Result Update Q4 FY ‘15 · 8th May 2015 . 8 th 5 2 of 42 India Business Regulated Markets...
Transcript of Result Update Q4 FY ‘15 · 8th May 2015 . 8 th 5 2 of 42 India Business Regulated Markets...
www.ajantapharma.com
Result Update Q4 FY ‘15 8th May 2015
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India
Business
Regulated
Markets
Emerging
Markets
Infrastructure
Financial
Highlights Corporate Social
Responsibility
Agenda
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India Business
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Dermatology
Cardiology
Pain Management
Ophthalmology
New
Therapy Focus
Total MR Strength 3,000
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India Sales – Q4 FY ‘15
20
24 26
18
7
25
28
35
16
9
0
5
10
15
20
25
30
35
40
Ophthalmology Dermatology Cardiology Institution Pain Mgt.
Q4 FY '14 Q4 FY '15
Q4 FY ‘15 Sales – Rs. 114 cr. (Q4 FY ‘14 – Rs. 95 cr.)
APL Growth 20%, IPM Growth 26% (excluding Institution)
17%
34%
30%
27%
Source: Company
-8%
Rs.
cr.
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India Sales – FY ‘15
85
100 104
66
30
114 118
146
62
40
0
20
40
60
80
100
120
140
160
Ophthalmology Dermatology Cardiology Institution Pain Mgt.
FY '14 FY '15
FY ‘15 Sales – Rs. 480 cr. (FY ‘14 - Rs. 385 cr.)
APL Growth 25%, IPM Growth 31% (excluding Institution)
Rs.
cr.
18%
40%
34% -7%
35%
Source: Company
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Within Segments Ajanta Way Ahead
Source: IMS, MAT Mar ‘15
12%
18%
10%
19%
11%
26%
11%
37%
31%
27%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Pharma Market Dermatology Cardiology Ophthalmology Pain Mgt.
IPM Ajanta Pharma
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Ajanta Growing Consistently Faster Than Industry
IPM – Indian Pharmaceutical Market, Source: IMS
15%
10% 10%
12%
38%
29%
36%
26%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Mar '12 Mar '13 Mar '14 Mar '15
IPM Ajanta Pharma
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IPM - Rankings
IMS MAT Mar ‘15
IMS MAT Mar ‘14
5
13
24
39
IMS MAT Mar ‘05
28
98
38
88
5
13
22
37
Segment
Ophthalmology
Dermatology
Cardiology
Ajanta Pharma
Pain Mgt. 58 NA
36
53
Source: IMS
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30 49
66
88
109
135
180
240
319
418
-
50
100
150
200
250
300
350
400
450
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ajanta IPM – A Consistent Out Performance
Rs.
cr.
Source: Company
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IPM - Leading Brands
Brand Value (Rs. cr.)
IMS MAT Mar ‘15
Growth over Previous Year
Segment
Met-XL Range 62 21% Cardio
Melacare Range 54 2% Derma
Atorfit Range 44 37% Cardio
Rosufit Range 22 169% Cardio
Apdrops Range 15 68% Ophthal
Softdrops Range 13 21% Ophthal
Feburic 13 60% Pain Mgmt
Aquasoft Range 11 31% Derma
Source: IMS
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Product Profile – Many First to Market
Segment
Total No. of
Products as of
Mar ‘15
No. of Products
First Time in
Market (last 10 yrs)
Ophthalmology 61 51
Cardiology 32 11
Dermatology 58 40
Pain Mgt. 30 25
Total 181 127
Source: Company
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FY ‘15
Total new launches – 26
First to market - 12
New Product Launches in India – Q4 FY ‘15
Zillion Speciality MeXLON Axys
Zillion Inyx
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Emerging Markets
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Global Presence
USA CIS (6 Countries)
West Asia (3 Countries)
Latin
America (4 Countries)
Africa (19 Countries)
India
South East
Asia (3 Countries)
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Branded Generics in Emerging Markets
Brands gaining further ground in many markets
19% Growth in Q4 FY ’15, 22% in FY ‘15
Field strength increased to 572 from 450
Country specific brand portfolio enabling growth
Ranked among Top 5 companies in Franco Africa (IMS Feb ‘15)
Among fastest growing companies in Philippines (IMS Dec ‘14)
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Emerging Markets – Q4 FY ‘15 Revenue Break-up
105
96
5
136
107
2 0
20
40
60
80
100
120
140
160
Africa Asia Latam
Q4 FY '14 Q4 FY '15
30%
11%
Rs.
cr.
-54%
(Rs. cr.)
