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Ajanta Pharma Limited — Q2 FY24
Ajanta Pharma delivered a solid Q2 FY24 with consolidated revenue of INR 1,028 crore (+10% YoY) and EBITDA of INR 291 crore (+48% YoY), driven by strong US generics growth (+28% YoY) and margin expansion from lower logistics costs and favorable forex.
bullish
high
Financial stats pending filing verification
2-Minute Summary
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Ajanta Pharma delivered a solid Q2 FY24 with consolidated revenue of INR 1,028 crore (+10% YoY) and EBITDA of INR 291 crore (+48% YoY), driven by strong US generics growth (+28% YoY) and margin expansion from lower logistics costs and favorable forex. India branded business grew 13% YoY, outpacing IPM by 400 bps. Management guided for low-teens growth in Asia and Africa branded businesses for FY24, and US revenues to sustain at similar levels for the next two quarters. EBITDA margin guidance was upgraded to ~26% for FY24. Key risk: Asia branded business saw an 8% YoY decline due to shipment push-outs, though recovery is expected in H2.
अजंता फार्मा ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 1,028 करोड़ रुपये रही, जो पिछले साल से 10% ज्यादा है। मुनाफा (EBITDA) 291 करोड़ रुपये रहा, जो 48% बढ़ा। इसकी वजह अमेरिका में जेनेरिक दवाओं की बिक्री में 28% का उछाल और कम लागत है। भारत में कंपनी के ब्रांडेड कारोबार में 13% बढ़ोतरी हुई, जो बाजार से बेहतर है। कंपनी को उम्मीद है कि एशिया और अफ्रीका में इस साल 10-13% बढ़ोतरी होगी। अमेरिका में अगली दो तिमाहियों में बिक्री ऐसी ही रहेगी। कंपनी ने मुनाफा मार्जिन का अनुमान 26% कर दिया है। एक जोखिम: एशिया में बिक्री 8% गिरी, लेकिन दूसरी छमाही में सुधार की उम्मीद है।
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Asia branded business decline due to shipment push-outs
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US Generics Revenue Growth
INR 237 crore
+28% YoY
US generics posted robust growth of 28% YoY in Q2, driven by market stabilization and new launches.
India Business Growth vs IPM
14% vs 10%
+400 bps
India branded business grew 14% YoY, outpacing IPM growth of 10% as per IQVIA MAT Sep 2023.
Gross Margin
75%
in line with guidance
Gross margin remained at 75%, supported by favorable API prices and euro normalization.
ANDAs Filed (H1)
5
expect 3 more in H2
Filed 5 ANDAs in H1; expects to file ~3 more in H2, maintaining a steady pipeline.
What Changed vs Last Quarter
NEW
Asia branded business to deliver low-teens growth in FY24
Despite an 8% decline in Q2, management expects Asia branded business to post low-teens growth for the full year, driven by recovery in H2.
NEW
Africa branded business to deliver low-teens growth in FY24
Africa branded business is expected to bounce back and deliver low-teens growth for FY24, after a flattish H1.
NEW
US revenues to sustain at similar levels for next two quarters
Management expects US generics revenue to remain at Q2 levels for the next two quarters, factoring in new launches and market share changes.
UPDATED
FY24 EBITDA margin guidance upgraded to ~26%
Management expects EBITDA margin of around 26% for FY24, up from earlier guidance of 25%, due to improved gross margins and lower logistics costs.
DROPPED
Mid-teen revenue growth for FY24
Management expects mid-teen percentage growth for the full year across branded generics and US generics.
DROPPED
US generics revenue similar level in next three quarters
US generics revenue expected to remain at similar levels as Q1 (₹213 crore) for the next three quarters.
DROPPED
CapEx of ₹200 crore for FY24
Capital expenditure for FY24 estimated at ₹200 crore, including maintenance and new corporate house CapEx.
NEW RISK
Asia branded business decline due to shipment push-outs
Asia branded sales declined 8% YoY in Q2 due to supplies pushed to next quarter; recovery depends on execution.
NEW RISK
Africa market slowdown may persist
Africa branded business saw a slowdown in the market over the last 4-5 months; growth recovery is uncertain.
RISK GONE
Africa institutional business volatility
Africa institutional (anti-malarial) sales declined 16% YoY due to unpredictable procurement agency funding.
Fast read
Guidance and risk preview
Management expects EBITDA margin of around 26% for FY24, up from earlier guidance of 25%, due to improved gross margins and lower logistics costs.
Asia branded sales declined 8% YoY in Q2 due to supplies pushed to next quarter; recovery depends on execution.
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