Operating Revenue up 16%, PAT up 20% for Q3 FY2016

MUMBAI, India - Feb. 1, 2016 - PRLog -- Operating Revenue up 16%, PAT up 20% for Q3 FY2016

(Consolidated – 3^rd Quarter and 9 Months Results, FY 2015-16)

Mumbai, 1^st February 2016:  Ajanta Pharma Limited,a specialty focused pharmaceutical formulation company reported today its performance for the 3^rd quarter and 9 Months ended 31^st December 2015.

Consolidated Q3 performance highlights

·         Revenue from operations grew 16% at Rs. 473 cr. against Rs. 408 cr.

·         EBITDA growth of 12% at Rs. 164 cr. against Rs. 146 cr., EBITDA at 35% of revenue.

·         Profit before tax grew 13% at Rs. 152 cr. against Rs. 135 cr.

·         Profit after tax grew 20% at Rs. 111 cr. against Rs. 93 cr., PAT at 24% of revenue.

Consolidated 9 Months performance highlights

·         Revenue from operations grew 18% at Rs. 1,302 cr. against Rs. 1,101 cr.

·         EBITDA growth of 18% at Rs. 440 cr. against Rs. 372 cr., EBITDA at 34% of revenue.

·         Profit before tax grew 22% at Rs. 417 cr. against Rs. 341 cr.

·         Profit after tax grew 25% at Rs. 295 cr. against Rs. 236 cr., PAT at 23% of revenue.

Commenting on the results, Mr. Rajesh Agrawal, Jt. Managing Director said “We have established strong sales & marketing network in select international markets which continues to perform well and generate demand for our branded generics.  However, the currency devaluation and scarcity of forex availability in few emerging markets limited us to achieve our full potential.

We are going through exciting and transformational time for the organization, where we are making substantial investments in R&D and manufacturing facilities to build required infrastructure to fuel our growth plans”.

India

For Q3 FY2016, India branded business was Rs. 128 cr. posting healthy growth of 17%, with total India revenue including Institution being Rs. 134 cr., up 1% over Q3 FY2015.  For 9 months  FY2016, Indian branded business was Rs. 379 cr. posting healthy growth of 18% with total India revenue including Institution being Rs. 408 cr., up 12% over 9 Months FY2015.

In the therapeutic segments where we operate, as per IMS MAT December ‘15, we have posted healthy growth of 35% in Cardiology (segment growth of 14%), 32% in Opthalmology (segment growth of 14%), 11% in Dermatology (segment growth of 18%) and 37% in Pain Management (segment growth of 14%).

Emerging Markets

Emerging markets business grew 22% during Q3 FY2016 with sale of Rs. 328 cr. Africa contributed Rs. 196 cr., grew 40%, Asia contributed Rs. 129 cr., grew 4% and Latin America contributed Rs. 3 cr., de-growth of 31%.

During 9 months FY2016, Emerging markets consolidated business grew 21% with sale of Rs. 868 cr. Africa contributed Rs. 518 cr., grew 32%, Asia contributed Rs. 342 cr., grew 9% and Latin America contributed Rs. 8 cr., a de-growth of 18%.

Company continues to strengthen its brand presence in various emerging markets it operates in.  Company has a pipeline of 1,800+ products under registration paving the way for sustained growth in these markets.

Regulated Markets

Company has 7 final and 2 tentative approved ANDAs, out of which 4 products have already been launched in the market, with balance being launched soon. Another 17 ANDA’s are in various stages of approval with US FDA.  In Q3 FY2016, US sale was Rs. 4 cr. and Rs. 10 cr. for 9 months FY2016.

R&D

R&D has always been the thrust area of the company, which enabled it to introduce many first-to-market products.  We continue to enhance our R&D capabilities and capacities to develop differentiated and niche formulations for India, USA and Emerging Markets.  In-line with our aspiration, our R&D spend has increased significantly during the quarter – expenses  (excluding capex) during Q3 FY2016 was Rs. 26 cr., about 5% of net sales. In 9 months FY2016, the total R&D expense (excluding capex) was Rs. 70 cr. against Rs. 41 cr. for the same period last year.

Manufacturing

Our solid dosage formulation facility at Dahej, Gujrat has started taking regulatory filing batches.

We have commenced the construction of new formulation facility at Guwahati, Assam with proposed investment of Rs. 300 cr. and plan to operationalize it before March 2017.

About Ajanta Pharma Limited

Ajanta Pharma is a speciality pharmaceutical formulation company having branded generic business in India and emerging markets, generic business in US and institution business in Africa & India.  Many of company’s products are first to market and are leading in their sub-therapeutic segments.

Company’s state of the art R&D centres for formulation development and API are located at Mumbai, having a team of 600+ scientists.  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 WHO, apart from having approval from FDAs of many other countries

For last 5 years, company has posted healthy performance with its consolidated revenue growing at 31% CAGR of and net profit at 57% CAGR.

For more details visit www.ajantapharma.com.You could also follow us on twitter for regular updates – www.twitter.com/ajantapharmaltd

For specific queries, contact:

Rajeev Agarwal Tel: +91 22 66061377 Email:rajeev.agarwal@ajantapharma.com

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