Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q4 FY2019 Earnings Presentation
33 slides from Ajanta Pharma's earnings presentation, Apr 30, 2019
Slide 1: Cover letter to stock exchanges
@ ainntn pharmnlimited Ajanta House, Charkop, Kandivli West, T F +9L22 6606 1000 +9t22 6606 1200 Mumbai400 067 E info@aja ntapharma.com lndia W www.ajantapharma.com 30ft April2019 BSE LIMITED National Stock Exchange of India, Phiroze Jeejeebhoy Towers Exchange Plaza,5tr Floor, Plot no. Dalal Street,
Slide 2: Investor Presentation Q4 FY 2019
Investor Presentation Q4 FY 2019 30th April 2019
Slide 3: Content
Content 1 India Business 2 Global Business 3 Infrastructure 4 Financial Highlights 30th April 2019 2 of 65
Slide 4: India Business
India Business 30th April 2019 3 of 65
Slide 5: India Branded Generics
India Branded Generics 15 Divisions 3,000+ MRs 270+ 1st to Market for 4 segments Building efficiency Product Basket Products Continue to focus on 4 Therapeutic Segments Cardiology Ophthalmology Dermatology Pain Management Growth continues Maintaining 3rd Growth exceeds Growth momentum exceeding indu
Slide 6: IPM - Ranking
IPM - Ranking Mar 2005 Mar 2018 Mar 2019 Ophthal 28 3 3 Derma 98 14 13 Cardio 38 16 15 Pain NA 43 41 Ajanta 88 32 31 Source: IMS MAT, March 2019 30th April 2019 5 of 65
Slide 7: Industry Growth
Industry Growth 30% 26% 25% 23% 20% 16% 16% 14% 15% 12% 11% 9% 10% 6% 6% 5% 0% Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market Source: IMS MAT, March 2019 30th April 2019 6 of 65
Slide 8: Segment Growth
Segment Growth 24% 22% 20% 18% 16% 16% 14% 13% 13% 11% 12% 12% 9% 9% 8% 4% 0% Pharma Market Cardiology Ophthalmology Pain Mgt. Dermatology IPM Ajanta Pharma IPM = Indian Pharmaceutical Market Source: IMS MAT, March 2019 30th April 2019 7 of 65
Slide 9: India Sales
India Sales IMS MAT March 2019 India Sales – Q4 30% Ophthalmology India Sales – FY (Rs. cr.) 41% (Rs. cr.) Dermatology 690 Pain Management 200 700 629 Cardiology 159 23% 148 6% 600 150 10% 500 8% 400 100 IMS MAT March 2018 300 30% 200 50 Ophthalmology 41% Dermatology 100 0 Pain Management 0 Q4 FY18
Slide 10: Global Business
Global Business 30th April 2019 9 of 65
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 April 2019 10 of 65
Slide 12: Branded Generic Business in Emerging Markets
Branded Generic Business in Emerging Markets Africa Asia 1,000 + Product Registration 340 + New Products launched in 27 FY 2019 8 14 Major Markets 7 30th April 2019 11 of 65
Slide 13: USA
USA 27 2 21 ~10-12 Final Approvals Tentative Approvals Under Approval Filing Target 3 in Q4 FY 2019 0 in Q4 FY 2019 5 in Q4 FY 2019 10 in FY 2019 2 in FY 2019 13 in FY 2019 Continue to gain Better execution 25 Products on for customer market share in shelf delight select products 30th April 2019 12
Slide 14: Export Sales – Q4 (Consolidated)
Export Sales – Q4 (Consolidated) Regional Break-up (Rs. cr.) Q4 FY18 Q4 FY19 143 Total Exports 150 132 (Rs. cr.) 109 120 90 75 76 400 348 9% 63 343 60 46 40% 42 79% 300 30 (26%) 3 (31%) 2 0 200 Africa Branded Asia USA Africa Institution Others 100 (1%) Sales Q4 FY19 Sales Q4 FY18 USA 0 USA 12% Other
Slide 15: Total Consolidated Sales – Q4
Total Consolidated Sales – Q4 Regional Break-up (Rs. cr.) 600 496 502 Rs. cr. 500 Q4 Q4 Grth 348 343 FY 2018 FY 2019 400 1% 35% India 148 159 8% 300 9% 200 148 159 Exports 348 343 (1%) 8% (1%) 100 Total Revenue 496 501 1% 0 India Exports Total Revenue Q4 FY18 Q4 FY19 30th April 2019 14 of 65
Slide 16: Export Sales – FY (Consolidated)
Export Sales – FY (Consolidated) Regional Break-up (Rs. cr.) FY18 FY19 Total Exports 600 529 (Rs. cr.) 493 500 384 355 400 307 1,600 1,434 283 7% 1,324 300 1,400 194 196 27% 46% 200 1,200 (14%) 100 (49%) 1,000 8 10 0 800 Africa Branded Asia USA Africa Institution Others 600 400 (8%) Sales FY19 Sales
Slide 17: Total Consolidated Sales – FY
Total Consolidated Sales – FY Regional Break-up (Rs. cr.) 2,250 2,063 2,014 2,000 Rs. cr. 1,750 1,434 1,324 FY 2018 FY 2019 Grth 1,500 35% 1,250 India 629 690 10% (2%) 1,000 9% 690 629 750 Exports 1,434 1,324 (8%) 10% (8%) 500 250 Total Revenue 2,063 2,014 (2%) 0 India Exports Total Revenue FY18 FY1
