Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q4 FY2013 Earnings Presentation
29 slides from Ajanta Pharma's earnings presentation, Apr 30, 2013
Slide 1: Ajanta Pharma - Investors Update
Ajanta Pharma - Investors Update April 30, 2013 V03 1
Slide 2: Ajanta – The Global Player
Ajanta – The Global Player Ajanta has presence in following markets India Emerging Markets Specialty segments Africa, Asia & Latin America Regulated Markets USA April 30, 2013 V03 2
Slide 3: India Business Review
India Business Review April 30, 2013 V03 3
Slide 4: India Business – Robust Growth
India Business – Robust Growth Branded Formulations • Revenue `291crs • 45th in India • Reaching 3lac+ • Identifying gaps • Growth 29% • 5 rank up doctors • Innovating • 2200+ field force solutions • Robust distribution • 19 new products Thrust continues on • Rich pipeline of system launched • Cardi
Slide 5: India Business Analysis
India Business Analysis Domestic Break-up FY'13 Healthy Numbers Others, 8% Ophthal, 22% Growth Segment Rank Inst., % (FY 13) 18% Ophthalmology 21% 5 Dermatology 31% 15 Cardiology 34% 28 Cardio, Derma, Ajanta Pharma 29% 45 25% 27% April 30, 2013 V03 5
Slide 6: Emerging Market Business
Emerging Market Business Branded Generics Innovative Brand portfolio as Africa, Asia & Latin America per individual country’s need Enjoying Brand Leadership in 1500+ Brand registrations many markets across countries Expertise in product 1200+ Brands under approval registrations by providing high for
Slide 7: Regulated Market Business - USA
Regulated Market Business - USA 14 Total ANDAs 5 2 12 Filed in FY13 Approved Under Approval FY14 & 1 FY15 Launched (`2.44Crs) Approvals New 5-6 Team Every year At US Office April 30, 2013 V03 7
Slide 8: Regulated Market Business – EU Countries
Regulated Market Business – EU Countries Received approval for Sildenafil Tablets from 11 EU countries 3 other EU countries approval awaited Manufacturing facility already approved Looking for marketing tie-up April 30, 2013 V03 8
Slide 9: Infrastructure
Infrastructure April 30, 2013 V03 9
Slide 10: Ajanta’s Infrastructure
Ajanta’s Infrastructure Formulation Manufacturing 3 Facilities in Aurangabad (1 USFDA, UKMHRA, WHO Pre-Q, approved) 1 Facility at Mauritius 2 more coming up in Gujarat (Investment Rs.400Crs) API Manufacturing 1 Facility in Aurangabad (Captive pilot plant ) Research & Development – Kandivli,
Slide 11: Projects in Progress
Projects in Progress • Dahej work in full swing • 40% civil work completed • Project on schedule • Approvals awaited for Savli • To commence work next month • Spent `40Crs in FY’13 • `250Crs in FY’14, bal. in FY’15 • Normal capex `49Crs in FY’13 • `50Crs in FY14 Paithan Plant Re-approved by US FDA A
Slide 12: Financial Performance Review
Financial Performance Review April 30, 2013 V03 12
Slide 13: Quarterly Performance – Q4
Quarterly Performance – Q4 ` Crs. Q4 FY13 Q4 FY12 % Revenue 249 176 42% EBITDA 68 38 59% PBT 60 31 93% PAT 27 24 15% April 30, 2013 V03 13
Slide 14: Stand Alone Analysis – Q4
Stand Alone Analysis – Q4 ` Crs. Q413 Q412 42% Income from Operations 249.44 176.10 Materials consumed 89.36 36% 65.19 37% Employee benefits exp 34.52 14% 24.89 14% Finance costs 5.35 2% 4.06 2% Other expenditure 57.15 23% 44.94 26% Dep & amortisation 8.98 4% 8.24 5% Total expenses 195.36 147.32 88%
Slide 15: Stand Alone Performance – FY 2012-13
Stand Alone Performance – FY 2012-13 (`Crs.) 2012-13 2011-12 Growth % Revenue 839 604 39% EBITDA 207 123 68% PBT 163 80 105% PAT 101 66 52% Exports – 64%, Domestic – 36% April 30, 2013 V03 15
Slide 16: Stand Alone Analysis – FY 2012-13
Stand Alone Analysis – FY 2012-13 ` Crs. FY13 FY12 39% Income from Operations 839.20 604.27 Materials consumed 300.03 36% 217.76 36% Employee benefits exp 115.40 14% 87.17 14% Finance costs 18.48 2% 14.01 2% Other expenditure 216.51 26% 176.1 29% Dep & amortisation 32.70 4% 30.68 5% Total expenses 6
Slide 17: Cost Components
Cost Components PAT, 12% Material Cost, 36% Other cost, 26% PAT, 11% FY 2012-13 Material Cost, 36% Other cost, 29% FY 2011-12 Tax, 7% Staff Cost, 13% Int, 2% Dep., 4% R&D spend FY’13 –`37Crs Tax, 2% Staff Cost, Int, 2% Dep., 5% 15% April 30, 2013 V03 17
Slide 18: Appropriation
Appropriation ` Crs Statement of Profit Appropriation FY13 FY12 Balance at beginning of the year 5.92 9.64 Profit for the year 101.10 66.49 Total available 107.02 76.13 Appropriations -Proposed Dividend 14.65 14% 8.78 13% -Dividend Distribution Tax 2.49 2% 1.42 2% -Transfer to General Reserve 80.00
Slide 19: Stand Alone Balance Sheet
Stand Alone Balance Sheet ` Crs. Statement of Assets & Liabilities FY13 FY12 EQUITY AND LIABILITIES Shareholders' funds Share Capital 11.80 11.80 Reserves and Surplus 344.49 260.04 356.29 53% 271.84 44% Non-current liabilities Long-term borrowings 72.20 75.36 Deferred tax liabilities (net) 23.65 17.
