Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q4 FY2025 Earnings Presentation
45 slides from Ajanta Pharma's earnings presentation, Apr 30, 2025
Slide 1: Investor Presentation Q4 FY 2025
Investor Presentation Q4 FY 2025 30th April 2025 Pithampur Manufacturing Plant
Slide 2: Important Disclosure
Important Disclosure Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would’, 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'in
Slide 3: Contents
Contents 01 02 03 04 Ajanta at a Glance Branded Generic US Generic Africa Institution Growing Sustainably. Scaling India, Asia, Africa – Diversified Selective play & Subdued performance, Responsibly. markets enables growth normalized price erosion as expected 05 06 07 08 R&D & Mfg. Financials Strate
Slide 4: Ajanta at a Glance
01 Ajanta at a Glance Growing Sustainably. Scaling Responsibly. 30th April 2025 4
Slide 5: We are present in 30 countries globally
We are present in 30 countries globally Generics Branded Generics Africa India Rest of Asia USA 20 countries 10 countries 30th April 2025 5 5
Slide 6: 74% of our business comes from Branded Generics
74% of our business comes from Branded Generics 50% of our products are c s 1st to Market er i US randed Gen Generics 23% India Africa Instn. FY 2025 Sales 32% 500+ 3% Rs. 4,588 cr. Brands across Africa Different Therapeutic Segments 16% %B Asia 26% 74 5,400+ Medical Representatives Promoting Produc
Slide 7: Our Branded Generics business comes from 3 regions
Our Branded Generics business comes from 3 regions Presence in 3 Regions (India, Africa & Asia) Focus on Chronic Therapies (Cardiac, Diabetics, Ophthal, Derma, Pain, Gyanae) We hold Leadership In Molecules & Sub-Therapeutic Segments 30th April 2025 7
Slide 8: Our Business is well diversified & gives us an edge
Our Business is well diversified & gives us an edge Branded Generics Other Business India Asia Africa Institutional Africa US Generics 6 8 8 Anti Malaria 52 Active ANDAs T Segments T Segments T Segments T Segment (excld. 2 Tentative) ~50% Leadership Leading 1st 22 In Sub therapeutic Generic prequali
Slide 9: Branded Generic - India
02 Branded Generic - India Growth Continues 30th April 2025 9
Slide 10: 5-year CAGR – Consistent Solid Growth
5-year CAGR – Consistent Solid Growth 5-Years Brands CAGR 5-Years Ajanta’s Segment CAGR 31% 23% 25% 17% 14% 15% 16% 15% 12% 10% 10% 10% 10% 8% 5% Aquasoft Feburic Apdrops MET XL Softdrops Ajanta Cardiac Ophthal Derma Pain IPM APL 30th April 2025 Source: IQVIA, MAT March 2021 to 2025 10
Slide 11: High Focus on Chronic Segment
High Focus on Chronic Segment 65% 11% Sales from Chronic Sales from NLEM Products Segment 2.5+ Lac 3,450+ Doctors covered MRs 30th April 2025 Source: IQVIA MAT December 2024 11
Slide 12: We launched large no. of new products during the year
We launched large no. of new products during the year Sales Contribution 32 14 New launches Pain Brands of Rs 25+ cr. in FY 2025 10% (6 in Q4) Cardiac Derma Focus on 38% 23% 4 55% 8 specialty therapies Contribution from Top 10 1st to market Ophthal brands in FY 2025 29% 30th April 2025 Source: IQVIA
Slide 13: We continue to outperform industry growth
We continue to outperform industry growth Growth Break-up IPM Growth vs. Ajanta Growth Mar 2025 MAT Ajanta (10.6%) 20% 18% 18% 18% 16% 3.1% IPM (8.0%) 16% 14% 2.3% 12% 11% 10% 9% 5.0% 8% 8% 8% 8% 8% 4.3% 6% 4% 4% ~ 1.8X 2.5% 2% 1.4% to IPM 0% Volume Price New Product Mar-21 Mar-22 Mar-23 Mar-24 Mar-
Slide 14: Our segment growth exceeds IPM
Our segment growth exceeds IPM IPM Growth vs. Ajanta Growth Cardiac Ophthal Derma Pain 12% 11% 14% 11% 6% 8% 5% 10% Mar-25 Mar-25 Mar-25 Mar-25 IPM Ajanta Pharma 30th April 2025 14 IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT
Slide 15: Branded Generic – Asia & Africa
02 Branded Generic – Asia & Africa Diversified markets enables growth 30th April 2025 15
Slide 16: We operate across many markets and therapies
