Ajanta Pharma

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 - Rough estimate

Disc: plan to take up a tracking position