Q4 FY 2016 PAT up 43%, Operating Revenue up 14%

April 29, 2016 - PRLog -- Q4 FY 2016 PAT up 43%, Operating Revenue up 14%

(FY 2016 Consolidated - 4^th Quarter and Year Ended Results)

Mumbai, 29^th April 2016:  Ajanta Pharma Ltd. a specialty focused pharmaceutical formulation company reported today its performance for the 4th quarter and Year ended 31^st March 2016.

Q4 FY 2016 performance highlights (Consolidated)

·         Revenue from operations grew 14% at Rs. 426 cr. against Rs. 372 cr.

·         EBITDA growth of 6% at Rs. 141 cr. against Rs. 133 cr., EBITDA at 33% of revenue.

·         Profit before tax grew 14% at Rs. 131 cr. against Rs. 115 cr.

·         Profit after tax grew 43% at Rs. 106 cr. against Rs. 74 cr., PAT at 25% of revenue

FY 2016 performance highlights (Consolidated)

·         Revenue from operations grew 17% at Rs. 1,728 cr. against Rs. 1,474 cr.

·         EBITDA growth of 15% at Rs. 581 cr. against Rs. 505 cr., EBITDA at 34% of revenue.

·         Profit before tax grew 20% at Rs. 547 cr. against Rs. 456 cr.

·         Profit after tax grew 30% at Rs. 401 cr. against Rs. 310 cr., PAT at 23% of revenue.

Commenting on the results, Mr. Yogesh Agrawal, Managing Director said:

"Despite challenges of foreign currency volatility and scarcity in the Emerging Markets, we have posted overall satisfactory growth during the quarter.

In India and Emerging Markets, we continue to construct portfolio of differentiated products paving way for sustained growth in future.  We continue to craft smart strategies to leverage our differentiated products portfolio in increasing our market share.

We have enhanced our focus on the R&D which reflects in our spend levels.  Our Capex plans are on-course to complete on the target dates."

India

For Q4 FY 2016, India branded business (excluding institution) was Rs. 113 cr. posting healthy growth of 16%.  Total India revenue (including Institution) was Rs. 119 cr., up 5% over Q4 FY 2015.

For the year ended FY 2016, Indian branded business (excluding institution) was Rs. 492 cr. posting healthy growth of 18% with total India revenue (including institution) being Rs. 528 cr., up 10% over FY 2015.

In the therapeutic segments where we operate, as per IMS MAT March '16, we have posted healthy growth of 29% in Cardiology (segment growth of 14%), 25% in Ophthalmology (segment growth of 14%), 11% in Dermatology (segment growth of 18%) and 27% in Pain Management (segment growth of 12%).

Emerging Markets

During Q4, Emerging Markets business grew 19% with sale of Rs. 295 cr. Africa contributed Rs. 174 cr. (growth of 31%) and Asia contributed Rs. 119 cr. (growth of 6%).

For the year ended FY 2016, Emerging Markets consolidated business grew 21% with sale of Rs. 1,163 cr. Africa contributed Rs. 692 cr. (growth of 32%) and Asia contributed Rs. 461 cr. (growth of 8%).

We have a robust product pipeline at different stages of registration in various markets which should pave way for the growth in coming years.

Regulated Markets

During Q4, US sale was Rs. 5 cr. and for the year ended FY 2016, it was 14 cr.

Company has 8 final and 2 tentative approved ANDAs, out of which 5 products have already been launched in the market, with balance being launched soon.  Another 16 ANDA's are in various stages of approval with US FDA.

R&D

We have significantly increased its R&D spend during the year to capitalize on the identified opportunities.

For Q4, R&D spend (excluding capex) was Rs. 36 cr. (Q4 FY 2015 Rs. 28 cr.) and for the full year, it was Rs. 106 cr. (Rs. 70 cr. for FY 2015) which is about 6% of net sales.

Manufacturing

The solid dosage formulation facility at Dahej, Gujarat is engaged in taking regulatory filing batches.  We shall commence the commercial production from this site in April 2017.

The construction of new formulation facility at Guwahati, Assam is on course to be operationalized by 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 650+ scientists. Company has world class manufacturing facilities - 5 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 26% CAGR of and net profit at 51% CAGR.

For more details visit www.ajantapharma.com

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For specific queries, contact:

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

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