Operating profit margin has declined from 38.31% to 29.70%, leading to 4.17% decline in operating profit to Rs 262.82 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.37% to 20.13%.   Purchase of finished goods cost rose from 3.23% to 4.40%.   Employee cost increased from 16.86% to 18.51%.   Other expenses rose from 20.12% to 26.56%.   

Other income rose 509.07% to Rs 29.54 crore.  PBIDT rose 4.75% to Rs 292.36 crore.  Provision for interest fell 73.86% to Rs 0.4 crore.  Loan funds rose to Rs 26.91 crore as of 30 September 2021 from Rs 24.44 crore as of 30 September 2020.  Inventories rose to Rs 786.34 crore as of 30 September 2021 from Rs 633.00 crore as of 30 September 2020.  Sundry debtors were higher at Rs 821.18 crore as of 30 September 2021 compared to Rs 754.91 crore as of 30 September 2020.  Cash and bank balance rose to Rs 241.00 crore as of 30 September 2021 from Rs 213.82 crore as of 30 September 2020.  Investments rose to Rs 353.18 crore as of 30 September 2021 from Rs 271.72 crore as of 30 September 2020 .  

PBDT rose 5.18% to Rs 291.96 crore.  Provision for depreciation rose 11.33% to Rs 31.54 crore.  Fixed assets increased to Rs 1,625.48 crore as of 30 September 2021 from Rs 1,585.70 crore as of 30 September 2020.  Intangible assets declined from Rs 10.31 crore to Rs 9.79 crore.  

Profit before tax grew 4.49% to Rs 260.42 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 64.48 crore, compared to Rs 79.02 crore.  Effective tax rate was 24.76% compared to 31.70%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 15.11% to Rs 195.94 crore.  

Equity capital decreased from Rs 17.54 crore as of 30 September 2020 to Rs 17.39 crore as of 30 September 2021 .  Per share face Value remained same at Rs 2.00.  

Promoters' stake was 70.34% as of 30 September 2021 ,compared to 70.51% as of 30 September 2020 .  Promoters pledged stake was 13.73% as of 30 September 2021 ,compared to 16.06% as of 30 September 2020 .   

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Ajanta Pharma has increased 17.97% to Rs 1632.79 crore.  

Operating profit margin has declined from 35.94% to 29.58%, leading to 2.90% decline in operating profit to Rs 483.03 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.45% to 21.70%.   Purchase of finished goods cost rose from 2.92% to 4.48%.   Employee cost increased from 18.23% to 19.11%.   Other expenses rose from 21.35% to 25.70%.   

Other income rose 245.97% to Rs 62.17 crore.  PBIDT rose 5.77% to Rs 545.2 crore.  Provision for interest fell 39.56% to Rs 1.91 crore.  Loan funds rose to Rs 26.91 crore as of 30 September 2021 from Rs 24.44 crore as of 30 September 2020.  Inventories rose to Rs 786.34 crore as of 30 September 2021 from Rs 633.00 crore as of 30 September 2020.  Sundry debtors were higher at Rs 821.18 crore as of 30 September 2021 compared to Rs 754.91 crore as of 30 September 2020.  Cash and bank balance rose to Rs 241.00 crore as of 30 September 2021 from Rs 213.82 crore as of 30 September 2020.  Investments rose to Rs 353.18 crore as of 30 September 2021 from Rs 271.72 crore as of 30 September 2020 .  

PBDT rose 6.05% to Rs 543.29 crore.  Provision for depreciation rose 10.77% to Rs 62.42 crore.  Fixed assets increased to Rs 1,625.48 crore as of 30 September 2021 from Rs 1,585.70 crore as of 30 September 2020.  Intangible assets declined from Rs 10.31 crore to Rs 9.79 crore.  

Profit before tax grew 5.47% to Rs 480.87 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 111.18 crore, compared to Rs 137.95 crore.  Effective tax rate was 23.12% compared to 30.26%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 16.26% to Rs 369.69 crore.  

Equity capital decreased from Rs 17.54 crore as of 30 September 2020 to Rs 17.39 crore as of 30 September 2021 .  Per share face Value remained same at Rs 2.00.  

Promoters' stake was 70.34% as of 30 September 2021 ,compared to 70.51% as of 30 September 2020 .  Promoters pledged stake was 13.73% as of 30 September 2021 ,compared to 16.06% as of 30 September 2020 .  

Cash flow from operating activities decreased to Rs 274.82 crore for YTD ended September 2021 from Rs 313.26 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 75.82 crore, compared to Rs 70.26 crore during the YTD ended September 2020.  

Full year results analysis.

Net sales (including other operating income) of Ajanta Pharma has increased 11.66% to Rs 2889.69 crore.  

Operating profit margin has jumped from 26.41% to 34.56%, leading to 46.13% rise in operating profit to Rs 998.56 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 21.51% to 23.23%.   Purchase of finished goods cost fell from 4.31% to 2.94%.   Employee cost decreased from 18.64% to 18.03%.   Other expenses fell from 29.30% to 22.95%.   

Other income fell 71.82% to Rs 25.98 crore.  PBIDT rose 32.11% to Rs 1024.54 crore.  Provision for interest fell 30.56% to Rs 8.27 crore.  Loan funds declined from Rs 72.87 crore as of 31 March 2020 to Rs 31.27 crore as of 31 March 2021.  Inventories rose to Rs 766.47 crore as of 31 March 2021 from Rs 495.68 crore as of 31 March 2020.  Sundry debtors were lower at Rs 738.43 crore as of 31 March 2021 compared to Rs 775.30 crore as of 31 March 2020.  Cash and bank balance rose to Rs 209.61 crore as of 31 March 2021 from Rs 205.25 crore as of 31 March 2020.  Investments rose to Rs 175.67 crore as of 31 March 2021 from Rs 79.42 crore as of 31 March 2020 .  

PBDT rose 33.09% to Rs 1016.27 crore.  Provision for depreciation rose 21.28% to Rs 116.09 crore.  Fixed assets increased to Rs 1,638.51 crore as of 31 March 2021 from Rs 1,592.29 crore as of 31 March 2020.  Intangible assets declined from Rs 11.71 crore to Rs 10.79 crore.  

Profit before tax grew 34.78% to Rs 900.18 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 246.31 crore, compared to Rs 196.27 crore.  Effective tax rate was 27.36% compared to 29.56%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 39.81% to Rs 653.87 crore.  

Equity capital decreased from Rs 17.54 crore as of 31 March 2020 to Rs 17.39 crore as of 31 March 2021 .  Per share face Value remained same at Rs 2.00.  

Promoters' stake was 70.34% as of 31 March 2021 ,compared to 70.51% as of 31 March 2020 .  Promoters pledged stake was 15.49% as of 31 March 2021 ,compared to 17.29% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 576.31 crore for year ended March 2021 from Rs 456.77 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 171.61 crore, compared to Rs 239.42 crore during the year ended March 2020.  

Other Highlights

Board declared interim dividend of Rs 9.50 (475%) per equity share on the face-value of Rs 2 per share for the Financial Year 2021-22.

For Q2 FY2022, India sales rose 23% to Rs 248 crore against Rs 202 crore in Q2 FY21.

In Q2 FY22, , total export sales rose 22% to Rs 611 crore against Rs 499 crore in Q2 FY21.

For H1 FY2022, India sales rose 27% to Rs 477 crore against Rs 375 crore in H1 FY21.

In H1 FY22, , total export sales rose 14% to Rs 1123 crore against Rs 982 crore in H1 FY21.