Ajanta Pharma Revenue growth of 31% and Net Profit growth of 92%

Jan. 27, 2014 - PRLog -- Revenue growth of 31% and Net Profit growth of 92%

(Standalone)

Mumbai – (January 27, 2014) – Ajanta Pharma Limited,(BSE- 532331, NSE- AJANTPHARM, Reuters:AJPH.NS, Bloomberg: AJP:IN), a specialty focused pharmaceutical formulation company, reported its financial results today for 3^rd quarter and 9 months ended December 31^st 2013 with outstanding performance.

Highlights of Q3 FY14 standalone financial performance are:

·         Revenue from operations at Rs. 301 Cr (Rs. 229 Cr), grew 31% over Q3 last year

·         EBITDA at Rs. 97 Cr (Rs. 60 Cr), growth of 62% over Q3 last year

·         EBITDA to Revenue at 32% against 26% over Q3 last year

·         Profit after Tax at Rs. 62 Cr (Rs. 33 Cr), growth of 92% over Q3 last year

·         PAT to Revenue at 21% against 14% over Q3 last year

·         Exports contributed 65% of the total operating income for the quarter

Highlights of 9 Months FY14 standalone financial performance are:

·         Revenue from operations at Rs. 799 Cr (Rs. 590 Cr), grew 35% over 9M last year

·         EBITDA at Rs. 234 Cr (Rs. 139 Cr), growth of 68% over 9M last year

·         EBITDA to Revenue at 29% against 24% over 9M last year

·         Profit after Tax at Rs. 151 Cr (Rs. 74 Cr), growth of 104% over 9M last year

·         PAT to Revenue at 19% against 13% over 9M last year

·         Exports contributed 61% of the total operating income for 9M of this year

Mr. Rajesh Agrawal, Jt. Managing Director, Ajanta Pharma Limited, said “We had a good quarter fuelled by strong business performance in India and emerging markets.Our consistent growth is the outcome of our commitment to quality, investment in R&D and manufacturing facilities, intelligent product selection and aggressive marketing in India and other geographies we operate.”

India Business: Specialty Focus

For the 3^rd quarter, India business was Rs. 98 Cr, up 38% over Q3 last year.  Out of Rs. 98 Cr India business, Indian Pharmaceutical Market (IPM) business was Rs. 84 Cr and institution sales was Rs. 14 Cr.

Higher growth during Q3 in IPM was across all therapeutic segments in which company operates.  Ajanta continues to grow above industry average in all its segments and has improved its overall ranking in IPM to 40^th as per IMS MAT Dec 2013.  Company has launched 8 new products during the quarter, taking tally of new product launches during the 9 months of FY’14 to 19.

Nine months (9M) sales were at Rs. 290 Cr, a growth of 32% over 9M last year.  Out of Rs. 290 cr, IPM business was Rs. 242 Cr and institution sales was Rs. 48 Cr.

Emerging Markets: Growth continues

Ajanta has established strong presence across Africa (including anti-malaria), CIS, West Asia, South-East Asia and Latin America.  For the 3^rd quarter, exports to these markets were Rs. 195 Cr, registering a growth of 26% over last year Q3.  Nine months (9M) sales were Rs. 489 Cr, a growth of 36% over 9M last year.

Company has over 1,400 product registrations in emerging markets and around 1,380 products and under registration which will lay the path for sustained growth in these markets.

R&D: Maintaining pace of filings

Company has filed 4 more ANDAs with US FDA during the quarter (total 8 during 9M FY’14) taking total tally to 22 ANDAs (2 approved and 20 awaiting approval).  Company also filed 109 product registration dossiers in the emerging markets during the quarter.  R&D expense for 9M FY14 are at Rs. 39 Cr (5% of sales), against Rs. 28 Cr last year same period.

About Ajanta Pharma Limited

Ajanta Pharma is a speciality pharmaceutical formulation company, having leading brands in therapeutic segments of Ophthalmology, Dermatology and Cardiology.  Many of company’s products are first in the market place and are leading in their sub therapeutic segments.  Company has a well established branded generic business in emerging markets.  It has recently entered in the regulated markets of USA and is building a portfolio of ANDAs for this market.

Company’s state of the art R&D centre for formulation development is located at Mumbai, having a team of 350+ people. Company has world class manufacturing facilities - 4 located in India and 1 at Mauritius.  One of the manufacturing facilities in India is approved by US FDA, UK MHRA, pre-qualification from World health organisation (WHO), apart from having the approval from FDA of many other countries.  Company is setting up two more manufacturing facilities in India, one for regulated markets and another for India and emerging markets.

During FY’13, Ajanta’s consolidated turnover was Rs. 931 Cr and Profit after Tax was Rs. 112 Cr  For last 10 years, its consolidated performance has been outstanding with CAGR of 23% in revenue and 53% in net profit.

For more details please visit our website www.ajantapharma.com

For specific queries, contact:  Rajeev Agarwal Tel: +91 22 66061377 Email:  rajeev.agarwal@ajantapharma.com