For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Ajanta Pharma has increased 19.53% to Rs 1054.08 crore compared to quarter ended March 2023. Operating profit margin has jumped from 16.94% to 26.40%, leading to 86.33% rise in operating profit to Rs 278.32 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.71% to 23.78%. Purchase of finished goods cost rose from 3.24% to 3.71%. Employee cost decreased from 24.79% to 21.44%. Other expenses fell from 29.70% to 25.51%. Other income fell 3.61% to Rs 35.5 crore. PBIDT rose 68.54% to Rs 313.82 crore. Provision for interest rose 35.40% to Rs 1.53 crore. Loan funds declined from Rs 35.63 crore as of 31 March 2023 to Rs 35.28 crore as of 31 March 2024. Inventories rose to Rs 828.36 crore as of 31 March 2024 from Rs 815.63 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,246.84 crore as of 31 March 2024 compared to Rs 1,056.90 crore as of 31 March 2023. Cash and bank balance declined from Rs 330.90 crore as of 31 March 2023 to Rs 130.77 crore as of 31 March 2024. Investments declined from Rs 535.37 crore as of 31 March 2023 to Rs 348.63 crore as of 31 March 2024.
PBDT rose 68.74% to Rs 312.29 crore. Provision for depreciation rose 3.73% to Rs 34.25 crore. Fixed assets increased to Rs 1,720.98 crore as of 31 March 2024 from Rs 1,698.16 crore as of 31 March 2023. Intangible assets increased from Rs 7.75 crore to Rs 14.66 crore.
Profit before tax grew 82.86% to Rs 278.04 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 75.32 crore, compared to Rs 29.8 crore. Effective tax rate was 27.09% compared to 19.60%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 65.82% to Rs 202.72 crore. Equity capital stood at Rs 25.27 crore as of 31 March 2024 to Rs 25.27 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 66.21% as of 31 March 2024 ,compared to 66.11% as of 31 March 2023 . Promoters pledged stake was 12.26% as of 31 March 2024 ,compared to 11.41% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 12.45% to Rs 4208.71 crore. Operating profit margin has jumped from 20.93% to 27.85%, leading to 49.63% rise in operating profit to Rs 1,171.94 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.63% to 22.12%. Purchase of finished goods cost fell from 3.94% to 3.92%. Employee cost increased from 21.12% to 21.19%. Other expenses fell from 30.24% to 25.19%. Other income fell 14.23% to Rs 84.6 crore. PBIDT rose 42.48% to Rs 1256.54 crore. Provision for interest rose 23.46% to Rs 7.21 crore. Loan funds declined from Rs 35.63 crore as of 31 March 2023 to Rs 35.28 crore as of 31 March 2024. Inventories rose to Rs 828.36 crore as of 31 March 2024 from Rs 815.63 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,246.84 crore as of 31 March 2024 compared to Rs 1,056.90 crore as of 31 March 2023. Cash and bank balance declined from Rs 330.90 crore as of 31 March 2023 to Rs 130.77 crore as of 31 March 2024. Investments declined from Rs 535.37 crore as of 31 March 2023 to Rs 348.63 crore as of 31 March 2024.
PBDT rose 42.61% to Rs 1249.33 crore. Provision for depreciation rose 3.52% to Rs 135.4 crore. Fixed assets increased to Rs 1,720.98 crore as of 31 March 2024 from Rs 1,698.16 crore as of 31 March 2023. Intangible assets increased from Rs 7.75 crore to Rs 14.66 crore.
Profit before tax grew 49.47% to Rs 1,113.93 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 297.76 crore, compared to Rs 157.27 crore. Effective tax rate was 26.73% compared to 21.10%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 38.81% to Rs 816.17 crore.
Equity capital stood at Rs 25.27 crore as of 31 March 2024 to Rs 25.27 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 66.21% as of 31 March 2024 ,compared to 66.11% as of 31 March 2023 . Promoters pledged stake was 12.26% as of 31 March 2024 ,compared to 11.41% as of 31 March 2023 .
Cash flow from operating activities decreased to Rs 785.07 crore for year ended March 2024 from Rs 791.78 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 152.41 crore, compared to Rs 174.49 crore during the year ended March 2023.
Other Highlights
The
Board approved Buy-back of up to 10,28,881 fully paid-up Equity Shares of face
value of 2 each by the Company at a
price of Rs 2,770 per Equity Share payable in cash for a total consideration
not exceeding Rs 285 crore (excluding transaction costs such as brokerage, filing
fees, advisors/ legal fees etc). Record date fixed for buyback is 30th
May 2024.
In
Q4 FY24, India sales went up 14% compared to Q4 FY23. Asia sales up 18%, US
Generic up 32%, Africa sales up 13% and Africa Institution sales up 23% on YoY
basis.
In
FY24, India sales went up 11% compared to FY23. Asia sales up 10%, US Generic up
16%, Africa sales up 5% and Africa Institution sales up 31% on YoY basis.
In
Q4 FY24, R&D expenses were Rs 61 crore, representing 5% of revenue.
In
FY24, USA contributed 23% to total sales, India 31%, Asia 25%, Africa 15% and
Africa institution 6%.