Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q3 FY2014 Earnings Presentation
34 slides from Ajanta Pharma's earnings presentation, Jan 27, 2014
Slide 1: Investor Presentation Q3 FY 2014
Investor Presentation Q3 FY 2014 www.ajantapharma.com 27 January 2014 BSE Symbol : AJANTAPH Code: 532331 NSE Symbol : AJANTPHARM ISIN: INE031B01031
Slide 2: Safe Harbour Statement
Safe Harbour Statement 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 diff
Slide 3: Global Presence
Global Presence USA West Asia CIS (3 Countries) (6 Countries) South East Asia Latin (3 Countries) America (4 Countries) India Africa 27 January 2014 (19 Countries)
Slide 4: New Product Launches Overseas Q3 FY14
New Product Launches Overseas Q3 FY14 Africa - 2 CIS - 1 South East Asia - 1 27 January 2014
Slide 5: New Product Launches in India in Q3 FY14
New Product Launches in India in Q3 FY14 27 January 2014
Slide 6: New Product Launches in 9 months FY14
New Product Launches in 9 months FY14 Region No. of Products India 19 (Four 1st launches) Africa 8 South East Asia 2 CIS 5 27 January 2014
Slide 7: India Branded Generics
India Branded Generics 27 January 2014
Slide 8: Therapy Focus
Therapy Focus Dermatology Ophthalmology Cardiology Others 27 January 2014 MR Strength – 2,500
Slide 9: Growth in Indian Pharmaceutical Market (IPM)
Growth in Indian Pharmaceutical Market (IPM) 40% 38% IMS MAT Growth 35% 30% 29% 25% 20% 18% 15% 15% 15% 15% 14% 10% 10% 5% 0% 27 January 2014 Mar-10 Mar-11 Mar-12 Mar-13 IPM Ajanta Pharma
Slide 10: IPM – Ajanta Rankings and Growth
IPM – Ajanta Rankings and Growth Segment Growth Rank Ophthalmology 17% 5 Dermatology 39% 17 Cardiology 36% 25 Ajanta Pharma 34% 40 27 January 2014 IMS MAT Dec’13
Slide 11: India Sales – Q3
India Sales – Q3 Q3 FY14 Sales – Rs. 98 Cr (Rs. 71 Cr) Growth 38% 33% 47% 30 28 28 40% 25 21 21 20 19 30% 15 Rs. Cr 15 13 16% 10 10 7 6 5 27 January 2014 0 Ophthalmology Dermatology Cardiology Institution Others Q3 FY'13 Q3 FY'14 Source: Company
Slide 12: India Sales – 9 Months
India Sales – 9 Months 9M FY14 Sales – Rs. 290 Cr (Rs. 220 Cr) Growth 32% 90 26% 44% 80 27% 78 76 70 65 26% 60 60 54 51 48 Rs. Cr 50 40 38 33% 30 23 20 17 10 27 January 2014 0 Ophthalmology Dermatology Cardiology Institution Others 9M FY'13 9M FY'14 Source: Company
Slide 13: IPM – Leading Brands
IPM – Leading Brands Brand Value (Rs. Cr) Segment IMS MAT Dec’13 Melacare Range 48.35 Derma Met-XL Range 40.22 Cardio Atorfit Range 29.34 Cardio Apdrops Range 8.56 Ophthal Softdrops Range 7.47 Ophthal Aquasoft Range 5.98 Derma 27 January 2014 IMS MAT Dec’13
Slide 14: Emerging Markets
Emerging Markets 27 January 2014
Slide 15: Emerging Markets
Emerging Markets Brand leadership in many markets 26% Growth in Q3 & 36% in 9 Months FY’14 380 strong field force in 25+ countries Country specific brand portfolio Expertise in product registrations 27 January 2014
Slide 16: Emerging Markets – Building Brands
Emerging Markets – Building Brands No. of Brands No. of Brands Major Segments Region under Registered Registration Africa 1007 904 Anti-biotic, Anti-Malarial, Ortho SEA 167 172 Ophthal, Cardio, GI West Asia 38 83 Anti-biotic, Cardio, Derma CIS 160 97 Cardio, Ortho, OTC Latam 72 124 Ophthal, MED, GI
Slide 17: Emerging Markets – Q3 Revenue Break-up
Emerging Markets – Q3 Revenue Break-up (Rs. Cr.) Q3 Q3 140 Region Growth FY14 FY13 35% 120 115 Africa 115 85 35% 100 26% 85 Asia 78 62 26% 80 78 Rs. Cr 62 Latam 2 8 -75% 60 Total 195 155 26% 40 20 8 -75% 2 0 27 January 2014 Africa Asia Latin America Q3 FY'13 Q3 FY'14
Slide 18: Emerging Markets – 9 Months Revenue Break-up
Emerging Markets – 9 Months Revenue Break-up (Rs. Cr.) 9M 9M Region Growth FY14 FY13 38% 300 Africa 272 197 38% 272 250 43% Asia 206 144 43% 206 197 200 Latam 11 18 -39% Rs. Cr 150 144 Total 489 359 36% 100 50 -39% 18 11 27 January 2014 0 Africa Asia Latin America 9M FY'13 9M FY'14
Slide 19: Regulated Markets
Regulated Markets 27 January 2014
Slide 20: Regulated Markets - USA
