Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q3 FY2019 Earnings Presentation
31 slides from Ajanta Pharma's earnings presentation, Jan 30, 2019
Slide 1: Cover letter to stock exchanges
@ aianta pharma limited AJanta House, charkop, Kandivli West, T F +91 22 6606 1000 +91 22 6606 1200 info@aiantapharma.com Mumbai 400 067 E India www.ajantapharma.com 30ft January, 2019 BSE LIMITED National Stock Exchange of India, Phiroze Jeejeebhoy Towers Exchange Plaza, 5s Floor, Plot no. Dalal St
Slide 2: Investor Presentation Q3 FY 2019
Investor Presentation Q3 FY 2019 30th January 2019 30th January 2019 1 of 30
Slide 3: Content
Content 1 2 India Business Global Business 3 4 Infrastructure Financial Highlights 30th January 2019 2 of 30
Slide 4: India Business
Q3 FY 2019 31st January 2019 India Business 30th January 2019 3 of 30
Slide 5: India Branded Generics
India Branded Generics Continue to focus on 4 Therapeutic Segments 15 Divisions for 4 segments 3,000+ MRs Cardiology Ophthalmology Building efficiency Growth continues exceeding Maintaining 3rd position, industry average growing faster than industry 270+ Product Basket Dermatology Pain Management Gr
Slide 6: IPM - Ranking
IPM - Ranking Mar 2005 Dec 2017 Dec 2018 Ophthal 28 2 3 Derma 98 14 13 Cardio 38 16 17 Pain NA 42 41 Ajanta 88 32 32 Source: IMS MAT, December 2018 30th January 2019 5 of 30
Slide 7: Industry Growth
Industry Growth 30% 26% 25% 23% 20% 16% 14% 14% 15% 12% 11% 9% 10% 6% 6% 5% 0% Mar-2015 Mar-2016 Mar-2017 Mar-2018 Dec-2018 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market Source: IMS MAT, December 2018 30th January 2019 6 of 30
Slide 8: Segment Growth
Segment Growth 20% 20% 16% 16% 14% 14% 13% 11% 12% 11% 9% 9% 9% 8% 4% 0% Pharma Market Cardiology Ophthalmology Pain Mgt. Dermatology IPM Ajanta Pharma IPM = Indian Pharmaceutical Market Source: IMS MAT, December 2018 30th January 2019 7 of 30
Slide 9: India Sales
India Sales India Sales – Q3 (Rs. cr.) India Sales – 9M IMS MAT Dec. 2018 (Rs. cr.) 200 174 Pain 6% 160 Ophthalmology 30% 600 531 Cardiology 41% 481 150 9% Dermatology 23% 500 10% 400 100 300 IMS MAT Dec. 2017 50 200 Pain 6% Ophthalmology 30% Cardiology 100 41% 0 Q3 FY18 Q3 FY19 Dermatology 23% 0 9M
Slide 10: Global Business
Global Business 30th January 2019 9 of 30
Slide 11: Global Presence
Global Presence CIS USA 4 WA SEA 3 3 AFRICA 19 INDIA CIS – Commonwealth of Independent States SEA – South East Asia USA – United States of America Figures represent no. of countries we are present WA – West Asia 30th January 2019 10 of 30
Slide 12: Branded Generic Business in Emerging Markets
Branded Generic Business in Emerging Markets Africa Asia 1,000 + Product Registration 380 + 8 New Products launched 3 14 Major Markets 7 30th January 2019 11 of 30
Slide 13: USA
USA USA ANDA Approval Status as of 31st December 2018 24 4 17 ~10-12 Final Approvals Tentative Approvals Under Approval Filing Target 2 in Q3 FY 2019 0 in Q3 FY 2019 6 in Q3 FY 2019 7 in 9MFY 2019 3 in 9M FY 2019 8 in 9M FY 2019 Gaining market Continue to focus 21 Products on share in select Phased
Slide 14: Export Sales – Q3 (Consolidated)
Export Sales – Q3 (Consolidated) Regional Break-up (Rs. cr.) Total Exports Q3 FY18 Q3 FY19 (Rs. cr.) 161 180 150 121 500 120 415 94 86 90 64 71 66 400 1% 50 304 60 300 30 (47%) (25%) (7%) 3 (26%) 3 0 200 Africa Branded Asia USA Africa Institution Others (27%) 100 Sales Q3 FY19 Sales Q3 FY18 0 Others
Slide 15: Total Consolidated Sales – Q3
Total Consolidated Sales – Q3 Regional Break-up (Rs. cr.) 575 600 478 Rs. cr. 500 415 Q3 Q3 Grth FY 2018 FY 2019 400 304 35% India 160 174 9% 300 9% 174 (17%) 200 160 Exports 415 304 (27%) 9% (27%) 100 Total Revenue 575 478 (17%) 0 India Exports Total Revenue Q3 FY18 Q3 FY19 30th January 2019 14 of
Slide 16: Export Sales – 9M (Consolidated)
Export Sales – 9M (Consolidated) Regional Break-up (Rs. cr.) Total Exports 9M FY18 9M FY19 (Rs. cr.) 385 361 400 321 300 246 232 1,200 1,086 981 207 7% 1,000 200 152 149 23% 36% 800 100 (6%) (53%) 6 7 600 0 Africa Branded Asia USA Africa Institution Others 400 (10%) 200 Sales 9M FY19 Sales 9M FY18 0
Slide 17: Total Consolidated Sales – 9M