We operate across many markets and therapies Key Markets Leadership Among Africa, Southeast Asia, Middle In many molecules & Top 5 sub-therapeutic segments Players in major markets East & Central Asia 30th April 2025 16
Slide 17: We launched large no. of new products in Emerging Markets
We launched large no. of new products during the year in Emerging Markets Major Therapeutic segments 38 New launches FY 2025 Cardiac Diabetes Ophthal Pipeline of healthy product registrations CNS Derma Gynaecology New Focus Strengthening countries of small presence Pain Antibiotics Antimalarial 30th
Slide 18: 5 Years of Consistent Growth in Asia & Africa
5 Years of Consistent Growth in Asia & Africa Branded Generic Business Revenue (Rs. Cr.) Asia Africa 750 1,191 1,057 587 585 957 559 813 712 413 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 30th April 2025 18
Slide 19: US Generic
03 US Generic Selective play & normalized price erosion 30th April 2025 19
Slide 20: Our US strategy of selective play pays
Our US strategy of selective play pays Revenue (INR Cr.) 52 47 Active ANDA Products on shelf 1047 (excluding 2 tentative) (5 launched in FY 2025) 964 (6 approvals in FY 2025) 828 637 696 22 6 Pending approvals ANDA filed in FY 2025 FY21 FY22 FY23 FY24 FY25 Filing target 8-12 30th April 2025 20
Slide 21: Africa Institution
04 Africa Institution Subdued performance, as expected 30th April 2025 21
Slide 22: Antimalarial Institution business in Africa
Antimalarial Institution business in Africa Revenue (INR Cr) 271 206 249 Decline 190 Due to lower procurement 147 by aid agencies FY21 FY22 FY23 FY24 FY25 30th April 2025 22
Slide 23: R&D and Manufacturing
05 R&D and Manufacturing Strong formulation capabilities 30th April 2025 23
Slide 24: R&D operating efficiently
R&D operating efficiently R&D Expenses (Excluding Capex) (Rs. Cr.) 850+ 5% 6% 6% 5% 5% 237 224 Scientists 204 208 139 R&D expenses Rs. cr. % to % to Period Q4 12 Month Revenue Revenue FY 2024 50 5% 208 5% FY 2025 63 5% 224 5% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 30th April 2025 24
Slide 25: Our 7 plants are best in class
Our 7 plants are best in class Paithan (Maharashtra) Dahej (Gujarat) (Tablets, Capsules & Powder) (Tablets, Capsules & Powder) Guwahati (Assam) Pithampur (Madhya Pradesh) Tablets, Capsules, (Tablets & Capsules) Ointments & Sterile Eye Drops 30th April 2025 25
Slide 26: Financials (consolidated)
06 Financials (consolidated) Consistent margins 30th April 2025 26
Slide 27: Q4 Branded Generics – Excellent performance
Q4 Branded Generics – Excellent performance 12% 13% 8% 17% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 369 303 133 805 326 281 113 720 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 32% 26% 12% 70% of Total of Total of Total of Total Revenue Revenue Revenue Reven
Slide 28: Q4 - All Business Segment Performance
Q4 - All Business Segment Performance 11% 12% 25% 53% Consolidated Sales Branded Generics US Generics Africa Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 805 325 720 1,158 261 61 1,041 28 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 70% 28% 2% of Total of Total of Total Q4 FY24 Q4 FY25 Rev
Slide 29: FY 2025 - Branded Generics – Excellent performance
FY 2025 - Branded Generics – Excellent performance 15% 11% 13% 28% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 1,191 750 3,394 1,308 1,452 1,057 2,949 585 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 32% 26% 16% 74% of Total of Total of Total of Total Revenue Revenue R
Slide 30: FY 2025 - All Business Segments performance
FY 2025 - All Business Segments performance 10% 15% 9% 41% Consolidated Sales Branded Generics US Generics Africa Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 4,588 964 1,047 4,161 3,394 249 2,949 147 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 74% 23% 3% of Total of Total of Total FY2024 FY202
Slide 31: Q4 FY 2025 (Consolidated): Growth continues
