Ajanta Pharma (AJANTPHARM) Q4 21/22 earnings summary

Executive summary

• FY22 revenue from operations rose 16% YoY to ₹3,341 cr; PAT increased 9% to ₹713 cr, led by Branded Generics growth despite US price erosion and softer African institutional demand.

• Branded Generics contributed 73% of revenue, up from 67% in FY21, supporting diversified growth across India, Asia and Africa.

Financial highlights

• Consolidated revenue was ₹3,341 cr versus ₹2,890 cr in FY21; exports grew 13% and domestic revenue grew 21%.

• EBITDA was ₹929 cr, down 7% YoY, with margin at 28% versus 35%; marketing and R&D spending normalised after COVID-related restrictions eased.

• PAT rose to ₹713 cr from ₹654 cr; PBT was ₹909 cr versus ₹900 cr, and total comprehensive income reached ₹705 cr versus ₹647 cr.

• Operating free cash flow increased to ₹453 cr from ₹202 cr; operating cash flow was ₹562 cr versus ₹576 cr.

Outlook and guidance

• FY23 capex, including maintenance capex, was estimated at ~₹200 cr; FY22 capex was ₹154 cr, mostly maintenance.

• Planned 10–12 US ANDA filings in FY23; selective launches will focus on products with limited competition.

• Higher allocations for product registrations, teams and launches are expected to lift marketing expenses going forward.