Ajanta Pharma posts PAT of Rs 94 crore in Q4 FY 2018

In year ended FY 2018, the company’s income from operations was at Rs 2,131 crore against Rs 2,002 crore

Ajanta Pharma, a specialty pharmaceutical formulation company posted its performance for the fourth quarter and financial year ended March 31, 2018.

In Q4 FY 2018, income from operations was at Rs 530 crore against Rs 477 crore, up 11 per cent. EBITDA was at Rs 140 crore against Rs 173 crore, down (20 per cent), EBITDA at 26 per cent of revenue. Profit after tax was at Rs 94 crore, against Rs 114 crore, down (17 per cent) and PAT at 18 per cent of revenue.

In year ended FY 2018, the company’s income from operations was at Rs 2,131 crore against Rs 2,002 crore, up 6 per cent. EBITDA was at Rs 658 crore against Rs 699 crore, down (6 per cent) and was at 31 per cent of the revenue. Profit after tax was at Rs 469 crore, against Rs 507 crore, down (8 per cent) and PAT was at 22 per cent of the revenue.

Commenting on the results, Yogesh Agrawal, Managing Director, Ajanta Pharma says, “During the quarter, we have performed well in the Africa branded generic space. Whereas branded generic business in India and Asia performed below our expectations. We have seen a lot of movement in the Africa institution business which saw de-growth of 22 per cent and has impacted the overall quarter performance.

Considering the challenging pricing environment in the US, we have performed much better relative to our competitors who have seen much sharper price erosion. Going forward, we will continue to focus on the branded generic business in India and emerging markets.”

For Q4 FY 2018, India sales was at Rs 148 crore posting a growth of 6 per cent whereas, for 12 months, it was Rs 629 crore growth of 2 per cent. As per IMS MAT March 2018, the company has posted a healthy growth of 10 per cent in cardiology (segment growth of 6 per cent), 13 per cent in ophthalmology (segment growth of 7 per cent), de-growth of 4 per cent in dermatology (segment growth of 14 per cent) and 8 per cent in pain management (segment growth of 4 per cent).

During Q4 FY 2018, export sales were at Rs 348 crore (growth of 10 per cent). Africa branded generic contributed Rs 109 crore (growth of 112 per cent), Asia branded generic contributed Rs 132 crore (de-growth of 4 per cent), Africa Institution contributed Rs 63 crore (de-growth of 22 per cent), and US generic contributed Rs 42 crore (de-growth of 7 per cent).

During FY 2018, export sales were at Rs 1,434 crore (growth of 9 per cent). Africa branded generic contributed Rs 355 crore (growth of 30 per cent), Asia branded generic contributed Rs 493 crore (growth of 18 per cent), Africa Institution contributed Rs 384 crore (de-growth of 13 per cent), and US generic contributed Rs 194 crore (growth of 5 per cent).

In the US, during FY 2018 the company received 4 ANDA final approval, commercialised six products and filed 8 ANDA with US FDA. Out of 19 final ANDA approvals, the company has commercialised 18 products. It holds two tentative approvals and 18 ANDAs are awaiting US FDA approval. The company plans to file 10-12 ANDAs during this financial year.

The company enhanced its R&D spend to 9 per cent of operating revenue both during Q4 and FY 2018. During Q4 FY 2018, R&D expenses were at Rs 48 crore (Q4 FY 2017 Rs. 39 crore) and for FY 2018, Rs 186 crore, (FY 2017 Rs 153 crore).