For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Ajanta Pharma has increased 7.37% to Rs 1021.04 crore compared to quarter ended June 2022.Operating profit margin has jumped from 23.32% to 26.57%, leading to 22.35% rise in operating profit to Rs 271.32 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.62% to 21.22%. Purchase of finished goods cost fell from 4.05% to 3.86%. Employee cost increased from 20.28% to 20.77%. Other expenses fell from 29.47% to 27.72%. Other income fell 3.08% to Rs 31.75 crore. PBIDT rose 19.08% to Rs 303.07 crore. Provision for interest fell 3.41% to Rs 0.85 crore.
PBDT rose 19.15% to Rs 302.22 crore. Provision for depreciation rose 4.41% to Rs 33.18 crore.
Profit before tax grew 21.27% to Rs 269.04 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 60.92 crore, compared to Rs 47.24 crore. Effective tax rate was 22.64% compared to 21.29%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 19.18% to Rs 208.12 crore. Promoters’ stake was 66.21% as of 30 June 2023 ,compared to 70.48% as of 30 June 2022 . Promoters pledged stake was 13.23% as of 30 June 2023 ,compared to 20.09% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 12.02% to Rs 3742.64 crore. Operating profit margin has declined from 27.82% to 20.93%, leading to 15.72% decline in operating profit to Rs 783.25 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 22.76% to 23.63%. Purchase of finished goods cost fell from 3.97% to 3.94%. Employee cost increased from 18.86% to 21.12%. Other expenses rose from 27.27% to 30.24%. Other income fell 14.73% to Rs 98.64 crore. PBIDT fell 15.61% to Rs 881.89 crore. Provision for interest fell 42.75% to Rs 5.84 crore. Loan funds rose to Rs 35.63 crore as of 31 March 2023 from Rs 25.03 crore as of 31 March 2022. Inventories rose to Rs 815.63 crore as of 31 March 2023 from Rs 791.07 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,056.90 crore as of 31 March 2023 compared to Rs 1,019.81 crore as of 31 March 2022. Cash and bank balance rose to Rs 330.90 crore as of 31 March 2023 from Rs 211.79 crore as of 31 March 2022. Investments rose to Rs 535.37 crore as of 31 March 2023 from Rs 146.96 crore as of 31 March 2022 .
PBDT fell 15.34% to Rs 876.05 crore. Provision for depreciation rose 4.39% to Rs 130.8 crore. Fixed assets increased to Rs 1,698.16 crore as of 31 March 2023 from Rs 1,655.83 crore as of 31 March 2022. Intangible assets declined from Rs 9.02 crore to Rs 7.75 crore.
Profit before tax down 18.06% to Rs 745.25 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 157.27 crore, compared to Rs 196.8 crore. Effective tax rate was 21.10% compared to 21.64%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 17.50% to Rs 587.98 crore.
Equity capital increased from Rs 17.17 crore as of 31 March 2022 to Rs 25.27 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 66.11% as of 31 March 2023 ,compared to 70.48% as of 31 March 2022 . Promoters pledged stake was 11.41% as of 31 March 2023 ,compared to 16.60% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 791.78 crore for year ended March 2023 from Rs 561.71 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 174.49 crore, compared to Rs 148.84 crore during the year ended March 2022.
Other Highlights
Board
declared interim dividend of Rs 25 per share for FY24, this includes a regular
dividend of Rs 10 per share, and an additional Rs 15 per share, distributed as
a special dividend on the commemoration of 50 years of momentous joumey of the
Company. It Fixed Friday, 4th August 2023 as the Record
date. Dividend will be paid on or after 11 August 2023.
In
Q1 FY24, India sales went up 14% compared to Q1 FY23. Asia sales up 6%, US
Generic up 19% and Africa Institution sales fell 16% on YoY basis.
In
Q1 FY24,