Ajanta Pharma Ltd

Ajanta Pharma Ltd

₹ 2,113 -0.11%
21 Feb - close price
About

Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.(Source : 202003-01 Annual Report Page No:70).

Key Points

India - Branded Generic business (31% of FY23 revenues)[1]
- Focused on niche and first-to-market drugs in 4 therapeutic areas - cardiology, ophthalmology, dermatology, pain management[2]
- Has an MR strength of ~2800
- Launched 23 products in India in FY22 out of which 6 were first to market.[3] The total product basket comprises 500+ products with 50% being 1st to market[4]

  • Market Cap 26,611 Cr.
  • Current Price 2,113
  • High / Low 2,355 / 1,132
  • Stock P/E 36.2
  • Book Value 277
  • Dividend Yield 1.70 %
  • ROCE 22.6 %
  • ROE 17.9 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company's working capital requirements have reduced from 117 days to 83.3 days

Cons

  • Stock is trading at 7.64 times its book value
  • The company has delivered a poor sales growth of 12.0% over past five years.
  • Promoter holding has decreased over last 3 years: -4.13%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
749 757 748 885 838 870 951 938 972 882 1,021 1,028 1,105
507 497 528 622 598 664 729 742 802 732 750 738 791
Operating Profit 242 259 220 263 240 207 222 196 170 149 271 291 314
OPM % 32% 34% 29% 30% 29% 24% 23% 21% 17% 17% 27% 28% 28%
5 3 33 30 24 29 33 40 35 37 32 21 14
Interest 3 3 2 0 1 7 1 1 3 1 1 2 2
Depreciation 29 31 31 32 32 31 32 33 33 33 33 34 34
Profit before tax 215 229 220 260 231 198 222 203 168 152 269 276 291
Tax % 18% 30% 21% 25% 17% 24% 21% 23% 20% 20% 23% 29% 28%
177 159 174 196 192 151 175 157 135 122 208 195 210
EPS in Rs 13.61 12.27 13.39 15.10 14.78 11.80 13.63 12.22 10.50 9.54 16.53 15.51 16.68
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
677 931 1,208 1,474 1,749 1,983 2,126 2,055 2,588 2,890 3,341 3,743 4,036
545 706 840 968 1,155 1,292 1,467 1,489 1,904 1,889 2,408 2,934 3,011
Operating Profit 132 224 369 505 594 691 658 567 683 1,001 933 808 1,025
OPM % 19% 24% 31% 34% 34% 35% 31% 28% 26% 35% 28% 22% 25%
6 6 14 8 14 20 24 21 88 24 112 74 104
Interest 15 19 9 6 5 1 0 1 12 8 10 6 7
Depreciation 32 34 44 52 44 61 60 72 96 116 125 131 134
Profit before tax 91 177 330 456 559 648 623 514 664 900 909 745 988
Tax % 15% 37% 29% 32% 26% 22% 25% 25% 30% 27% 22% 21%
77 112 234 310 416 507 469 387 468 654 713 588 736
EPS in Rs 5.85 8.49 17.75 23.47 31.49 38.40 35.50 29.56 35.73 50.38 55.63 45.89 58.26
Dividend Payout % 11% 13% 15% 17% 17% 23% 0% 20% 24% 13% 11% 15%
Compounded Sales Growth
10 Years: 15%
5 Years: 12%
3 Years: 13%
TTM: 8%
Compounded Profit Growth
10 Years: 18%
5 Years: 5%
3 Years: 8%
TTM: 19%
Stock Price CAGR
10 Years: 23%
5 Years: 26%
3 Years: 22%
1 Year: 73%
Return on Equity
10 Years: 25%
5 Years: 20%
3 Years: 21%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 12 18 18 18 18 18 18 18 17 17 25 25
Reserves 286 382 576 823 1,173 1,550 2,024 2,228 2,581 2,978 3,247 3,363 3,457
200 125 130 72 81 1 2 36 75 31 25 36 33
151 200 226 233 207 254 383 383 619 702 711 1,159 918
Total Liabilities 649 718 949 1,146 1,479 1,823 2,426 2,664 3,293 3,729 4,000 4,582 4,433
246 273 279 288 451 589 1,053 1,178 1,472 1,541 1,512 1,496 1,485
CWIP 3 12 94 170 240 339 61 262 132 108 153 209 205
Investments 8 8 63 60 86 182 190 78 79 176 147 535 238
392 425 513 629 703 713 1,122 1,147 1,610 1,904 2,188 2,341 2,506
Total Assets 649 718 949 1,146 1,479 1,823 2,426 2,664 3,293 3,729 4,000 4,582 4,433

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
70 234 212 279 326 609 281 375 457 576 562 792
-53 -104 -188 -158 -209 -383 -256 -223 -224 -282 -74 -560
-13 -104 -20 -105 -117 -202 -0 -147 -129 -318 -460 -108
Net Cash Flow 4 26 4 16 -0 24 25 4 104 -24 28 124

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 76 59 61 64 78 59 79 82 109 93 111 103
Inventory Days 266 178 164 159 180 186 315 415 276 434 347 283
Days Payable 161 159 132 109 128 157 224 214 202 212 143 147
Cash Conversion Cycle 182 78 94 114 130 88 170 282 184 315 315 240
Working Capital Days 93 59 57 61 90 65 103 119 116 127 141 83
ROCE % 23% 39% 55% 57% 52% 46% 34% 24% 27% 32% 29% 23%

Shareholding Pattern

Numbers in percentages

21 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
70.34% 70.34% 70.34% 70.34% 70.48% 70.48% 70.48% 66.11% 66.11% 66.22% 66.22% 66.22%
8.37% 8.94% 8.72% 8.95% 8.64% 8.30% 8.23% 10.07% 10.00% 10.19% 9.99% 9.11%
11.86% 11.81% 12.07% 12.14% 12.29% 12.46% 12.68% 15.37% 15.52% 15.36% 15.60% 16.67%
0.76% 0.43% 0.43% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.46% 0.00% 0.00%
8.67% 8.47% 8.43% 8.12% 8.14% 8.31% 8.15% 8.00% 7.91% 7.78% 8.21% 8.00%
No. of Shareholders 44,88145,67252,26357,89760,75964,44562,04859,79883,54954,87456,27754,351

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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