Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q4 FY2017 Earnings Presentation
33 slides from Ajanta Pharma's earnings presentation, May 3, 2017
Slide 1: Investor Presentation Q4 FY 2017
Investor Presentation Q4 FY 2017 3rd May 2017
Slide 2: Content
Content India Exports Improved rankings Rupee appreciation hurting Financial Highlights Infrastructure Consistent Performance Plan, Prepare, Perform 3rd May 2017 2 of 33
Slide 3: India
CPP ajanta pharma limited 34 May 2017
Slide 4: India Branded Generics
India Branded Generics Cardiology Specialty Ophthalmology Segment Dermatology Pain Management 14 Divisions Focused 3,000+ MRs Marketing 200+ Products About 70% products First to Market Leadership in sub therapeutic segments Established Strong Brand Equity Player Consistent Inno
Slide 5: India Sales - Q4
India Sales - Q4 India Branded Sales# Therapeutic Break-up (Rs. cr.) (Rs. cr.) 18% 13% 57 133 19% 48 118 0% 36 30 31 31 8% 11% 8 9 6 7 Q4 FY 2016 Q4 FY 2017 Ophthalmology Dermatology Cardiology Pain Mgt. Institution Total India Sales@ Q4 FY 2016 Q4 FY 2017 (Rs. cr.) Rs. cr. 12% Q4 FY 2016 Q4 FY 2017
Slide 6: India Sales – Financial Year
India Sales – Financial Year India Branded Sales# Therapeutic Break-up (Rs. cr.) (Rs. cr.) 21% 15% 593 252 514 11% 12% 208 138 154 142 127 11% 45 -40% 40 35 21 FY 2016 FY 2017 Ophthalmology Dermatology Cardiology Pain Mgt. Institution Total India Sales@ FY 2016 FY 2017 (Rs. cr.) Rs. cr. 12% 614 549
Slide 7: Within Segments Ajanta Way Ahead
Within Segments Ajanta Way Ahead 22% 16% 16% 16% 11% 11% 9% 10% 8% 8% Pharma Market Dermatology Cardiology Ophthalmology Pain Mgt. IPM = Indian Pharmaceutical Market IPM Ajanta Pharma Source: IMS MAT March 2017 3rd May 2017 7 of 33
Slide 8: Faster than Industry - IPM
Faster than Industry - IPM 36% 29% 26% 23% 16% 14% 12% 10% 10% 9% Mar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 IPM = Indian Pharmaceutical Market IPM Ajanta Pharma Source: IMS MAT 3rd May 2017 8 of 33
Slide 9: IPM - Ranking
IPM - Ranking Mar 2017 Mar 2016 Mar 2005 Ophthal 4 5 28 Derma 13 13 98 Cardio 19 20 38 Pain 45 45 NA Ajanta 33 33 88 IPM = Indian Pharmaceutical Market Source: IMS 3rd May 2017 9 of 33
Slide 10: Exports
CPP ajanta pharma limited Exports 34 May 2017
Slide 11: Global Presence
Global Presence USA West Asia CIS (3 Countries) (6 Countries) South East Asia (3 Countries) India Africa (19 Countries) 3rd May 2017 11 of 33
Slide 12: USA
USA ANDA Status Approval : Final – 17, Tentative - 2 Under approval : 15 Filed in FY 2017 : 8 Filing target for FY 2018 : 12 to 15 Sales & Marketing Sales & Marketing 12 Products commercialized More products scheduled for launch in FY 2018 Focus on Oral Solid Mix of Para II, III & IV
Slide 13: Africa
Africa Products Product Registrations – 1,191 Segments - Anti Malaria, Multivitamin, Cardio, Antibiotic, Gynaec, MED, Pain Sales & Marketing Field Strength – 361 Currency devaluation stabilizes Africa – 19 countries 3rd May 2017 13 of 33
Slide 14: Asia
Asia Products Product Registration - 359 CIS (6 countries) Segments – Cardio, Pain, MED, GI, Antibiotic, Derma, Anti Histamine WEST ASIA Sales & Marketing (3 countries) SOUTH EAST ASIA (3 countries) Field Strength – 352 Currency devaluation stabilizes Asia Putting new thrust with enhanced
Slide 15: Export Sales Q4 FY 2017 (Consolidated)
Export Sales Q4 FY 2017 (Consolidated) Regional Break-up (Rs. cr.) -24% 15% Total Exports (Rs. cr.) 174 132 119 137 6% 838% 317 34% 300 45 5 2 2 Africa Asia USA Others Q4 FY 2016 Q4 FY 2017 Rs. cr. Q4 FY 2016 Q4 FY 2017 Gth Q4 FY 2016 Q4 FY 2017 Africa 174 132 -24% Asia 119 137 15% USA 5 45 838% Oth
Slide 16: Export Sales FY 2017 (Consolidated)
Export Sales FY 2017 (Consolidated) Regional Break-up (Rs. cr.) 3% Total Sales (Rs. cr.) 692 712 -10% 12% 1,319 461 1,178 417 1179% 185 -47% 14 10 5 Africa Asia USA Others FY 2016 FY 2017 Rs. cr. FY 2016 FY 2017 Gth FY 2016 FY 2017 Africa 692 712 3% Asia 461 417 -10% USA 14 185 1179% Others 10 5 -47
Slide 17: Total Sales
Total Sales Q4 Revenue Break up Revenue Break-up (Rs. cr.) (Rs. cr.) 8% 12% 456 1,933 424 12% 1,727 6% 300 317 1,319 1,178 12% 12% 124 140 549 614 India Exports Total Revenue India Exports Total Revenue Q4 FY 2016 Q4 FY 2017 FY 2016 FY 2017 Rs. cr. Rs. cr. Q4 FY 2016 Q4 FY 2017 Gth FY 2016 FY 2017 G
Slide 18: Infrastructure
Infrastructure 3rd May 2017 18 of 33
Slide 19: Prepared for Next Growth
