Ajanta Pharma Ltd

ajantapharma.com BSE: 532331 NSE : AJANTPHARM

About [ edit ]

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 [ edit ]

India - Branded Generic business (30% of revenues)
Focused on niche and first-to-market drugs in 4 therapeutic areas - cardiology, ophthalmology, dermatology, pain management ^#

Has an MR strength of ~3000 ^#

2nd largest player in the ophthalmology^#

Their Indian growth rates have been higher than IPM in 3 of their 4 divisions ^#

US - Generic business (20% of revenues)
One of their strongest growing verticals, with revenues growing from almost nil in FY16 to ~$70 mn in FY20 on the back of 39 approved ANDAs and 19 pending ANDAs ^#

Manufactures oral solids focusing on complex delivery mechanism such as extended and delayed release tablets and capsules, ^# using their own front end team to sell drugs

Have 2 dedicated manufacturing facilities to cater to the US market (Dahej and Paithan)

Targets to file 10-12 ANDAs per year ^# and spend 5-6% of sales in R&D ^#

Rest of world - Branded Generic business (40% of revenues) ^#
Phillipines accounts for a major part of Asia revenues after India ^#

African business (branded + institution) accounted for ~23% of FY20 revenues. ^# In Africa, focus has been to increase branded business

Website BSE NSE

Market Cap ₹ 15,139 Cr.
Current Price ₹ 1,748
High / Low ₹ 1,879 / 961
Stock P/E 24.2
Book Value ₹ 337
Dividend Yield 0.74 %
ROCE 27.6 %
ROE 19.4 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 20.82%
Company's median sales growth is 21.70% of last 10 years

Cons

The company has delivered a poor sales growth of 11.92% over past five years.
Debtor days have increased from 89.96 to 109.35 days.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	530	511	544	485	515	612	643	651	682	668	716	749
	391	354	378	378	388	444	465	465	531	445	442	507
Operating Profit	140	157	166	107	127	168	178	186	151	223	274	242
OPM %	26%	31%	31%	22%	25%	28%	28%	29%	22%	33%	38%	32%
Other Income	5	8	15	4	2	8	12	14	54	13	5	5
Interest	0	0	0	0	1	2	5	2	4	2	2	3
Depreciation	17	17	17	19	19	23	23	24	26	28	28	29
Profit before tax	128	148	164	93	109	151	162	175	176	207	249	215
Tax %	26%	29%	23%	28%	19%	24%	28%	39%	27%	29%	32%	18%
Net Profit	94	106	125	67	89	115	116	108	129	148	170	177
EPS in Rs	10.74	12.02	14.25	7.60	10.19	13.14	13.33	12.33	14.80	16.93	19.51	20.41
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	349	409	498	677	931	1,208	1,474	1,749	1,983	2,126	2,055	2,588	2,815
	284	330	409	545	706	840	969	1,161	1,292	1,467	1,489	1,904	1,924
Operating Profit	65	79	89	132	224	369	504	589	691	658	567	683	890
OPM %	19%	19%	18%	19%	24%	31%	34%	34%	35%	31%	28%	26%	32%
Other Income	2	1	10	6	6	14	9	20	20	24	21	88	78
Interest	24	20	18	15	19	9	6	5	1	0	1	12	9
Depreciation	14	21	25	32	34	44	52	44	61	60	72	96	112
Profit before tax	30	39	56	91	177	330	456	559	648	623	514	664	847
Tax %	15%	12%	10%	15%	37%	29%	32%	26%	22%	25%	25%	30%
Net Profit	25	34	51	77	112	234	310	416	507	469	387	468	624
EPS in Rs	2.89	3.86	5.76	8.78	12.74	26.61	35.25	47.23	57.59	53.25	44.35	53.60	71.65
Dividend Payout %	12%	12%	12%	11%	13%	15%	17%	17%	23%	0%	20%	24%

Compounded Sales Growth
10 Years:	20%
5 Years:	12%
3 Years:	9%
TTM:	16%

Compounded Profit Growth
10 Years:	30%
5 Years:	8%
3 Years:	-3%
TTM:	46%

Stock Price CAGR
10 Years:	52%
5 Years:	6%
3 Years:	8%
1 Year:	26%

Return on Equity
10 Years:	28%
5 Years:	26%
3 Years:	21%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	12	12	12	12	12	18	18	18	18	18	18	18	18
Reserves	145	173	217	286	382	576	823	1,173	1,550	2,024	2,228	2,581	2,896
Borrowings	250	228	191	200	125	130	72	81	1	2	36	46	24
	52	82	103	151	200	226	233	207	254	383	383	649	733
Total Liabilities	459	495	522	649	718	949	1,146	1,479	1,823	2,426	2,664	3,293	3,671
	138	168	214	246	273	279	288	451	589	1,053	1,178	1,472	1,429
CWIP	55	47	17	3	12	94	170	240	339	61	262	132	167
Investments	8	8	8	8	8	63	60	86	182	190	78	79	272
	257	271	282	392	425	513	629	703	713	1,122	1,147	1,610	1,803
Total Assets	459	495	522	649	718	949	1,146	1,479	1,823	2,426	2,664	3,293	3,671

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	35	95	95	70	234	212	279	326	609	281	375	457
	-82	-43	-51	-53	-104	-188	-158	-209	-383	-256	-223	-224
	50	-46	-56	-13	-104	-20	-105	-117	-202	-0	-147	-129
Net Cash Flow	2	7	-11	4	26	4	16	-0	24	25	4	104

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	15%	14%	18%	23%	39%	55%	57%	52%	46%	34%	24%	28%
Debtor Days	105	86	76	76	59	61	64	78	59	79	82	109
Inventory Turnover	1.33	1.29	1.63	1.69	1.98	2.35	2.41	2.36	2.09	1.54	1.06	1.49

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
70.70	70.48	70.47	70.47	70.52	70.52	70.51	70.51	70.51	70.51	70.51	70.34
12.17	10.52	10.92	10.13	9.78	9.45	7.68	7.90	8.91	8.23	7.71	7.90
6.54	7.96	8.05	9.26	9.52	9.99	11.81	11.55	10.63	11.03	11.44	11.72
0.27	0.34	0.34	0.34	0.44	0.44	0.65	0.74	0.74	0.74	0.75	0.76
10.32	10.70	10.21	9.80	9.74	9.60	9.35	9.30	9.21	9.49	9.59	9.27

Ajanta Pharma Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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