Region Q4
FY ‘15
Q4
FY ‘14 Growth
Africa 136 105 30%
Asia 107 96 11%
Latam 2 5 -54%
Total 245 206 19%
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Emerging Markets – FY ‘15 Revenue Break-up
368
311
15
451
382
12
0
50
100
150
200
250
300
350
400
450
500
Africa Asia Latam
FY '14 FY '15
(Rs. cr.)
23%
23%
Region FY ‘15 FY ‘14 Growth
Africa 451 368 23%
Asia 382 311 23%
Latam 12 15 -20%
Total 845 694 22% Rs.
cr.
-20%
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Emerging Markets – Building Brands
Region No. of Brands
Registered
No. of
Brands
under
Registration
Field Force
Strength
Major Segments
Africa 1,118 1,106 257 Antibiotic, Anti-Malaria, Ortho
Asia 294 360 315 Antibiotic, Derma, Ortho, OTC,
Ophthal, Cardio, GI
Latam 33 143 - Ophthal, MED, GI
Total 1,445 1,609 572
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New Product Launches Q4 FY ‘15
Region Q4 FY ‘15 FY ‘15
Africa 5 30
Asia 9 18
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Regulated Markets
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Regulated Markets - USA
Total ANDAs filed – 25
Approved – 2 (launched – 1)
Under approval – 23
Q4 sales Rs. 1 cr., FY ‘15 Rs. 4 cr.
Gaining market share for
Risperidone Filing target every year > 6
Expected market size of ANDA
filed USD 1.5 billion (post generic)
Only solid dosage
Mix of Para II, Para III, Para IV
No FTFs
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Infrastructure
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Manufacturing
Formulation Manufacturing
3 existing facilities in Aurangabad (1 USFDA, UKMHRA, WHO Pre-Q, approved)
1 Facility at Mauritius
Dahej facility under validation, regulatory filing batches thereafter
Savli facility options being evaluated
Capacities for tablets, capsules, powders, liquids
API Manufacturing
1 Facility in Aurangabad (Captive mid size)
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R&D – The Catalyst for Growth
Formulation,
Analytical & API
Development
Enhancing capacities &
capabilities, investing
Rs. 80 cr.
Many first to market
products to credit
Niche, complex &
difficult to make
products
Team of 400+ people
Spent Rs. 70 cr.
(FY ‘15)
(5% of Revenue)
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Financial Highlights
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P&L – Q4 FY ‘15 (Stand Alone)
(Rs. cr.)
Particulars Q4 FY ‘15 Q4 FY ‘14 Growth
Exports 246 206 20%
% to Revenue 67% 66%
Domestic 114 95 20%
% to Revenue 31% 31%
Other Oper. Income 8 10 -14%
% to Revenue 2% 3%
Revenue 369 311 19%
EBITDA 141 111 27%
% to Revenue 38% 36%
PBT after exceptional item 123 97 27%
% to Revenue 33% 31%
PAT after exceptional item 84 70 20%
% to Revenue 23% 23%
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P&L – Q4 FY ‘15 (Stand Alone)
Particulars Q4 FY ‘15 Q4 FY ‘14
Income from Operations 369 311
Materials consumed 103 28% 89 29%
Employee benefits exp. 51 14% 38 12%
Finance costs 1 0% 2 1%
Other expenditure 74 20% 74 24%
Dep. & amortization 13 3% 15 5%
Total expenses 242 218
Profit from operations 127 93
Other Income 3 3
Profit Before Except. Item 130 96
Exceptional Item 7 0
Profit Before Tax 123 33% 96 31%
Tax Expense 39 26
Net Profit 84 23% 70 23%
(Rs. cr.)
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P&L – FY ‘15 (Stand Alone)
(Rs. cr.)
Particulars FY ‘15 FY ‘14 Grth
Exports 849 695 22%
% to Revenue 63% 63%
Domestic 480 385 25%
% to Revenue 35% 35%
Other Oper. Income 28 30 -8%
% to Revenue 2% 2%
Revenue 1,356 1,110 22%
EBITDA 473 346 37%
% to Revenue 35% 31%
PBT (after exceptional Item) 445 313 42%
% to Revenue 33% 28%
PAT (after exceptional Item) 306 221 39%
% to Revenue 23% 20%
Exceptional Item:
Turkmenistan JV investment
fully provided (Rs. 6.95 cr.)
due to
1. Currency devaluation,
2. Convertibility restriction
3. JV financial position
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P&L – FY ‘15 (Stand Alone)
Particulars FY ‘15 FY ‘14
Income from Operations 1,356 1,110
Materials consumed 381 28% 348 31%
Employee benefits exp. 186 14% 147 13%
Finance costs 5 0% 8 1%
Other expenditure 317 23% 270 24%
Dep. & amortization 49 4% 42 4%
Total expenses 938 815
Profit from operations 418 295
Other Income 34 18
Profit Before Except. Item 452 313
Exceptional Item 7 0
Profit Before Tax 445 33% 313 28%
Tax Expense 139 92
Net Profit 306 23% 221 20%
(Rs. cr.)