Q4 FY 2025 (Consolidated): Growth continues Rs. cr. Q4 FY 2024 % to RO Q4 FY 2025 % to RO % Growth Revenue from Operations (RO) 1,054 1,170 11% COGS (264) 25% (283) 24% Gross Profit 790 75% 887 76% 12% Employee Benefit (234) 22% (280) 24% 20% Other Expenses (278) 26% (310) 27% 12% EBITDA 278 26% 297
Slide 32: FY 2025 (Consolidated): Good growth in PAT
FY 2025 (Consolidated): Good growth in PAT Rs. cr. FY 2024 % to RO FY 2025 % to RO % Growth Revenue from Operations (RO) 4,209 4,648 10% COGS (1,067) 25% (1,071) 23% Gross Profit 3,142 75% 3,577 77% 14% Employee Benefit (900) 21% (1,090) 23% 21% Other Expenses (1,070) 25% (1,227) 27% 13% EBITDA 1,17
Slide 33: Building efficiencies…. (Assets)
Building efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2024 FY 2025 ASSETS Non-Current Assets Property, Plant and Equipment 1,399 1,671 Capital Work-in-Progress 256 176 Right for use assets 80 91 Other non-current assets 172 234 Sub-total - Non-current assets 1,907 41% 2,172 43% Curren
Slide 34: Building efficiencies (Equity and Liabilities)
Building efficiencies Rs. cr. Statement of Assets & Liabilities FY 2024 FY 2025 EQUITY AND LIABILITIES Equity Equity Share Capital 25 25 Other Equity 3,542 3,765 Sub Total – Shareholders’ Funds 3,567 77% 3,790 76% Non-current Liabilities Non-current Liabilities 175 229 Sub Total – Non-Current Liab.
Slide 35: Smart growth over last 5 years
Smart growth over last 5 years Revenue EBITDA and Margin % PAT and Margin % (INR Cr.) (INR Cr.) (INR Cr.) 4,648 4,209 35% 28% 21% 28% 27% 23% 21% 16% 19% 20% 3,743 1260 920 3,341 1172 816 2,890 999 929 713 654 783 588 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 13% 6%
Slide 36: Our performance among best in industry
Our performance among best in industry ROCE % ROE % CFO & Cash Conversion 32% 30% 31% 25% 58% 60% 101% 67% 92% 28% 23% 23% 23% 1157 22% 18% 792 785 576 562 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 (INR Cr.) 30th April 2025 36
Slide 37: So also, Earnings & Pay Out
So also, Earnings & Pay Out (INR) (INR Cr.) (INR) EPS Payout* & PAT% Book Value per share 303 74 38% 61% 81% 79% 76% 283 65 264 252 701 231 55 642 50 46 479 436 251 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 30th April 2025 *Dividend & Buyback 37
Slide 38: We continue to improve on working capital front
We continue to improve on working capital front (Nos.) (Nos.) (Nos.) Receivable Days Inventory Days Payable Days 113 92 109 98 104 85 88 79 95 94 75 80 70 73 72 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 30th April 2025 38
Slide 39: Strategy
07 Strategy Levers for growth 30th April 2025 39
Slide 40: Growing sustainably Scaling responsibly
New products launches across markets Growing sustainably Strong product portfolio under development / registration Scaling responsibly Gain market share in existing products Focus on field force productivity enhancement Thrust on new countries & therapies Adding therapies, products & field in new co
Slide 41: Sustainability
08 Sustainability Committed to sustainable practices 30th April 2025 41
Slide 42: Committed towards the Sustainability
Committed towards the Sustainability Energy Environment Reached 30% of renewable energy Hazardous waste sent to cement plant. Low-carbon processes Zero Tolerance CSR for child labor, forced labor, sexual Education, Healthcare & Rural Dev. for harassment & discrimination benefit of marginalized & vul
Slide 43: Earnings Call
Earnings Call Let’s Talk 30th April 2025 43
Slide 44: Q4 FY25 Earnings Conference Call
Q4 FY25 Earnings Conference Call Date and Time April 30, 2025 at 1630 – 1730 hrs IST 1900 – 2000 hrs SST/HKT 1200 – 1300 hrs BST 0700 – 0800 hrs US ET Dial-in Numbers Diamond pass link Click here to register for faster access Universal Access Primary Access: +91 22 6280 1542 +91 22 7115 8372 Interna
Slide 45: Thank you
For more information, please visit our website: www.ajantapharma.com For regular updates follow us on twitter www.twitter.com/ajantapharmaltd Thank you For specific queries, contact: Rajeev Agarwal: 022-60609706 rajeev.agarwal@ajantapharma.com Abhineet Kumar: 022-60609721 abhineet.kumar@ajantapharma