Ajanta Pharma

31 Jan 2022 , 05:21 PM

For the quarter ending Dec 2021, consolidated net sales (including other operating income) of Ajanta Pharma has increased 11.91% to Rs 837.91 crore compared to quarter ended Dec 2020. 

Operating profit margin has declined from 32.28% to 28.59%, leading to 0.87% decline in operating profit to Rs 239.58 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.05% to 22.92%.   Purchase of finished goods cost fell from 3.32% to 3.11%.   Employee cost increased from 17.05% to 18.49%.   Other expenses rose from 25.32% to 28.17%.   

Other income rose 338.50% to Rs 24.03 crore.  PBIDT rose 6.66% to Rs 263.61 crore.  Provision for interest fell 62.75% to Rs 0.95 crore.  

PBDT rose 7.38% to Rs 262.66 crore.  Provision for depreciation rose 8.85% to Rs 31.72 crore.  

Profit before tax grew 7.18% to Rs 230.94 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 39.16 crore, compared to Rs 38.84 crore.  Effective tax rate was 16.96% compared to 18.03%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 8.58% to Rs 191.78 crore.  

Promoters stake was 70.34% as of 31 December 2021 ,compared to 70.34% as of 31 December 2020 .  Promoters pledged stake was 15.37% as of 31 December 2021 ,compared to 15.17% as of 31 December 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Ajanta Pharma has increased 15.84% to Rs 2470.7 crore.  Operating profit margin has declined from 34.66% to 29.25%, leading to 2.24% decline in operating profit to Rs 722.61 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.66% to 22.12%.   Purchase of finished goods cost rose from 3.06% to 4.01%.   Employee cost increased from 17.81% to 18.89%.   Other expenses rose from 22.75% to 26.55%.   

Other income rose 267.59% to Rs 86.2 crore.  PBIDT rose 6.06% to Rs 808.81 crore.  Provision for interest fell 49.91% to Rs 2.86 crore.  

PBDT rose 6.48% to Rs 805.95 crore.  Provision for depreciation rose 10.12% to Rs 94.14 crore.  

Profit before tax grew 6.02% to Rs 711.81 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 150.34 crore, compared to Rs 176.79 crore.  Effective tax rate was 21.12% compared to 26.33%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 13.52% to Rs 561.47 crore.  

Promoters stake was 70.34% as of 31 December 2021 ,compared to 70.34% as of 31 December 2020 .  Promoters pledged stake was 15.37% as of 31 December 2021 ,compared to 15.17% as of 31 December 2020 .  

Full year results analysis.

Net sales (including other operating income) of Ajanta Pharma has increased 11.66% to Rs 2889.69 crore.  Operating profit margin has jumped from 26.41% to 34.56%, leading to 46.13% rise in operating profit to Rs 998.56 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 21.51% to 23.23%.   Purchase of finished goods cost fell from 4.31% to 2.94%.   Employee cost decreased from 18.64% to 18.03%.   Other expenses fell from 29.30% to 22.95%.   

Other income fell 71.82% to Rs 25.98 crore.  PBIDT rose 32.11% to Rs 1024.54 crore.  Provision for interest fell 30.56% to Rs 8.27 crore.  Loan funds declined from Rs 72.87 crore as of 31 March 2020 to Rs 31.27 crore as of 31 March 2021.  Inventories rose to Rs 766.47 crore as of 31 March 2021 from Rs 495.68 crore as of 31 March 2020.  Sundry debtors were lower at Rs 738.43 crore as of 31 March 2021 compared to Rs 775.30 crore as of 31 March 2020.  Cash and bank balance rose to Rs 209.61 crore as of 31 March 2021 from Rs 205.25 crore as of 31 March 2020.  Investments rose to Rs 175.67 crore as of 31 March 2021 from Rs 79.42 crore as of 31 March 2020 .  

PBDT rose 33.09% to Rs 1016.27 crore.  Provision for depreciation rose 21.28% to Rs 116.09 crore.  Fixed assets increased to Rs 1,638.51 crore as of 31 March 2021 from Rs 1,592.29 crore as of 31 March 2020.  Intangible assets declined from Rs 11.71 crore to Rs 10.79 crore.  

