Ajanta Pharma (AJANTPHARM) Q4 20/21 earnings summary

Executive summary

• Revenue from operations rose 12% to ₹2,890 cr and PAT grew 40% to ₹654 cr in FY2021 despite pandemic disruption.

• Branded generics contributed 68% of sales; diversified markets, inventory preparedness and rapid digital marketing supported uninterrupted medicine supply and growth.

• Operating free cash flow was ₹284 cr; year-end cash and liquid investments exceeded ₹375 cr after shareholder distributions.

Financial highlights

• Consolidated revenue from operations ₹2,889.69 cr vs ₹2,587.87 cr; EBITDA ₹999 cr vs ₹683 cr, up 46%; PAT ₹653.87 cr vs ₹467.70 cr, up 40%.

• PBT was ₹900.18 cr vs ₹663.97 cr; total comprehensive income ₹647.42 cr vs ₹473.26 cr.

• Operating cash flow was ₹576 cr vs ₹457 cr; investing outflow ₹282 cr and financing outflow ₹318 cr.

• Material costs fell to 22% of revenue from 25%; other expenses fell to 24% from 29%, with lower H1 marketing and R&D spending during lockdowns.

Outlook and guidance

• EBITDA margin is expected to normalize toward earlier-year levels as marketing and R&D spending returned to normal in H2; new-facility utilization may provide operating leverage.

• FY2022 US ANDA filings are expected to return to target levels of 10–12; US growth momentum is expected to continue through launches and market-share gains.

• Cost discipline, optimization, automation and cash conservation remain priorities amid ongoing pandemic uncertainty.