Slide 20: Stand Alone Balance Sheet
Stand Alone Balance Sheet ` Crs. Statement of Assets & Liabilities FY13 FY12 ASSETS Non- current assets Fixed assets 275.22 239.08 Non-current investments 18.86 17.05 Long-term loans and advances 48.41 50.56 Other non-current assets 7.09 1.28 Sub-total - Non-current assets 349.58 52% 307.97 20% Curr
Slide 21: Consolidated Performance – FY 2012-13
Consolidated Performance – FY 2012-13 (` Crs.) Revenue from EBITDA Operations FY 2012-13 FY 2011-12 Growth FY 2012-13 FY 2011-12 Growth 930 677 37% 224 137 64% Profit Before Tax Profit After Tax FY 2012-13 FY 2011-12 Growth FY 2012-13 FY 2011-12 Growth 177 91 95% 112 77 45% April 30, 2013 V03 21
Slide 22: Consolidated P&L
Consolidated P&L ` Crores Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 TOTAL INCOME 352 410 508 684 939 Materials 127 140 173 230 303 Personnel 43 48 64 94 123 R&D Exp. 16 20 25 37 37 Other Exp 99 123 148 175 246 Sub Total 284 331 409 537 709 EBITDA 68 80 99 147 230 EBIT 53 59 74 115 196 Interest 24 20 18 24
Slide 23: Consolidated Balance Sheet
Consolidated Balance Sheet ` Crores Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Equity share capital 12 12 12 12 12 Reserves & surplus 145 173 217 286 382 Loans 250 228 191 200 124 Total 407 413 419 498 518 Fixed assets 193 215 231 249 285 Investments 8 8 8 8 8 Net current assets 205 189 180 241 225 Total 40
Slide 24: Per Share Statistics
Per Share Statistics ` Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 EPS 11 14 21 33 48 Cash EPS 17 23 32 46 62 EBITDA per share 29 34 42 62 98 Book value per share 67 78 97 126 167 Dividend/share Rs. (FV –`5/-) 1.25 1.75 2.50 3.75 6.25 April 30, 2013 V03 24
Slide 25: Profitability Ratio
Profitability Ratio Particulars Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 EBITDA margin 19% 19% 20% 22% 24% PAT margin 7% 8% 10% 11% 12% RONW 16% 18% 22% 26% 28% ROCE 13% 14% 18% 23% 38% Dividend payout 13% 14% 13% 13% 15% April 30, 2013 V03 25
Slide 26: Stand Alone Performance – 10 yrs
Stand Alone Performance – 10 yrs 24% 41% CAGR CAGR Total Income & Profit After Tax Income (` Crs.) PAT 1000 120 839 100 800 101 80 604 600 459 66 60 400 382 319 285 46 40 239 206 200 175 29 20 118 7 21 5 18 14 10 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Income Profit After Tax Apr
Slide 27: Consolidated Performance – 10 yrs
Consolidated Performance – 10 yrs 23% 53% CAGR Total Income & Profit After Tax CAGR Income (` Crs.) PAT 1000 120 930 112 100 800 677 80 600 77 499 60 409 400 349 309 51 40 230 238 199 34 200 145 25 20 10 22 2 15 12 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Income Profit After Tax A
Slide 28: To Summarise……
To Summarise…… o Outstanding performance both in India & Emerging Mkts o Investments made in past bearing fruits Outstanding o Gaining market share, growth above industry average Performance o Productivity of Domestic field force improved o Exports business has also shown better efficiencies o Worki
Slide 29: Thank You
Thank You SAFE HARBOUR STATEMENT This presentation may include certain “forward looking statements” , based on current expectations, within the meaning of applicable laws and regulations. Actual results may differ and the company does not guarantee realization of these statements. The Company also d