Ajanta Pharma (AJANTPHARM) Q4 15/16 earnings summary

Executive summary

• FY16 delivered broad-based growth: consolidated revenue from operations rose 17% to ₹1,728 crore, EBITDA increased 15% to ₹581 crore, and net profit grew 30% to ₹401.41 crore.

• Exports generated 68% of revenue; growth came from domestic and international expansion, product launches, and continued investment in R&D and manufacturing capacity.

Financial highlights

• Consolidated net revenue was ₹1,727.53 crore versus ₹1,473.56 crore; total revenue including other income reached ₹1,744.16 crore versus ₹1,490.36 crore.

• Consolidated profit after tax rose 30% to ₹401.41 crore; diluted EPS was ₹45.61 versus ₹35.20, while reported basic EPS was ₹45.62 versus ₹35.24.

• Standalone revenue increased 18% to ₹1,634.11 crore and PAT rose 35% to ₹414.48 crore; standalone diluted EPS was ₹47.10 versus ₹34.80.

• Net cash generated from consolidated operating activities was ₹326.38 crore; capital expenditure on fixed assets, including advances, was ₹296.60 crore.

Outlook and guidance

• Plans call for filing 8–12 ANDAs annually; management also targets 4–5 first-time products in India and 10–12 ANDAs in its R&D plan.

• Guwahati formulations facility, with estimated project cost of ₹300 crore, was under construction and targeted to be operational before March 31, 2017.

• Dahej facility was established, with commercial production expected in the next financial year and operations planned for FY18 as it prepares for USFDA approval.