Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q2 FY2016 Earnings Presentation
36 slides from Ajanta Pharma's earnings presentation, Oct 30, 2015
Slide 1: Result Update Q2 FY '16
Result Update Q2 FY ‘16 30th October 2015
Slide 2: Ajanta in NIFTY Midcap 50
Ajanta in NIFTY Midcap 50 Upgraded to Nifty Midcap 50 from Nifty Small cap 100 list of NSE 30th October 2015 One of the most popular index widely followed by Mutual Funds, Foreign Institutions, etc. Last quarter added to Future & Options segment 2 of 36
Slide 3: Among Top 100 of Asia
Among Top 100 of Asia by 30th October 2015 3 of 36
Slide 4: Content
CONTENT 1 India Business 2 Emerging Markets 3 Regulated Markets 4 Infrastructure 5 Financial Highlights 6 Corporate 30th October 2015 4 of 36
Slide 5: India Business
INDIA BUSINESS 30th October 2015 5 of 36
Slide 6: Therapy Focus
Therapy Focus Ophthalmology Dermatology Cardiology Pain Management 30th October 2015 Total MR Strength 3,000 6 of 36
Slide 7: India Sales – Q2
India Sales – Q2 Q2 FY ‘16 Sales – Rs. 131 cr. (Q2 FY ‘15 – Rs. 115 cr.) India Business Growth 14%, India Branded Business excluding institution, Growth 20% 60 33% 53 50 12% 40 40 34 30 Rs. cr. 30 26 26 20 55% 11 12 -38% 10 7 7 30th October 2015 0 Ophthalmology Dermatology Cardiology Pain Mgt. Insti
Slide 8: India Sales – H1
India Sales – H1 H1 FY ‘16 Sales – Rs. 275 cr. (H1 FY ‘15 – Rs. 234 cr.) India Business Growth 18%, India Branded Business excluding institution, Growth 19% 120 28% 101 100 14% 3% 79 80 69 61 58 60 60 Rs. cr. 6% 40 52% 22 24 21 20 13 30th October 2015 0 Ophthalmology Dermatology Cardiology Pain Mgt.
Slide 9: Within Segments Way Ahead
Within Segments Way Ahead 50% 45% 44% 41% 40% 39% 35% 33% 30% 25% 20% 20% 19% 17% 15% 14% 14% 12% 10% 5% 30th October 2015 0% Pharma Market Dermatology Cardiology Ophthalmology Pain Mgt. IPM Ajanta Pharma Source: IMS, MAT September ‘15 9 of 36
Slide 10: Faster Than Industry
Faster Than Industry 40% 38% 36% 35% 33% 30% 29% 26% 25% 20% 15% 15% 14% 12% 10% 10% 10% 5% 30th October 2015 0% Mar '12 Mar '13 Mar '14 Mar '15 Sept '15 IPM Ajanta Pharma IPM – Indian Pharmaceutical Market, MAT Figures Source: IMS 10 of 36
Slide 11: IPM - Rankings
IPM - Rankings IMS MAT IMS MAT IMS MAT Segment Sept ‘15 Sept ‘14 Mar’05 Ophthalmology 5 6 28 Dermatology 14 14 98 Cardiology 21 24 38 Pain Mgt. 45 54 NA Ajanta Pharma 33 37 88 30th October 2015 Source: IMS 11 of 36
Slide 12: Emerging Markets
EMERGING MARKETS 30th October 2015 12 of 36
Slide 13: Global Presence
Global Presence USA West Asia CIS (3 Countries) (6 Countries) South East Asia Latin (3 Countries) America (4 Countries) India Africa (19 Countries) 30th October 2015 Presence in 35+ countries in emerging markets Country specific brand portfolio enabling growth 13 of 36
Slide 14: EM Consolidated Revenue – Q2
EM Consolidated Revenue – Q2 27% 200 180 175 (Rs. cr.) 160 Q2 Q2 138 13% Region Growth 140 FY ‘16 FY ‘15 124 120 110 Africa 175 138 27% 100 Rs. cr. Asia 124 110 13% 80 Latam 3 2 7% 60 40 Total 301 250 20% 7% 20 2 3 0 Africa Asia Latam 30th October 2015 Q2 FY '15 Q2 FY '16 14 of 36
Slide 15: EM Consolidated Revenue – H1
EM Consolidated Revenue – H1 28% 350 322 300 (Rs. cr.) 252 H1 H1 250 13% Region Growth FY ‘16 FY ‘15 213 200 188 Africa 322 252 28% Rs. cr. Asia 213 188 13% 150 Latam 5 6 -9% 100 Total 540 446 21% 50 -9% 6 5 0 Africa Asia Latam 30th October 2015 H1 FY '15 H1 FY '16 15 of 36
Slide 16: Building Brands
Building Brands No. of Under Major Segments Region Brands Registration Registered Antibiotic, Anti-Malaria, Africa 1,120 1,216 Ortho Antibiotic, Derma, Ortho, Asia 286 457 OTC, Ophthal, Cardio, GI Latam 25 10 Ophthal, MED, GI Total 1,431 1,683 30th October 2015 16 of 36
Slide 17: Regulated Markets
REGULATED MARKETS 30th October 2015 17 of 36
Slide 18: Regulated Markets - USA
Regulated Markets - USA ANDAs status Consolidated sales Approved – 5 Tentative Approval - 1 Q2 FY ‘16 Rs. 2 cr. (PY 0.71 cr.) Under approval – 19 Filing target every year > 6 H1 FY ‘16 Rs. 5 cr. (PY 0.75 cr.) 1 product already in market Expected market size of ANDA filed - 4 products
Slide 19: Infrastructure
INFRASTRUCTURE 30th October 2015 19 of 36
Slide 20: Manufacturing
