Ajanta Pharma Ltd
Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.(Source : 202003-01 Annual Report Page No:70)
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
- 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
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
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
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 |
Documents
Add documentRecent announcements
- Disclosures under Reg.13(6) of SEBI (Prohibition of Insider Trading) Regulations, 1992 2d
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 22 Feb
- Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 12 Feb
- Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Feb
- Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 2 Feb
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Annual reports
- Financial Year 2020 from bse
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- Financial Year 2010 from nse