Ajanta Pharma Ltd

Ajanta Pharma is primarily involved in development, manufacturing and marketing of speciality pharmaceutical finished dosages.(Source : 201903 Annual Report Page No: 132)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.63%
Cons:
The company has delivered a poor growth of 11.21% over past five years.

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Formulations

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
516 533 477 473 540 587 530 511 544 485 515 612
343 356 319 346 357 390 391 354 378 378 388 444
Operating Profit 173 177 158 127 184 198 140 157 166 107 127 168
OPM % 33% 33% 33% 27% 34% 34% 26% 31% 31% 22% 25% 28%
Other Income 7 19 6 5 9 15 5 8 15 4 2 8
Interest 0 0 0 0 0 0 0 0 0 0 1 2
Depreciation 14 15 19 13 15 15 17 17 17 19 19 23
Profit before tax 165 181 144 119 178 198 128 148 164 93 109 151
Tax % 21% 21% 21% 20% 26% 25% 26% 29% 23% 28% 19% 24%
Net Profit 131 143 114 95 132 147 94 106 125 67 89 115
EPS in Rs 14.85 16.19 12.96 10.77 14.99 16.76 10.74 12.02 14.25 7.60 10.10 13.14
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
309 349 409 498 677 931 1,208 1,474 1,749 1,983 2,126 2,055 2,156
257 284 330 409 545 706 840 969 1,161 1,292 1,467 1,489 1,587
Operating Profit 52 65 79 89 132 224 369 504 589 691 658 567 569
OPM % 17% 19% 19% 18% 19% 24% 31% 34% 34% 35% 31% 28% 26%
Other Income 1 2 1 10 6 6 14 9 20 20 24 21 29
Interest 16 24 20 18 15 19 9 6 5 1 0 1 3
Depreciation 8 14 21 25 32 34 44 52 44 61 60 72 78
Profit before tax 29 30 39 56 91 177 330 456 559 648 623 514 517
Tax % 24% 15% 12% 10% 15% 37% 29% 32% 26% 22% 25% 25%
Net Profit 22 25 34 51 77 112 234 310 416 507 469 387 396
EPS in Rs 2.42 2.82 3.77 5.62 8.57 12.39 25.80 34.41 46.99 57.30 52.98 44.12 45.09
Dividend Payout % 13% 12% 12% 12% 11% 13% 15% 17% 17% 23% 0% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.40%
5 Years:11.21%
3 Years:5.52%
TTM:-0.57%
Compounded Profit Growth
10 Years:31.31%
5 Years:10.61%
3 Years:-2.42%
TTM:-17.48%
Stock Price CAGR
10 Years:54.65%
5 Years:6.79%
3 Years:-20.08%
1 Year:0.13%
Return on Equity
10 Years:30.50%
5 Years:29.70%
3 Years:25.63%
Last Year:18.06%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 12 12 12 12 12 18 18 18 18 18 18
Reserves 123 145 173 217 286 382 576 823 1,173 1,550 2,024 2,228
Borrowings 174 250 228 191 200 125 130 72 81 1 2 36
59 64 89 103 153 201 226 235 226 291 426 446
Total Liabilities 367 472 502 522 651 719 949 1,148 1,498 1,860 2,470 2,727
102 138 168 214 246 273 279 288 451 589 1,053 1,179
CWIP 24 55 47 17 3 12 94 170 240 339 61 261
Investments 8 8 8 8 8 8 63 60 86 182 190 78
233 270 278 282 393 425 513 630 722 750 1,166 1,210
Total Assets 367 472 502 522 651 719 949 1,148 1,498 1,860 2,470 2,727

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
19 35 95 95 70 234 212 326 609 281 375
-59 -82 -43 -51 -53 -104 -188 -209 -383 -256 -223
38 50 -46 -56 -13 -104 -20 -117 -202 -0 -147
Net Cash Flow -2 2 7 -11 4 26 4 -0 24 25 5

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 17% 15% 14% 18% 23% 39% 55% 57% 52% 46% 34% 24%
Debtor Days 103 105 86 76 76 59 61 64 78 59 79 82
Inventory Turnover 3.78 3.55 3.66 4.28 4.82 5.90 7.98 9.37 9.62 9.54 7.57 5.23