Ajanta Pharma Q1 highlights –
Breakdown of business revenues –
Branded business –
India – 32 pc
Asia – 26 pc
Africa – 15 pc
Total branded business – 73 pc
Generic business –
Africa Institutional – 5 pc
US – 22 pc
Total generic business – 27 pc
Total MRs across geographies – 4500 +
Presence in 30+ countries
Total products- 500 +
India business –
Cardiac- 39 pc
Opthal- 31 pc
Derma- 21 pc
Pain- 9 pc
Total – 10 brands with sales > 25 cr, 52 pc business from top 10 brands. 03 launches in Q1, 01 launch was first to Mkt
Last 4 yr’s India sales CAGR @ 14 pc. Only behind – JB Chen, Dr Reddy, Eris, Ipca, Aristo
Asia + Africa branded business –
Major presence in – Philippines, Middle East & CIS countries, Kenya, Tanzania, West Africa
4 Yr sales CAGR in Asia-12 pc
4 Yr sales CAGR in Africa-16 pc
Africa Institutional business FY 23 sales @ 190 cr, down @ 8 pc CAGR in last 4 yrs
US Generics-
52 ANDAs approved
6-8 filings/ yr
Last 4 yr sales CAGR @ 17 pc
R&D-
FY 23 spend at 237cr
Employing 850 scientists
Q1 financial outcomes-
Branded business sales @ 732 vs 688 cr
Generics sales @ 278 vs 258 cr
Total sales – 1010 vs 944 cr, up 7 pc
EBITDA – 271 vs 222 cr, up 22 pc
PAT – 208 vs 175 cr, up 20 pc
Announced a special dividend of Rs 25/share as it was company’s 50th yr since inception
Ajanta out-grew India Mkt by 400 bps in Q1
Gross margins in Q1 improved by 200 bps to 75 pc
Guiding for 25+/- 1 pc EBITDA margin guidance for FY 24. Also guiding for Mid teen sales growth
Capex guidance for FY 24 @ 200 cr ( including maintenance capex and new corporate building )
Capex to remain muted in FY 25-26
Don’t see any addition in Indian field force in near future
Expect significant ramp up in Africa branded sales wef Q2
A back of the Envelope calculation suggests an EBITDA of around 1050 cr and PAT of around 750 cr for FY 24
Disc: plan to take up a tracking position
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