Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q2 FY2020 Earnings Presentation
32 slides from Ajanta Pharma's earnings presentation, Nov 5, 2019
Slide 1: Exchange filing cover letter: Presentation on Results
l@ aiantn pharrru tirnited. Ajanta House, Charkop, Kandivli (West), T +9122 6606 1000 F +9t22 6606 1200 Mumbai 400067 E info@ajantapharma.com lndia W www.ajantapharma.com 5frNovember2019 BSE LIMITED National Stock Exchange of India, Phiroze Jeejeebhoy Towers Exchange Plaza,5ft Floor, Plot no. Dalal
Slide 2: Investor Presentation Q2 FY 2020
INVESTOR PRESENTATION Q2 FY 2020 5th November 2019
Slide 3: Content
India Business Global Business Infrastructure Financial Highlights Content
Slide 4: India Business
India Business
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 exceeding 2nd largest in India & Growth becomes reality, Jumped 2 ranks
Slide 6: IPM - Ranking
IPM - Ranking Mar 2005 Sept. 2018 Sept. 2019 Ophthalmology 28 3 2 Dermatology 98 14 14 Cardiology 38 16 16 Pain Mgmt. NA 41 39 Ajanta Pharma 88 32 31 Source: Iqvia, September 2019 5th November 2019 5 of 31
Slide 7: Industry Growth
Industry Growth September March 2016 March 2017 March 2018 March 2019 2019 IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma 23% 16% 16% 16% 14% 11% 10% 9% 6% 6% IPM = Indian Pharmaceutical Market Source: Iqvia, September 2019 5th November 2019 6 of 31
Slide 8: Segment Growth
Segment Growth Pain Pharma Market Cardiology Ophthalmology Dermatology Management IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma IPM Ajanta Pharma 20% 16% 17% 16% 12% 12% 11% 10% 10% 10% IPM = Indian Pharmaceutical Market Source: Iqvia, September 2019 5th November 2019 7 of
Slide 9: India Sales
India Sales India Sales – Q2 IQVIA September 2019 India Sales – H1 (Rs. cr.) (Rs. cr.) Ophthal 30% Cardio 13% 42% 11% 397 203 357 Derma 179 Pain 22% 6% IQVIA September 2018 Ophthal 30% Cardio 41% Derma Pain 23% 6% Q2 FY19 Q2 FY20 H1 FY19 H1 FY20 5th November 2019 8 of 31
Slide 10: Global Business
Global Business
Slide 11: Global Presence
Global Presence INDIA USA AFRICA 19 Countries REST OF ASIA 10 Countries Map not to scale, only for illustration purpose 5th November 2019 10 of 31
Slide 12: Branded Generic Business in Emerging Markets
Branded Generic Business in Emerging Markets Africa Asia 1,000 + Product Registration 400 + New Products launched in 1 Q2 FY 2020 6 14 Major Markets 7 5th November 2019 11 of 31
Slide 13: USA
USA 27 26 ~10-12 Final Approvals Under Approval Filing Target 3 in H1 2020 3 in Q2 FY 2020 6 in H1 FY 2020 Gaining market Continue to focus on share in select 27 Products on shelf better execution for products with customer delight focused approach 5th November 2019 12 of 31
Slide 14: Export Sales – Q2 (Consolidated)
Export Sales – Q2 (Consolidated) Africa Africa Asia USA Others Branded Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) Total Exports (Rs. cr.) (10%) 34% 39% 58% (15%) 181 111 91 135 79 27% 82 72 447 45 353 2 2 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Q2 FY19 Q2 F
Slide 15: Export Sales – H1 (Consolidated)
Export Sales – H1 (Consolidated) Africa Africa Asia USA Others Branded Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) Total Exports (Rs. cr.) 4% 16% 51% 53% 4% 307 264 213 26% 851 168 174 153 141 100 677 5 5 H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY
Slide 16: Total Consolidated Sales – Q2
Total Consolidated Sales – Q2 India Exports Total Sales (Rs. cr.) (Rs. cr.) (Rs. cr.) Rs. cr. 13% 27% 22% 650 Q2 Q2 Grth 532 FY 2019 FY 2020 447 India 179 203 13% 353 Exports 353 447 27% 203 179 Total Sales 532 650 22% Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 Q2 FY19 Q2 FY20 5th November 2019 15 of 31
Slide 17: Total Consolidated Sales – H1
Total Consolidated Sales – H1 India Exports Total Sales (Rs. cr.) (Rs. cr.) (Rs. cr.) Rs. cr. 11% 26% 21% H1 H1 1,248 Grth FY 2019 FY 2020 1,034 851 India 357 397 11% 677 Exports 677 851 26% 357 397 Total Sales 1,034 1,248 21% H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY20 5th November 2019 16 of 3