Prepared for Next Growth Formulation Manufacturing 3 existing facilities in Aurangabad, Maharashtra (1 USFDA & WHO Pre-Q approved) 1 Facility at Mauritius Dahej (Gujarat) - Commercial operation began in April 2017 (US FDA inspection complete) Guwahati (Assam) – First phase commissioned, 2nd
Slide 20: R&D Thrust
R&D Thrust R&D spend & % of Oper. Income (Excluding Capex) Adding Spend Q4 FY 2017 - Rs. 39 cr. (8%) 8% FY 2017 - Rs.153 cr. (8%) 153 6% 106 5% R&D 4% 70 Focus 4% 50 37 Adding Team Adding Capacity 800+ Scientistes 2 more location Bio equivalence FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 3rd May 2017 2
Slide 21: Financial Highlights
Financial Highlights 3rd May 2017 21 of 33
Slide 22: P&L Synopsis – Q4 FY 2017 (Consolidated)
P&L Synopsis – Q4 FY 2017 (Consolidated) (Rs. Cr.) Q4 FY 2017 % to Sales Q4 FY 2016 % to Sales % Growth Exports 317 67% 300 69% 6% Domestic 140 29% 124 30% 8% Other Op. Income 20 4% 7 1% 217% Income from Operations 477 431 11% EBITDA 174 36% 142 33% 23% PBT 144 30% 134 31% 7% PAT 114 24% 109 25% 5%
Slide 23: P&L Synopsis – FY 2017 (Consolidated)
P&L Synopsis – FY 2017 (Consolidated) (Rs. Cr.) FY 2017 % to Sales FY 2016 % to Sales % Growth Exports 1,319 66% 1,178 67% 12% Domestic 614 31% 549 32% 12% Other Op. Income 69 3% 22 1% 207% Income from Operations 2,002 1,749 14% EBITDA 701 35% 587 34% 19% PBT 648 32% 559 32% 16% PAT 507 25% 416 24%
Slide 24: Detailed P&L – Q4 & FY 2017 (Consolidated)
Detailed P&L – Q4 & FY 2017 (Consolidated) (Rs. Cr.) Q4 Year ended FY 2017 FY 2016 FY 2017 FY 2016 Income from Operations 477 431 2,002 1,749 Other Income 6 1% 5 1% 24 1% 21 1% Total Income 483 436 2,026 1,770 Materials consumed 92 19% 96 22% 415 21% 414 24% Employee Benefit 76 16% 69 16% 295 15% 25
Slide 25: Ind AS Reconciliation (Consolidated)
Ind AS Reconciliation (Consolidated) (Rs. cr. ) Reserve Profit Reconciliation Particulars Reconciliation Q4 FY 2016 FY 2016 FY 2016 Net Profit/Other Equity as per 106.31 401.41 1,154.37 Previous Indian GAAP Fair Value of Financial Assets 1.60 4.45 10.38 Employee Benefits – Actuarial 0.19 0.35 - Gain
Slide 26: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) (Rs. cr. ) Statement of Assets & Liabilities FY 2017 FY 2016 ASSETS Non-Current Assets Property, Plant and Equipment 583 447 Capital Work-in-Progress 338 238 Other Intangible Assets 6 4 Intangible assets under development 1 1 Financial Assets – Others 9 9 Deferred tax as
Slide 27: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) (Rs. cr. ) Statement of Assets & Liabilities FY 2017 FY 2016 EQUITY AND LIABILITIES Equity Equity Share Capital 18 18 Other Equity 1,550 1,173 Sub Total – Shareholders’ Funds 1,568 86% 1,191 80% Non-current Liabilities Financial Liabilities Borrowings 1 15 Other Financia
Slide 28: Consistent Track Record (Consolidated)
Consistent Track Record (Consolidated) Consolidated Total Income PAT (Rs. cr.) & PAT Margin (%) (Rs. cr.) 12% 19% 21% 24% 25% 2,026 507 1,771 416 1,502 1,230 310 942 234 112 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 3rd May 2017 28 of 33
Slide 29: Consistent Track Record (Consolidated)
Consistent Track Record (Consolidated) EBITDA Margin Net Margin 35% (%) 25% (%) 34% 34% 24% 31% 21% 19% 24% 12% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 RONW ROCE (%) (%) 47% 50% 43% 45% 44% 40% 37% 41% 37% 32% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 3rd May 2017 29 of 33
Slide 30: Consistent Track Record (Consolidated)
Consistent Track Record (Consolidated) EPS Dividend per share (Rs.) (FV Rs. 2/-) 13 (Rs.) 58 47 8 35 6 27 4 13 3 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Dividend Payout Book Value per share 178 (%) (Rs.) 25% 135 18% 19% 18% 15% 96 67 45 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 3rd
Slide 31: Consistent Track Record (Consolidated)
Consistent Track Record (Consolidated) Total Debt / Equity Receivable Days (Ratio) (Nos.) 0.32 79 60 63 65 61 0.22 0.09 0.07 0.00 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Inventory Days Payable Days (Nos.) 134 (Nos.) 59 99 94 48 43 40 85 82 40 2013 2014 2015 2016 2017 2013 2014 2015 2016 20
Slide 32: Thank You
For updates and company information please visit our website: www.ajantapharma.com For specific queries, contact: Rajeev Agarwal Thank You [email protected] 022-66061377 Ajanta Pharma Limited Ajanta House, Charkop, Kandivli (W), Mumbai 400 067 CIN No. - L24230MH1979PLC022059 3rd May 20
Slide 33: 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