Manufacturing Formulation Manufacturing 3 existing facilities in Aurangabad, Maharashtra (1 USFDA, UKMHRA, WHO Pre-Q, approved) 1 Facility at Mauritius Dahej, Gujrat facility regulatory filing batches commenced Savli, Gujrat facility plan shifted to Guwahati, Assam API Manufacturing 1 Faci
Slide 21: R&D – The Catalyst For Growth
R&D – The Catalyst For Growth Many first to market Formulation, products to credit Analytical & API Team of 500+ people Development Niche, complex & Enhancing capacities & Spent Rs. 26 cr. difficult to make capabilities, investing Q2 FY ‘16 products Rs. 80 cr. (6% of Revenue) 30th October 2015 H1 FY
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS 30th October 2015 22 of 36
Slide 23: Consolidated P&L – Q2
Consolidated P&L – Q2 Q2 FY ‘16 Q2 FY ‘15 Exports Rs. 304 cr. Rs. 251 cr. 21% (69% to Revenue) (68% to Revenue) Domestic Rs. 131 cr. Rs. 115 cr. 14% (30% to Revenue) (31% to Revenue) Total Rs. 438 cr. Rs. 372 cr. 18% EBITDA Rs. 154 cr. Rs. 129 cr. 19% (35% to Revenue) (35% to Revenue) PBT Rs. 147 cr
Slide 24: Consolidated P&L – H1
Consolidated P&L – H1 H1 FY ‘16 H1 FY ‘15 Exports Rs. 545 cr. Rs. 447 cr. 22% (66% to Revenue) (64% to Revenue) Domestic Rs. 275 cr. Rs. 234 cr. 18% (33% to Revenue) (34% to Revenue) Total Rs. 829 cr. Rs. 694 cr. 20% EBITDA Rs. 276 cr. Rs. 226 cr. 22% (33% to Revenue) (33% to Revenue) PBT Rs. 265 cr
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet (Rs. cr.) Statement of Assets & Liabilities H1 FY ‘16 FY ‘15 EQUITY AND LIABILITIES Shareholders' Funds Share Capital 17.69 17.68 Reserves and Surplus 1,011.39 823.41 Sub Total – Shareholders’ Funds 1,029.08 78% 841.09 73% Non-current Liabilities Long-term borrowings 24.16
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet (Rs. cr.) Statement of Assets & Liabilities H1 FY ’16 FY ‘15 ASSETS Non-Current Assets Fixed assets 498.19 458.29 Non-current investments 40.04 40.04 Long-term loans and advances 22.62 9.34 Other non-current assets 5.05 5.27 Sub-total - Non-current assets 565.90 43% 512.94
Slide 27: Consistent Track Record
Consistent Track Record 1750 Consolidated Net Sales & PAT 350 57% CAGR PAT (Rs. cr.) 310 31% CAGR Net Sales 1500 1,453 300 1250 Total Income 1,178 250 Profit After Tax 1000 920 234 200 750 665 112 150 497 500 100 77 51 250 50 30th October 2015 0 0 2011 2012 2013 2014 2015 27 of 36
Slide 28: Consistent Track Record
Consistent Track Record Net Margin 21 EBITDA Margin 34 (%) 19 (%) 31 24 21 11 12 18 10 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 47 ROCE 52 RONW 43 (%) 47 (%) 32 38 29 25 23 18 30th October 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 28 of 36
Slide 29: Key Financial Indicators
Key Financial Indicators Rs. H1 FY ’16 Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15 (H1 FY ‘15) EPS 6 9 13 27 35 21 (16) Cash EPS 9 12 17 32 41 23 (19) EBITDA per share 11 17 26 43 59 31 (26) EBITDA margin 20% 22% 24% 31% 35% 33% (33%) PAT margin 10% 11% 12% 19% 21% 22% (21%) R & D Exp. (Rs. cr.)
Slide 30: Key Financial Indicators
Key Financial Indicators H1 FY ’16 Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15 (H1 FY ‘15) Book value per share (Rs.) 26 34 45 67 96 117 (77) Dividend/share (Rs.) (FV Rs.2) 1.00 1.50 2.50 4.00 6.00 N.A. (N.A.) RONW 25% 29% 32% 47% 43% 43% (42%) ROCE 18% 23% 38% 47% 52% 47% (53%) Dividend payout 1
Slide 31: Key Financial Indicators
Key Financial Indicators H1 FY ’16 Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15 (H1 FY ‘15) Long term debt / Equity 0.36 0.35 0.19 0.12 0.06 0.06 (0.09) Total debt/equity 0.83 0.67 0.32 0.22 0.09 0.06 (0.18) Receivable days 76 77 60 63 65 71 (67) Inventory days 83 92 59 48 40 37 (45) 30th October
Slide 32: Corporate
CORPORATE 30th October 2015 32 of 36
Slide 33: CSR Progress
CSR Progress 300 diagnostic eye camps, 30,319 patients took benefit 13,954 free cataract surgeries at 90+ centers 30th October 2015 11,905 patients took benefit of Annachatra, the subsidized food program Renovation of building & computer center of Municipal school, Risod 33 of 36
Slide 34: 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
Slide 35: For updates and company information
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 CIN No. - L24230MH1979PLC022059 30th October 2015 NS
Slide 36: Thank You!
Value Aim THANK YOU! Continue Look 30th October 2015 Forward 36 of 36