Slide 18: Infrastructure
Infrastructure 30th April 2019 17 of 65
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) 5% 6% 8% 9% 9% Q4 FY 2019 FY 2019 185 176 153 Rs. 40 cr. (8%) Rs. 176 cr. (9%) 106 70 Q4 FY 2018 FY 2018 Rs. 50 cr. (9%) Rs. 185 cr. (9%) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 30th April 2019 19 of 65
Slide 21: Financial Highlights
Financial Highlights 30th April 2019 20 of 65
Slide 22: P&L Synopsis – Q4 FY 2019 (Consolidated)
P&L Synopsis – Q4 FY 2019 (Consolidated) Q4 Q4 % Rs. cr. % % FY 2019 FY 2018 Growth Exports 343 67% 348 66% (1%) Domestic 159 31% 148 28% 8% Other Op. Income 13 2% 34 6% (62%) Income from Operations 515 530 (3%) EBITDA 127 25% 140 26% (9%) PBT 109 21% 128 24% (15%) PAT 89 17% 94 18% (6%) Total Compr
Slide 23: Detailed P&L – Q4 FY 2019 (Consolidated)
Detailed P&L – Q4 FY 2019 (Consolidated) Rs. cr. Q4 FY 2019 Q4 FY 2018 Income from Operations 515 530 Other Income 2 0% 5 1% Total Income 517 536 Materials consumed 106 20% 94 18% Employee Benefit 107 21% 105 20% Finance Cost 1 0% 0 0% Depreciation 19 4% 17 3% Other Expenses 175 34% 192 36% Total ex
Slide 24: P&L Synopsis – FY 2019 (Consolidated)
P&L Synopsis – FY 2019 (Consolidated) % Rs. cr. FY 2019 % FY 2018 % Growth Exports 1,324 64% 1,434 67% (8%) Domestic 690 34% 629 30% 10% Other Op. Income 41 2% 68 3% (40%) Income from Operations 2,055 2,131 (4%) EBITDA 566 28% 648 30% (13%) PBT 514 25% 623 29% (17%) PAT 387 19% 469 22% (17%) Total C
Slide 25: Detailed P&L – FY 2019 (Consolidated)
Detailed P&L – FY 2019 (Consolidated) Rs. cr. FY 2019 FY 2018 Income from Operations 2,055 2,131 Other Income 21 1% 24 1% Total Income 2,076 2,155 Materials consumed 383 19% 406 19% Employee Benefit 431 21% 376 18% Finance Cost 1 0% 0 0% Depreciation 72 4% 60 3% Other Expenses 675 33% 690 32% Total
Slide 26: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Rs. cr. Statement of Assets & Liabilities FY 2019 FY 2018 ASSETS Non-Current Assets Property, Plant and Equipment 1,172 1,045 Capital Work-in-Progress 261 61 Other Intangible Assets 7 7 Financial Assets Non-current Investments 13 8 Other non-current financial assets 11 1
Slide 27: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Rs. cr. Statement of Assets & Liabilities FY 2019 FY 2018 EQUITY AND LIABILITIES Equity Equity Share Capital 18 18 Other Equity 2,227 2,024 Sub Total – Shareholders’ Funds 2,245 84% 2,041 83% Non-current Liabilities Financial Liabilities Borrowings 1 1 Other Financial Li
Slide 28: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Consolidated Total Income (Rs. cr.) 2,500 PAT (Rs. cr.) & PAT Margin (%) 2,155 2,026 2,076 21% 24% 25% 22% 19% 2,000 1,771 1,502 600 507 1,500 469 500 416 387 1,000 400 310 300 500 200 0 100 2015 2016 2017 2018 2019 0 2015 2016 2017 2018 2019 30th April 2019 27 of
Slide 29: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) EBITDA Margin Net Margin (%) (%) 25% 34% 35% 24% 34% 25% 21% 22% 35% 31% 28% 19% 30% 20% 25% 15% 20% 15% 10% 10% 5% 5% 0% 0% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 RONW ROCE (%) (%) 50% 43% 44% 50% 50% 41% 40% 37% 40% 40% 30% 26% 30% 30% 23% 18% 20% 20%
Slide 30: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) EPS Dividend per share (Rs.) (Rs.) (FV Rs. 2/-) 58 13 60 53 14 47 44 50 12 9 35 8 10 40 8 6 30 6 20 4 10 2 0 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Dividend Payout Book Value per share (%) (Rs.) 300 255 30% 25% 232 21% 250 19% 178 18% 200 20% 135 150
Slide 31: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Total Debt / Equity Receivable Days (Ratio.) (Nos.) 0.09 0.10 100 83 79 81 0.07 65 0.08 80 61 0.06 60 0.04 40 0.02 0.02 0.00 20 0.00 0.00 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Inventory Days Payable Days (Nos.) (Nos.) 79 80 140 123 62 70 120 98 94 60
Slide 32: 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 33: 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