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P&L – FY ‘15 (Consolidated)
(Rs. cr.)
Particulars FY ‘15 FY ‘14 Growth
Exports 973 793 23%
% to Revenue 66% 66%
Domestic 480 385 25%
% to Revenue 32% 32%
Other Oper. Income 28 30 -8%
% to Revenue 2% 2%
Revenue 1,481 1,208 23%
EBITDA 505 369 37%
% to Revenue 34% 31%
PBT (after exceptional Item) 456 330 38%
% to Revenue 31% 27%
PAT (after exceptional item) 310 234 32%
% to Revenue 21% 19%
Exceptional Item:
Turkmenistan JV investment
fully provided (Rs. 8.46 cr.)
due to
1. Currency devaluation
2. Convertibility restriction
3. JV financial position
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P&L – FY ‘15 (Consolidated)
Particulars FY ‘15 FY ‘14
Income from Operations 1,481 1,208
Materials consumed 365 25% 346 29%
Employee benefits exp. 201 14% 157 13%
Finance costs 6 0% 9 1%
Other expenditure 410 28% 337 28%
Dep. & amortization 52 3% 44 4%
Total expenses 1,034 892
Profit from operations 447 316
Other Income 17 14
Profit Before Except. Item 464 330
Exceptional Item 8 0
Profit Before Tax 456 31% 330 27%
Tax Expense 146 96
Net Profit 310 21% 234 19%
(Rs. cr.)
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Consolidated Performance – 5 years
57% CAGR PAT 31% CAGR Operating Income
499
677
931
1,208
1,481
51
77 112
234
310
0
50
100
150
200
250
300
350
0
250
500
750
1000
1250
1500
1750
2011 2012 2013 2014 2015
Consolidated Operating Income & PAT (Rs. cr.)
Total Income Profit After Tax
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Consolidated Performance – FY 2014-15
2011 2012 2013 2014 2015
7 10
17
41
59
Dividend (Rs. cr.)
2011 2012 2013 2014 2015
51 77
112
234
310 PAT
(Rs. cr.)
2011 2012 2013 2014 2015
6 9
13
27
35 Earning Per Share
(Rs.)
2011 2012 2013 2014 2015
99 147
224
369
505 EBITDA (Rs. cr.)
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Consolidated Key Financial Indicators
* EPS of all years calculated post split of shares and face value of Rs. 2/- per share
Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15
EPS 6 9 13 27 35
Cash EPS 9 12 17 32 41
EBITDA per share 11 17 26 43 59
EBITDA margin 20% 22% 24% 31% 35%
PAT margin 10% 11% 12% 19% 21%
R & D Exp. (Rs. cr.) 25 37 37 50 70
R & D Exp. (% to Sales) 5% 5% 4% 4% 5%
Rs.
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Consolidated Key Financial Indicators
Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15
Book value per share (Rs.) 26 34 45 67 96
Dividend/share (Rs.) (FV Rs.2) 1.00 1.50 2.50 4.00 6.00
RONW 25% 29% 32% 47% 43%
ROCE 18% 23% 38% 47% 52%
Dividend payout 13% 13% 15% 18% 19%
* Book Value of all years calculated post split of shares and face value of Rs. 2/- per share
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Consolidated Key Financial Indicators
Particulars FY ‘11 FY ‘12 FY ‘13 FY ‘14 FY ‘15
Long term debt / Equity 0.36 0.35 0.19 0.12 0.06
Total debt/equity 0.83 0.67 0.32 0.22 0.09
Receivable days 76 77 60 63 65
Inventory days 83 92 59 48 40
Payable days 145 131 134 99 85
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Corporate Social
Responsibility
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Corporate Social Responsibility
Ambulance Donation Diagnostics Camp Eye Camp
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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 materially from these statements.
The Company disclaims any obligation to revise any forward-looking statements.
The readers may use their own judgment and are advised to make their own
calculations before deciding on any matter based on the information given herein.
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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
NSE Symbol : AJANTPHARM ISIN: INE031B01031 BSE Symbol : AJANTAPH Code: 532331
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