For the
quarter ending March 2022, consolidated net sales (including other operating income) of Ajanta Pharma has increased 14.99% to Rs 870.29 crore compared to quarter ended march 2021.
Operating profit margin has declined from 34.28% to 23.75%, leading to 20.32% decline in operating profit to Rs 206.69 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 22.00% to 24.59%. Purchase of finished goods cost rose from 2.61% to 3.88%. Employee cost increased from 18.66% to 18.76%. Other expenses rose from 23.52% to 29.33%. Other income rose 1,065.22% to Rs 29.48 crore. PBIDT fell 9.84% to Rs 236.17 crore. Provision for interest rose 186.72% to Rs 7.34 crore. Loan funds declined from Rs 31.36 crore as of 31 March 2021 to Rs 25.03 crore as of 31 March 2022. Inventories rose to Rs 791.07 crore as of 31 March 2022 from Rs 766.47 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,019.81 crore as of 31 March 2022 compared to Rs 738.43 crore as of 31 March 2021. Cash and bank balance rose to Rs 211.79 crore as of 31 March 2022 from Rs 209.61 crore as of 31 March 2021. Investments declined from Rs 175.67 crore as of 31 March 2021 to Rs 146.96 crore as of 31 March 2022. PBDT fell 11.78% to Rs 228.83 crore. Provision for depreciation rose 1.83% to Rs 31.16 crore. Fixed assets increased to Rs 1,655.83 crore as of 31 March 2022 from Rs 1,638.51 crore as of 31 March 2021. Intangible assets declined from Rs 10.79 crore to Rs 9.02 crore. Profit before tax down 13.60% to Rs 197.67 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 46.46 crore, compared to Rs 69.52 crore. Effective tax rate was 23.50% compared to 30.39%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 5.05% to Rs 151.21 crore. Equity capital decreased from Rs 17.39 crore as of 31 March 2021 to Rs 17.17 crore as of 31 March 2022 . Per share face Value remained same at Rs 2.00. Promoters’ stake was 70.48% as of 31 March 2022 ,compared to 70.34% as of 31 March 2021 . Promoters pledged stake was 16.60% as of 31 March 2022 ,compared to 15.49% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 15.62% to Rs 3340.99 crore. Operating profit margin has declined from 34.56% to 27.82%, leading to 6.94% decline in operating profit to Rs 929.30 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.23% to 22.76%. Purchase of finished goods cost rose from 2.94% to 3.97%. Employee cost increased from 18.03% to 18.86%. Other expenses rose from 22.95% to 27.27%. Other income rose 345.27% to Rs 115.68 crore. PBIDT rose 2% to Rs 1044.98 crore. Provision for interest rose 23.34% to Rs 10.2 crore. Loan funds declined from Rs 31.36 crore as of 31 March 2021 to Rs 25.03 crore as of 31 March 2022. Inventories rose to Rs 791.07 crore as of 31 March 2022 from Rs 766.47 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,019.81 crore as of 31 March 2022 compared to Rs 738.43 crore as of 31 March 2021. Cash and bank balance rose to Rs 211.79 crore as of 31 March 2022 from Rs 209.61 crore as of 31 March 2021. Investments declined from Rs 175.67 crore as of 31 March 2021 to Rs 146.96 crore as of 31 March 2022. PBDT rose 1.82% to Rs 1034.78 crore. Provision for depreciation rose 7.93% to Rs 125.3 crore. Fixed assets increased to Rs 1,655.83 crore as of 31 March 2022 from Rs 1,638.51 crore as of 31 March 2021. Intangible assets declined from Rs 10.79 crore to Rs 9.02 crore. Profit before tax grew 1.03% to Rs 909.48 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 196.8 crore, compared to Rs 246.31 crore. Effective tax rate was 21.64% compared to 27.36%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.99% to Rs 712.68 crore. Equity capital decreased from Rs 17.39 crore as of 31 March 2021 to Rs 17.17 crore as of 31 March 2022 . Per share face Value remained same at Rs 2.00. Promoters’ stake was 70.48% as of 31 March 2022 ,compared to 70.34% as of 31 March 2021 . Promoters pledged stake was 16.60% as of 31 March 2022 ,compared to 15.49% as of 31 March 2021 .
Other Highlights
Board
Approved issue of bonus shares in the ratio of 1:2. One new fully paid-up
equity shares of Rs 2 each to be issued for every Two equity shares held. Estimated
date by which such bonus shares would be credited will be within 2 months from
the date of Board approval by 8th July 2022. Free reserves of Rs 8,54,20,770
(including outstanding stock options) is required for implementing the Bonus
issue.
In Q4 FY22,
India sales went up 13% compared to Q4 FY21. Exports sales grew 17%, Emerging
market branded generic sales grew 46%, US Generic degrew 3% and Africa Institution
sales fell 38% on YoY basis.
For FY22,
India sales went up 21% compared to FY21. Exports sales grew 13%, Emerging
market branded generic sales grew 25%, US Generic grew 9% and Africa
Institution sales fell 24% on YoY basis.
During Q4 FY
2022, R&D expenses were Rs 59 crore compared to Rs 39 Crore in Q4 FY 2021. During
FY 2022, R&D expenses were Rs 204 crore compared to Rs 139 Crore in FY 2021.
In Q4 FY22,
USA contributed 27% of total export sales, Asia branded 43%, Africa branded 22%
and Africa institution 8%.
In FY22, USA
contributed 30% of total export sales, Asia branded 36%, Africa branded 25% and
Africa institution 9%.
| Ajanta Pharma : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 870.29 | 756.84 | 14.99 | 3,340.99 | 2,889.69 | 15.62 | | OPM (%) | 23.75 | 34.28 | -1,053 bps | 27.82 | 34.56 | -674 bps | | OP | 206.69 | 259.41 | -20.32 | 929.30 | 998.56 | -6.94 | | Other Inc. | 29.48 | 2.53 | 1,065.22 | 115.68 | 25.98 | 345.27 | | PBIDT | 236.17 | 261.94 | -9.84 | 1,044.98 | 1,024.54 | 2.00 | | Interest | 7.34 | 2.56 | 186.72 | 10.20 | 8.27 | 23.34 | | PBDT | 228.83 | 259.38 | -11.78 | 1,034.78 | 1,016.27 | 1.82 | | Depreciation | 31.16 | 30.6 | 1.83 | 125.3 | 116.09 | 7.93 | | PBT | 197.67 | 228.78 | -13.60 | 909.48 | 900.18 | 1.03 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 197.67 | 228.78 | -13.60 | 909.48 | 900.18 | 1.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 197.67 | 228.78 | -13.60 | 909.48 | 900.18 | 1.03 | | Taxation | 46.46 | 69.52 | -33.17 | 196.8 | 246.31 | -20.10 | | PAT | 151.21 | 159.26 | -5.05 | 712.68 | 653.87 | 8.99 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 151.21 | 159.26 | -5.05 | 712.68 | 653.87 | 8.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 151.21 | 159.26 | -5.05 | 712.68 | 653.87 | 8.99 | | EPS (Rs)* | 17.70 | 18.65 | -5.05 | 83.44 | 76.55 | 8.99 | | | * EPS is on current equity of Rs 17.08 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|