Profit before tax grew 34.78% to Rs 900.18 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 246.31 crore, compared to Rs 196.27 crore.  Effective tax rate was 27.36% compared to 29.56%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 39.81% to Rs 653.87 crore.  

Equity capital decreased from Rs 17.54 crore as of 31 March 2020 to Rs 17.39 crore as of 31 March 2021 .  Per share face Value remained same at Rs 2.00.  

Promoters stake was 70.34% as of 31 March 2021 ,compared to 70.51% as of 31 March 2020 .  Promoters pledged stake was 15.49% as of 31 March 2021 ,compared to 17.29% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 576.31 crore for year ended March 2021 from Rs 456.77 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 171.61 crore, compared to Rs 239.42 crore during the year ended March 2020. 

Other Highlights

In Q3 FY22, India sales went up 16% compared to Q3 FY21. Exports sales grew 7%, Emerging market branded generic sales grew 26%, US Generic grew 3% and Africa Institution sales fell 53% on YoY basis.

For 9M FY22, India sales went up 23% compared to 9M FY21. Exports sales grew 12%, Emerging market branded generic sales grew 18%, US Generic grew 14% and Africa Institution sales fell 18% on YoY basis.

During Q3 FY 2022, R&D expenses were Rs 51 crore compared to Rs 40 Crore in Q3 FY 2021. During 9M FY 2022, R&D expenses were Rs 145 crore compared to Rs 100 Crore in 9M FY 2021.

In Q3 FY22, USA contributed 29% of total export sales, Asia branded 35%, Africa branded 30% and Africa institution 6%.

In 9M FY22, USA contributed 31% of total export sales, Asia branded 33%, Africa branded 27% and Africa institution 9%.

Ajanta Pharma : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202112 202012 Var.(%) 202112 202012 Var.(%) 202103 202003 Var.(%) Net Sales (including other operating income) 837.91 748.74 11.91 2,470.70 2,132.85 15.84 2,889.69 2,587.87 11.66 OPM (%) 28.59 32.28 -369 bps 29.25 34.66 -541 bps 34.56 26.41 815 bps OP 239.58 241.68 -0.87 722.61 739.15 -2.24 998.56 683.33 46.13 Other Inc. 24.03 5.48 338.50 86.20 23.45 267.59 25.98 92.19 -71.82 PBIDT 263.61 247.16 6.66 808.81 762.60 6.06 1,024.54 775.52 32.11 Interest 0.95 2.55 -62.75 2.86 5.71 -49.91 8.27 11.91 -30.56 PBDT 262.66 244.61 7.38 805.95 756.89 6.48 1,016.27 763.61 33.09 Depreciation 31.72 29.14 8.85 94.14 85.49 10.12 116.09 95.72 21.28 PBT 230.94 215.47 7.18 711.81 671.4 6.02 900.18 667.89 34.78 Share of Profit/(Loss) from Associates 0 0 – 0 0 – 0 0 – PBT before EO 230.94 215.47 7.18 711.81 671.4 6.02 900.18 667.89 34.78 EO Income 0 0 – 0 0 – 0 -3.92 – PBT after EO 230.94 215.47 7.18 711.81 671.4 6.02 900.18 663.97 35.58 Taxation 39.16 38.84 0.82 150.34 176.79 -14.96 246.31 196.27 25.50 PAT 191.78 176.63 8.58 561.47 494.61 13.52 653.87 467.7 39.81 Minority Interest (MI) 0 0 – 0 0 – 0 0 – Net profit 191.78 176.63 8.58 561.47 494.61 13.52 653.87 467.7 39.81 P/(L) from discontinued operations net of tax 0 0 – 0 0 – 0 0 – Net profit after discontinued operations 191.78 176.63 8.58 561.47 494.61 13.52 653.87 467.7 39.81 EPS (Rs)* 22.16 20.41 8.58 64.88 57.16 13.52 75.56 54.37 38.98 * EPS is on current equity of Rs 17.31 crore, Face value of Rs 2, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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