For
the quarter ending sept 2022, consolidated net sales (including other operating income) of Ajanta Pharma has increased 6.02% to Rs 938.1 crore compared to quarter ended sept 2021. Operating profit margin has declined from 29.70% to 20.93%, leading to 25.29% decline in operating profit to Rs 196.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.13% to 22.22%. Purchase of finished goods cost rose from 4.40% to 4.42%. Employee cost increased from 18.51% to 20.13%. Other expenses rose from 26.56% to 32.00%. Other income rose 36.59% to Rs 40.35 crore. PBIDT fell 19.04% to Rs 236.69 crore. Provision for interest rose 147.50% to Rs 0.99 crore. Loan funds rose to Rs 28.48 crore as of 30 September 2022 from Rs 26.91 crore as of 30 September 2021. Inventories declined from Rs 786.34 crore as of 30 September 2021 to Rs 748.58 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,180.43 crore as of 30 September 2022 compared to Rs 821.18 crore as of 30 September 2021. Cash and bank balance rose to Rs 333.58 crore as of 30 September 2022 from Rs 241.00 crore as of 30 September 2021. Investments declined from Rs 353.18 crore as of 30 September 2021 to Rs 306.18 crore as of 30 September 2022.
PBDT fell 19.27% to Rs 235.7 crore. Provision for depreciation rose 3.68% to Rs 32.7 crore. Fixed assets increased to Rs 1,661.81 crore as of 30 September 2022 from Rs 1,625.48 crore as of 30 September 2021. Intangible assets declined from Rs 9.79 crore to Rs 8.14 crore.
Profit before tax down 22.05% to Rs 203.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 46.4 crore, compared to Rs 64.48 crore. Effective tax rate was 22.86% compared to 24.76%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 20.08% to Rs 156.60 crore. Equity capital increased from Rs 17.39 crore as of 30 September 2021 to Rs 25.71 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 70.48% as of 30 September 2022 ,compared to 70.34% as of 30 September 2021 . Promoters pledged stake was 17.42% as of 30 September 2022 ,compared to 13.73% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 15.69% to Rs 1889.03 crore. Operating profit margin has declined from 29.58% to 22.13%, leading to 13.44% decline in operating profit to Rs 418.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 21.70% to 21.92%. Purchase of finished goods cost fell from 4.48% to 4.24%. Employee cost increased from 19.11% to 20.20%. Other expenses rose from 25.70% to 30.75%. Other income rose 17.60% to Rs 73.11 crore. PBIDT fell 9.90% to Rs 491.21 crore. Provision for interest fell 2.09% to Rs 1.87 crore. Loan funds rose to Rs 28.48 crore as of 30 September 2022 from Rs 26.91 crore as of 30 September 2021. Inventories declined from Rs 786.34 crore as of 30 September 2021 to Rs 748.58 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,180.43 crore as of 30 September 2022 compared to Rs 821.18 crore as of 30 September 2021. Cash and bank balance rose to Rs 333.58 crore as of 30 September 2022 from Rs 241.00 crore as of 30 September 2021. Investments declined from Rs 353.18 crore as of 30 September 2021 to Rs 306.18 crore as of 30 September 2022.
PBDT fell 9.93% to Rs 489.34 crore. Provision for depreciation rose 3.30% to Rs 64.48 crore. Fixed assets increased to Rs 1,661.81 crore as of 30 September 2022 from Rs 1,625.48 crore as of 30 September 2021. Intangible assets declined from Rs 9.79 crore to Rs 8.14 crore.
Profit before tax down 11.65% to Rs 424.86 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 93.64 crore, compared to Rs 111.18 crore. Effective tax rate was 22.04% compared to 23.12%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 10.41% to Rs 331.22 crore.
Equity capital increased from Rs 17.39 crore as of 30 September 2021 to Rs 25.71 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 70.48% as of 30 September 2022 ,compared to 70.34% as of 30 September 2021 . Promoters pledged stake was 17.42% as of 30 September 2022 ,compared to 13.73% as of 30 September 2021 .
Cash flow from operating activities increased to Rs 370.92 crore for YTD ended September 2022 from Rs 274.82 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 85.54 crore, compared to Rs 75.82 crore during the YTD ended September 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 .
Cash flow from operating activities decreased to Rs 562.05 crore for year ended March 2022 from Rs 576.31 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 148.84 crore, compared to Rs 171.61 crore during the year ended March 2021.
Other Highlights
Board
declared interim dividend of Rs 7 (350%) per equity share on the face-value of
Rs 2 per share for the Financial Year 2022-23. Board fixed 14th November 2022
as the Record date for payment of interim dividend.
In
Q2 FY23, India sales went up 27% compared to Q2 FY22. Exports sales grew 1%, Emerging
market branded generic sales grew 13%, US Generic fell 5% and Africa Institution
sales fell 50% on YoY basis.
In
H1 FY23, India sales went up 24% compared to H1 FY22. Exports sales grew 14%, Emerging
market branded generic sales grew 26%, US Generic grew 1% and Africa Institution
sales fell 8% on YoY basis.
In
Q2 FY23, USA contributed 30% of total export sales, Asia branded 41%, Africa
branded 24% and Africa institution 6%.
In
H1 FY23, USA contributed 28% of total export sales, Asia branded 38%, Africa
branded 25% and Africa institution 9%.