Total Consolidated Sales – 9M Regional Break-up (Rs. cr.) 1,750 1,567 1,512 Rs. cr. 1,500 9M 9M Grth 1,250 1,086 981 FY 2018 FY 2019 1,000 35% India 481 531 10% (4%) 9% 750 531 481 Exports 1,086 981 (10%) 500 10% (10%) 250 Total Revenue 1,567 1,512 (4%) 0 India Exports Total Revenue 9M FY18 9M FY19
Slide 18: Infrastructure
Infrastructure 30th January 2019 17 of 30
Slide 19: Enabling Infrastructure
Enabling Infrastructure Formulation Manufacturing 3 facilities in Aurangabad, Maharashtra 1 facility at Dahej, Gujarat 1 facility at Guwahati, Assam New facility coming up at Pithampur, Madhya Pradesh One facility at Mauritius API Manufacturing One Facility at Waluj, Aurangabad, Maharash
Slide 20: R&D Thrust
R&D Thrust R&D Spend (Excluding Capex) 9% Revenue Expenses 200 8% 186 153 Q3 FY 2019 9M FY 2019 150 6% 5% 106 100 4% Rs. 45 cr. (9%) Rs. 136 cr. (9%) 70 50 50 Q3 FY 2018 9M FY 2018 - Rs. 43 cr. (7%) Rs. 140 cr. (9%) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 30th January 2019 19 of 30
Slide 21: Financial Highlights
Financial Highlights 30th January 2019 20 of 30
Slide 22: P&L Synopsis – Q3 FY 2019 (Consolidated)
P&L Synopsis – Q3 FY 2019 (Consolidated) Q3 Q3 % Rs. cr. % % FY 2019 FY 2018 Growth Exports 304 63% 415 71% (27%) Domestic 174 36% 160 27% 9% Other Op. Income 7 1% 12 2% (39%) Income from Operations 485 587 (17%) EBITDA 107 22% 198 34% (46%) PBT 93 19% 198 34% (53%) PAT 67 14% 147 25% (55%) Total Co
Slide 23: Detailed P&L – Q3 FY 2019 (Consolidated)
Detailed P&L – Q3 FY 2019 (Consolidated) Rs. cr. Q3 FY 2019 Q3 FY 2018 Income from Operations 485 587 Other Income 5 1% 15 2% Total Income 490 602 Materials consumed 98 20% 110 18% Employee Benefit 113 23% 95 16% Finance Cost 0 0% 0 0% Depreciation 19 4% 15 2% Other Expenses 167 34% 184 31% Total ex
Slide 24: P&L Synopsis – 9M FY 2019 (Consolidated)
P&L Synopsis – 9M FY 2019 (Consolidated) 9M 9M % Rs. cr. % % FY 2019 FY 2018 Growth Exports 981 64% 1,086 68% (10%) Domestic 531 34% 481 30% 10% Other Op. Income 28 2% 33 2% (15%) Income from Operations 1,540 1,601 (4%) EBITDA 439 29% 509 32% (14%) PBT 405 26% 495 31% (18%) PAT 298 19% 374 23% (20%)
Slide 25: Detailed P&L – 9M FY 2019 (Consolidated)
Detailed P&L – 9M FY 2019 (Consolidated) Rs. cr. 9M FY 2019 9M FY 2018 Income from Operations 1,540 1,601 Other Income 20 1% 20 1% Total Income 1,560 1,621 Materials consumed 278 18% 313 19% Employee Benefit 323 21% 271 17% Finance Cost 0 0% 0 0% Depreciation 53 3% 43 3% Other Expenses 501 32% 499 3
Slide 26: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Consolidated Total Income (Rs. cr.) 2,500 15% CAGR PAT (Rs. cr.) & PAT Margin (%) 2,155 2,026 1,771 2,000 19% 21% 24% 25% 22% 1,502 600 19% CAGR 507 1,500 1,230 469 500 416 1,000 400 310 234 300 500 200 0 100 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 30th
Slide 27: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) EBITDA Margin Net Margin (%) (%) 24% 25% 34% 34% 35% 22% 31% 31% 25% 21% 35% 19% 30% 20% 25% 15% 20% 15% 10% 10% 5% 5% 0% 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 RONW ROCE (%) (%) 47% 50% 43% 45% 44% 50% 40% 50% 41% 37% 40% 40% 30% 26% 30% 30% 20% 20%
Slide 28: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) EPS Dividend per share (Rs.) (Rs.) (FV Rs. 2/-) 58 53 13 60 14 47 50 12 35 10 8 40 27 8 6 30 6 4 20 4 10 2 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Dividend Payout Book Value per share (%) (Rs.) 232 250 30% 25% 178 200 18% 19% 18% 135 20% 150 96 100
Slide 29: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Total Debt / Equity Receivable Days (Ratio.) (Nos.) 0.22 87 0.25 100 79 0.20 80 63 65 61 0.15 60 0.09 0.07 0.10 40 0.05 20 0.00 0.00 0.00 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Inventory Days Payable Days (Nos.) (Nos.) 62 123 70 140 60 48 120 99 43 94
Slide 30: Thank You
For updates and company information please visit our website: www.ajantapharma.com For specific queries, contact: Rajeev Agarwal - 022-66061377 Thank You rajeev.agarwal@ajantapharma.com Abhineet Kumar – 022-66061814 abhineet.kumar@ajantapharma.com Ajanta Pharma Limited Ajanta House, Charkop, Kandivl
Slide 31: Disclaimer
Disclaimer This presentation may include certain ‘forward looking statements’, based on current expectations, forecasts and assumptions within the meaning of applicable laws and regulations. They are subject to risks and uncertainties which could cause actual outcomes and results to differ materiall