Ajanta Pharma Limited — Q4 FY24

So the growth which we are anticipating is assuming the growth in various markets continue and we'll get the tailwind. But it's a factor of increasing the market share in the products we have already in the market. There are a number of new product launches which are scheduled during the year, and there'll be some increase in the field size.

We are basically aiming to grow at least 200 basis points, if possible, 300 basis points, faster than the IPM growth. If the IPM grows at 8%, which is what the forecast is, as we speak, then we are looking at a low double-digit growth between 10% and 11%.

See, but as far as the Red Sea issue or the freight increase is concerned, I think, if it remains at the level where it is today in the month of April, I think the overall increase over a previous year will be about INR 30 crore. That will be the impact. But with that INR 30 crore impact, we should be able to absorb that impact, and we should be able to deliver 28% EBITDA.

See, our guidance is based on two factors. One is that what will be the price erosion for the existing product portfolio? We are estimating high single digits, maybe 8% to 10% price erosion. We have about six new products launched planned for the next year, assuming we get the approval from the FDA as per the timeline.

So I think, 21 was an aberration. The margins of not only Ajanta, most of the companies, Pharma Companies, were elevated because of the COVID, where the expenses reduced significantly, and that improved the margins of Ajanta and number of companies. So I think those margins should be taken as an aberration.

So again, the story remains the same, Tushar. We've got good product launches which came, we increased our market share. Clinically, we are executing very well. So clearly, a result of good product selection, good strategy in marketing, good understanding of the marketing landscape, good connect with the customers, and a very good execution.

That's right. So we are talking on the current year, which we have about 4,900 of MRs. Overall, we are looking to add about 3%-4%, MR, and most of it will happen... Not most of it, all of it will happen in the international markets, so Africa and Asia.

Overall, in cardiology for the last financial year, we have grown at 11%, whereas the segment growth is 10% if I normalize my metaxalone price. If you remember, we have taken an over 18% price reduction in metaxalone, which is the largest brand for us, and that impact brought the growth down to 4% only. But if I normalize that price, our growth would have been 11%.

We are looking to file 8-12 NDAs in the current year coming in FY 2025.

So a few factors. One is that, the expenses are going up, and the second is we've factored in about INR 30 crore-INR 35 crore for the current, prevailing prices for the freight, so that will eat up a little bit. There'll be increase in the manpower, as I just told you, we are adding 200 people.