 crore and an offer for sale (OFS) of 1,34,90,726 shares by promoter and promoter group shareholders, amounting to Rs 800 crore at the upper end of the price band [1][2]. - At the lower price band of Rs 563, the total offer size is Rs 854.5 crore, while at the upper band, it reaches Rs 895 crore [2][7]. - Investors can bid for a minimum of 25 equity shares, and in multiples of 25 thereafter [2][7]. Group 2: Use of Proceeds - The company plans to allocate Rs 75.8 crore from the fresh issue towards capital expenditure for procuring machinery for its production line at the Nandesari Facility 1 in Gujarat, with the remaining funds directed towards general corporate purposes [2][7]. Group 3: Company Overview - Sudeep Pharma is a technology-driven manufacturer of excipients and specialty ingredients utilized in the pharmaceutical, food, and nutrition sectors, leveraging in-house technologies to enhance innovation and manufacturing efficiency [3][7]. - The company has established a global presence in over 100 countries, with significant market penetration in the US, South America, Europe, the Middle East, Africa, and Asia-Pacific [5][7]. - Sudeep Pharma is one of the largest producers of food-grade iron phosphate, with an annual manufacturing capacity of 72,246 metric tonnes as of June 30, 2025 [5][7]. Group 4: Client Relationships - Over the years, Sudeep Pharma has built relationships with more than 1,100 customers worldwide, including notable clients such as Pfizer Inc, Mankind Pharma, and Merck Group [6][7]. - The IPO will be offered through a book-building route, with allocations of not more than 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail individual investors [6][8].