Slide 18: Infrastructure
Infrastructure
Slide 19: Enabling Infrastructure
Enabling Infrastructure Formulation Manufacturing 3 facilities in Aurangabad, Maharashtra 1 facility at Dahej, Gujarat 2 1 facility at Guwahati, Assam US FDA New facility coming up at Pithampur, Madhya Pradesh Approved Facilities One facility at Mauritius API Manufacturing One Facility a
Slide 20: Research & Development
Research & Development R&D Spend (Excluding Capex) 5% 6% 8% 9% 9% Q2 FY 2020 H1 FY 2020 185 176 Rs. 40 cr. (6%) Rs. 79 cr. (6%) 153 106 Q2 FY 2019 H1 FY 2019 70 Rs. 50 cr. (9%) Rs. 91 cr. (9%) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 5th November 2019 19 of 31
Slide 21: Financial Highlights
Financial Highlights
Slide 22: P&L Synopsis – Q2 FY 2020 (Consolidated)
P&L Synopsis – Q2 FY 2020 (Consolidated) Q2 Q2 % Rs. cr. % % FY 2019 FY 2020 Growth Income from Operations 544 643 18% EBITDA 166 31% 178 28% 7% PBT 164 30% 161 25% (1%) PAT 125 23% 116 18% (7%) Total Comprehensive Income 126 23% 117 18% (7%) 5th November 2019 21 of 31
Slide 23: P&L Synopsis – H1 FY 2020 (Consolidated)
P&L Synopsis – H1 FY 2020 (Consolidated) H1 H1 % Rs. cr. % % FY 2019 FY 2020 Growth Income from Operations 1,055 1,255 19% EBITDA 324 31% 346 28% 7% PBT 312 30% 313 25% 0% PAT 231 22% 231 18% 0% Total Comprehensive Income 228 22% 230 18% 1% 5th November 2019 22 of 31
Slide 24: Detailed P&L – Q2 FY 2020 (Consolidated)
Detailed P&L – Q2 FY 2020 (Consolidated) Rs. cr. Q2 FY 2019 % to IO Q2 FY 2020 % to IO Income from Operations 544 643 Other Income 15 2% 13 2% Total Income 559 656 Materials consumed 96 18% 167 26% Employee Benefit 106 19% 118 18% Finance Cost 0 0% 5 1% Depreciation 17 3% 23 4% Other Expenses 176 32
Slide 25: Detailed P&L – H1 FY 2020 (Consolidated)
Detailed P&L – H1 FY 2020 (Consolidated) Rs. cr. H1 FY 2019 % to IO H1 FY 2020 % to IO Income from Operations 1,055 1,255 Other Income 23 2% 21 2% Total Income 1,078 1,276 Materials consumed 180 17% 309 25% Employee Benefit 211 20% 236 19% Finance Cost 0 0% 7 1% Depreciation 35 3% 46 4% Other Expens
Slide 26: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Rs. cr. Statement of Assets & Liabilities H1 FY 2019 H1 FY 2020 ASSETS Non-Current Assets Property, Plant and Equipment 1,076 1,165 Capital Work-in-Progress 152 328 Other Intangible Assets 6 36 Financial Assets Non-current Investments 14 12 Other non-current financial as
Slide 27: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Rs. cr. Statement of Assets & Liabilities H1 FY 2019 H1 FY 2020 EQUITY AND LIABILITIES Equity Equity Share Capital 18 18 Other Equity 2,252 2,453 Sub Total – Shareholders’ Funds 2,270 83% 2,471 80% Non-current Liabilities Financial Liabilities Borrowings 1 1 Other Financ
Slide 28: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Consolidated Total Income (Rs. cr.) 2,500 2,155 2,026 2,076 2,000 1,771 PAT (Rs. cr.) & PAT Margin (%) 1,502 21% 24% 25% 22% 19% 1,500 600 507 1,000 469 500 416 387 500 400 310 0 300 2015 2016 2017 2018 2019 200 100 0 2015 2016 2017 2018 2019 5th November 2019 27 o
Slide 29: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) EBITDA Margin Net Margin (%) (%) 34% 35% 30% 25% 40% 34% 24% 31% 21% 22% 28% 19% 30% 20% 20% 10% 10% 0% 0% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 EPS ROCE (Rs.) (%) 58 60 53 47 60% 50% 44 50 44% 50% 41% 35 40 40% 30% 30 23% 30% 20 20% 10 10% 0 0% 2015 20
Slide 30: 5 Year Track Record (Consolidated)
5 Year Track Record (Consolidated) Book Value per share Receivable Days (Rs.) (Nos.) 300 255 100 83 79 81 232 250 80 65 178 61 200 135 60 150 96 40 100 20 50 0 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 85 100 82 40
Slide 31: 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 32: 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