For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Ajanta Pharma has increased 13.73% to Rs 1105.15 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 17.45% to 28.42%, leading to 85.24% rise in operating profit to Rs 314.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.90% to 21.94%. Purchase of finished goods cost fell from 4.01% to 3.61%. Employee cost increased from 19.47% to 21.24%. Other expenses fell from 34.46% to 24.38%. Other income fell 61.09% to Rs 13.59 crore. PBIDT rose 60.24% to Rs 327.66 crore. Provision for interest fell 12.32% to Rs 2.49 crore.
PBDT rose 61.26% to Rs 325.17 crore. Provision for depreciation rose 2.88% to Rs 34.26 crore.
Profit before tax grew 72.81% to Rs 290.91 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 80.88 crore, compared to Rs 33.83 crore. Effective tax rate was 27.80% compared to 20.10%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 56.14% to Rs 210.03 crore. Promoters’ stake was 66.21% as of 31 December 2023 ,compared to 66.11% as of 31 December 2022 . Promoters pledged stake was 12.33% as of 31 December 2023 ,compared to 19.87% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ajanta Pharma has increased 10.27% to Rs 3154.63 crore. Operating profit margin has jumped from 20.54% to 27.77%, leading to 49.08% rise in operating profit to Rs 876.05 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.97% to 21.54%. Purchase of finished goods cost fell from 4.16% to 3.99%. Employee cost increased from 19.95% to 21.11%. Other expenses fell from 32.05% to 25.63%. Other income fell 38.29% to Rs 66.67 crore. PBIDT rose 35.51% to Rs 942.72 crore. Provision for interest rose 20.59% to Rs 5.68 crore.
PBDT rose 35.61% to Rs 937.04 crore. Provision for depreciation rose 3.45% to Rs 101.15 crore.
Profit before tax grew 40.91% to Rs 835.89 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 222.44 crore, compared to Rs 127.47 crore. Effective tax rate was 26.61% compared to 21.49%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 31.72% to Rs 613.45 crore.
Promoters’ stake was 66.21% as of 31 December 2023 ,compared to 66.11% as of 31 December 2022 . Promoters pledged stake was 12.33% as of 31 December 2023 ,compared to 19.87% as of 31 December 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 2nd interim dividend of Rs 26 each of face value of Rs 2 each for the
year FY24.
In
Q3 FY24, India sales went up 5% compared to Q3 FY23. Asia sales up 28%, US
Generic down 5%, Africa sales up 7% and Africa Institution sales up 179% on YoY
basis.
In
9M FY24, India sales went up 11% compared to 9M FY23. Asia sales up 8%, US
Generic up 11%, Africa sales up 3% and Africa Institution sales up 33% on YoY
basis.
In
Q3 FY24, R&D expenses were Rs 52 crore, representing 5% of revenue.
In
9M FY24, USA contributed 23% to total sales, India 31%, Asia 25%, Africa 15%
and Africa institution 6%.