For
the quarter ending Sept 2023, consolidated Net sales (including other operating income) of Ajanta Pharma has increased 9.63% to Rs 1028.44 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 20.93% to 28.26%, leading to 48.04% rise in operating profit to Rs 290.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.22% to 21.44%. Purchase of finished goods cost rose from 4.42% to 4.51%. Employee cost increased from 20.13% to 21.31%. Other expenses fell from 32.00% to 24.87%. Other income fell 47.14% to Rs 21.33 crore. PBIDT rose 31.81% to Rs 311.99 crore. Provision for interest rose 136.36% to Rs 2.34 crore.
PBDT rose 31.37% to Rs 309.65 crore. Provision for depreciation rose 3.09% to Rs 33.71 crore.
Profit before tax grew 35.93% to Rs 275.94 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 80.64 crore, compared to Rs 46.4 crore. Effective tax rate was 29.22% compared to 22.86%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.71% to Rs 195.30 crore. Promoters’ stake was 66.21% as of 30 September 2023 ,compared to 70.48% as of 30 September 2022 . Promoters pledged stake was 12.43% as of 30 September 2023 ,compared to 17.42% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 8.49% to Rs 2049.48 crore. Operating profit margin has jumped from 22.13% to 27.42%, leading to 34.41% rise in operating profit to Rs 561.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.92% to 21.33%. Purchase of finished goods cost fell from 4.24% to 4.19%. Employee cost increased from 20.20% to 21.04%. Other expenses fell from 30.75% to 26.29%. Other income fell 27.40% to Rs 53.08 crore. PBIDT rose 25.21% to Rs 615.06 crore. Provision for interest rose 70.59% to Rs 3.19 crore.
PBDT rose 25.04% to Rs 611.87 crore. Provision for depreciation rose 3.74% to Rs 66.89 crore.
Profit before tax grew 28.27% to Rs 544.98 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 141.56 crore, compared to Rs 93.64 crore. Effective tax rate was 25.98% compared to 22.04%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 21.80% to Rs 403.42 crore.
Promoters’ stake was 66.21% as of 30 September 2023 ,compared to 70.48% as of 30 September 2022 . Promoters pledged stake was 12.43% as of 30 September 2023 ,compared to 17.42% as of 30 September 2022 .
Cash flow from operating activities increased to Rs 399.03 crore for YTD ended September 2023 from Rs 370.92 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 61.15 crore, compared to Rs 85.54 crore during the YTD ended September 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
In
Q2 FY24, India sales went up 13% compared to Q2 FY23. Asia sales down 8%, US
Generic up 28%, Africa sales up 8% and Africa Institution sales up 14% on YoY
basis.
In
H1 FY24, India sales went up 14% compared to H1 FY23. Asia sales down 2%, US
Generic up 24%, Africa sales up 1% and Africa Institution sales down 7% on YoY
basis.
In
Q2 FY24, R&D expenses were Rs 50 crore, representing 5% of revenue.
In
H1 FY24, USA contributed 22% to total sales, India 33%, Asia 24%, Africa 16%
and Africa institution 5%.