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EQUITY - MARKET SCREENER

Ajanta Pharma
01-Feb-23   17:14 Hrs IST
Forthe quarter ending Dec 2022, consolidated Net sales (including other operating income) of Ajanta Pharma has increased 15.98% to Rs 971.77 crore compared to quarter ended Dec 2021.   Operating profit margin has declined from 28.59% to 17.45%, leading to 29.23% decline in operating profit to Rs 169.55 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 22.92% to 24.90%.   Purchase of finished goods cost rose from 3.11% to 4.01%.   Employee cost increased from 18.49% to 19.47%.   Other expenses rose from 28.17% to 34.46%.   

Other income rose 45.36% to Rs 34.93 crore.  PBIDT fell 22.43% to Rs 204.48 crore.  Provision for interest rose 198.95% to Rs 2.84 crore.  

PBDT fell 23.23% to Rs 201.64 crore.  Provision for depreciation rose 4.98% to Rs 33.3 crore.  

Profit before tax down 27.11% to Rs 168.34 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 33.83 crore, compared to Rs 39.16 crore.  Effective tax rate was 20.10% compared to 16.96%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 29.86% to Rs 134.51 crore.  

Promoters' stake was 66.11% as of 31 December 2022 ,compared to 70.34% as of 31 December 2021 .  Promoters pledged stake was 19.87% as of 31 December 2022 ,compared to 15.37% as of 31 December 2021 .  

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

Net sales (including other operating income) of Ajanta Pharma has increased 15.79% to Rs 2860.8 crore.  Operating profit margin has declined from 29.25% to 20.54%, leading to 18.68% decline in operating profit to Rs 587.65 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 22.12% to 22.97%.   Purchase of finished goods cost rose from 4.01% to 4.16%.   Employee cost increased from 18.89% to 19.95%.   Other expenses rose from 26.55% to 32.05%.   

Other income rose 25.34% to Rs 108.04 crore.  PBIDT fell 13.99% to Rs 695.69 crore.  Provision for interest rose 64.69% to Rs 4.71 crore.  

PBDT fell 14.27% to Rs 690.98 crore.  Provision for depreciation rose 3.87% to Rs 97.78 crore.  

Profit before tax down 16.66% to Rs 593.20 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 127.47 crore, compared to Rs 150.34 crore.  Effective tax rate was 21.49% compared to 21.12%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 17.05% to Rs 465.73 crore.  

Promoters' stake was 66.11% as of 31 December 2022 ,compared to 70.34% as of 31 December 2021 .  Promoters pledged stake was 19.87% as of 31 December 2022 ,compared to 15.37% as of 31 December 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

In Q3 FY23, India sales went up 13% compared to Q3 FY22. Asia sales grew 17%, US Generic up 61% and Africa Institution sales fell 5% on YoY basis.

In 9M FY23, India sales went up 20% compared to 9M FY22. Asia sales grew 31%, US Generic grew 19% and Africa Institution sales down 10% on YoY basis.

In 9M FY23, R&D expenses was Rs 174 crore representing 6% of revenue.

In 9M FY23, USA contributed 22% of total sales, India 31%, Asia 26%, Africa 16% and Africa institution 5%.



Ajanta Pharma : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202212202112Var.(%)202212202112Var.(%)202203202103Var.(%)
Net Sales (including other operating income)971.77837.9115.982,860.802,470.7015.793,340.992,889.6915.62
OPM (%)17.4528.59-1,115 bps20.5429.25-871 bps27.8234.56-674 bps
OP169.55239.58-29.23587.65722.61-18.68929.30998.56-6.94
Other Inc.34.9324.0345.36108.0486.2025.34115.6825.98345.27
PBIDT204.48263.61-22.43695.69808.81-13.991,044.981,024.542.00
Interest2.840.95198.954.712.8664.6910.208.2723.34
PBDT201.64262.66-23.23690.98805.95-14.271,034.781,016.271.82
Depreciation33.331.724.9897.7894.143.87125.3116.097.93
PBT168.34230.94-27.11593.2711.81-16.66909.48900.181.03
Share of Profit/(Loss) from Associates00-00-00-
PBT before EO168.34230.94-27.11593.2711.81-16.66909.48900.181.03
EO Income00-00-00-
PBT after EO168.34230.94-27.11593.2711.81-16.66909.48900.181.03
Taxation33.8339.16-13.61127.47150.34-15.21196.8246.31-20.10
PAT134.51191.78-29.86465.73561.47-17.05712.68653.878.99
Minority Interest (MI)00-00-00-
Net profit134.51191.78-29.86465.73561.47-17.05712.68653.878.99
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations134.51191.78-29.86465.73561.47-17.05712.68653.878.99
EPS (Rs)*10.5014.97-29.8636.3543.82-17.0555.6251.038.99
* EPS is on current equity of Rs 25.63 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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