Regulated Markets - USA Total ANDAs filed – 22 2-3 Approvals expected in • Approved – 2 (launched – 1) FY14 • Under approval – 20 Own front end team Filing target every year > 6 Only solid dosage Expected market size of ANDA • Mix of Para II, Para III, Para IV filed $3.3bn (post generic) • No FTFs 2
Slide 21: Infrastructure
27 January 2014 Infrastructure
Slide 22: R&D – The Catalyst for Growth
R&D – The Catalyst for Growth Formulation, Analytical & API Team of 350+ people Many firsts to credit Development Niche, complex & Development of Enhancing capacities & difficult to make different dosage capabilities products forms 27 January 2014
Slide 23: Paithan Manufacturing Facility
Paithan Manufacturing Facility Approved by US FDA UK MHRA WHO Geneva (Pre-Q) MOH of multiple countries Dosage forms • Tablets • Capsules • Powders 27 January 2014
Slide 24: Other Manufacturing Facilities
Other Manufacturing Facilities Chitegaon Mauritius API Tablets, Capsules, Oral Jelly Tablet & Capsules Multi-product facility Mid capacity plant Chikalthana Liquid & Oral solids 27 January 2014
Slide 25: Project Progress
Project Progress Dahej Facility Savli facility civil work Tablet, Capsule & Powder to start in Q4 FY14 Commercialization Q1 FY’15 Tgt completion in Q4 FY15 Facility in SEZ Ophthal & Derma facility Domestic Tariff Area 27 January 2014
Slide 26: Financial Highlights
Financial Highlights 27 January 2014
Slide 27: Highlights Q3 FY14 Stand Alone
Highlights Q3 FY14 Stand Alone (Rs. Cr) Particulars Q3 FY’14 Q3 FY’13 Growth Exports 195 155 26% % to Revenue 65% 68% Domestic 98 71 38% % to Revenue 33% 31% Other Oper. Income 8 3 126% % to Revenue 2% 1% Operating Revenue 301 229 31% EBITDA 97 60 62% % to Revenue 32% 26% PBT 90 49 83% % to Revenue
Slide 28: Highlights 9M FY14 Stand Alone
Highlights 9M FY14 Stand Alone (Rs. Cr.) Particulars 9M FY’14 9M FY’13 Growth Exports 489 359 36% % to Revenue 61% 61% Domestic 290 220 32% % to Revenue 36% 37% Other Oper. Income 20 11 92% % to Revenue 3% 2% Revenue 799 590 35% EBITDA 234 139 68% % to Revenue 29% 24% PBT 217 103 110% % to Revenue 2
Slide 29: Consistent Track Record of Growth (Consolidated)
Consistent Track Record of Growth (Consolidated) EBITDA PAT (Rs. Cr.) 230 (Rs. Cr.) 112 77 138 99 51 80 68 34 25 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 32 Earning Per Share 17 (Rs.) Dividend (Rs. Cr.) 22 10 14 7 10 5 27 January 2014 7 3 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Slide 30: Consolidated Key Financial Indicators
Consolidated Key Financial Indicators Rs. *9M FY14 Particulars FY’09 FY’10 FY’11 FY’12 FY’13 (9M FY13) EPS 7 10 14 22 32 43 (21) Cash EPS 11 16 21 31 42 51 (28) EBITDA per share 19 23 28 42 65 66 (40) EBITDA margin 19% 19% 20% 22% 24% 29% (24%) PAT margin 7% 8% 10% 11% 12% 19% (13%) R & D Exp. (Rs.
Slide 31: Consolidated Key Financial Indicators
Consolidated Key Financial Indicators *9M Particulars FY’09 FY’10 FY’11 FY’12 FY’13 FY14 Book value per share (Rs.) 45 53 65 85 112 144 Dividend/share (Rs.) (FV Rs.5) 1.25 1.75 2.50 3.75 6.25 - RONW 16% 18% 22% 26% 28% 30% ROCE 13% 14% 18% 23% 38% 35% Dividend payout 13% 14% 13% 13% 15% - 27 January
Slide 32: Consolidated Key Financial Indicators
Consolidated Key Financial Indicators Particulars FY’09 FY’10 FY’11 FY’12 FY’13 *9M FY14 Long term debt / Equity 0.96 0.77 0.36 0.35 0.19 0.15 Total debt/equity 1.59 1.23 0.83 0.67 0.32 0.24 Receivable days 105 87 76 77 60 53 Inventory days 109 107 83 92 59 47 Payable days 124 183 145 148 154 118 27
Slide 33: Growth Drivers
Growth Drivers • Enhanced focus on existing therapies India • Increased penetration & productivity • Pipeline of new product launches Strengthening existing brands & territories Emerging Increased market share Markets More product registrations & launches Increased pace of ANDA filings Regul
Slide 34: Contact details
For updates and company information please visit our website: www.ajantapharma.com For specific queries, contact: Rajeev Agarwal [email protected] 022-66061377 Ajanta Pharma Limited Ajanta House, Charkop, Kandivli (W), Mumbai 400 067 27 January 2014