Press Release (ePRNews.com) - MUMBAI, India - Oct 26, 2016 - Ajanta Pharma Ltd. a specialty focused pharmaceutical formulation company reported today its performance for the 2nd quarter and half year ended 30th September 2016.
Q2 FY 2017 performance highlights (Consolidated, as per Ind AS)
· Income from operations grew 17% at Rs. 516 cr. against Rs. 442 cr.
· EBITDA growth of 19% at Rs. 183 cr. against Rs. 154 cr., EBITDA at 35% of revenue.
· Profit before tax grew 12% at Rs. 165 cr. against Rs. 148 cr.
· Profit after tax grew 26% at Rs. 131 cr. against Rs. 103 cr., PAT at 25% of revenue.
H1 FY 2017 performance highlights (Consolidated, as per Ind AS)
· Income from operations grew 18% at Rs. 992 cr. against Rs. 837 cr.
· EBITDA growth of 26% at Rs. 350 cr. against Rs. 276 cr., EBITDA at 35% of revenue.
· Profit before tax grew 21% at Rs. 323 cr. against Rs. 267 cr.
· Profit after tax grew 32% at Rs. 250 cr. against Rs. 189 cr., PAT at 25% of revenue.
Commenting on the results, Mr. Yogesh Agrawal, Managing Director said:
“We are pleased with yet another quarter of healthy growth. Our India business continues to post robust growth across various specialities we operate in displaying above industry growth rates. With the foreign currency volatility and scarcity, emerging markets continue to face head wind which is reflected in this quarter’s results. However we are excited with the robust performance in US during the quarter which was backed on successful launches of no. of products. With some more launches in pipeline, we are optimistic of the US market performance for rest of the year.”
For Q2 FY 2017, India branded sales (excluding institution) was Rs. 154 cr. posting healthy growth of 21%. For H1 FY 2017, India branded sales (excluding institution) was Rs. 311 cr. posting healthy growth of 20%.
For Q2 FY 2017 Total India sales (including institution) was Rs. 158 cr., up 17%. For H1 FY 2017 Total India sales (including institution) was Rs. 320 cr., up 13%.
During Q2 FY 2017, Export sales was Rs. 344 cr., growth of 13%. Africa contributed Rs. 175 cr., same level as last year, Asia contributed Rs. 98 cr. de-growth of 21% and US contributed Rs. 71 cr. growth of 2683%. For H1 FY 2017, Exports sales grew 18% with sale of Rs. 641 cr. Africa contributed Rs. 369 cr. (growth of 14%), Asia contributed Rs. 191 cr. (de-growth of 10%) and US contributed Rs. 80 cr. a growth of 1399%.
The de-growth in Asia was due to currency devaluations and forex scarcity in select geographies, which continue to pose challenges and limit our growth potential.
For the US market, we received ANDA approvals for 4 products and commercialized 3 products during the quarter. Till date, company has received 15 final ANDA approvals, 2 tentative approvals and another 12 awaiting approval with US FDA. We target to file 8-12 ANDAs per year with US FDA.
Company has significantly increased its R&D spend during the quarter. For Q2, R&D expenses were Rs. 37 cr., 7% of operating revenue (Q2 FY 2016 Rs. 26 cr., 6% of operating revenue). For H1, R&D expenses were Rs. 69 cr., 7% of operating revenue (H1 FY 2016 Rs. 45 cr., 5% of operating revenue).
The solid dosage formulation facility at Dahej, Gujarat is taking regulatory filing batches and scheduled to be commercialised from April 2017. The construction of new formulation facility at Guwahati, Assam is on course with Phase 1 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 1st 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 750+ 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, pre-qualification from WHO, along with approvals from FDAs of many other countries.
For last 5 years, company has posted healthy performance with its consolidated revenue growing at 26% CAGR and net profit at 51% CAGR.
For more details visit www.ajantapharma.com
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Ajanta Pharma Limited