Shares of Ajanta Pharma jumped 7.84% to Rs 1,288 after consolidated net profit soared 61.1% to Rs 107.76 crore in Q3 December 2019 (Q3 FY20) as against Rs 66.90 crore reported in Q3 December 2018 (Q3 FY19).
Net sales advanced 34.2% year-on-year (YoY) to Rs 651.21 crore in Q3 FY20. The result was announced after market hours yesterday.
Profit before Tax jumped 88.4% to Rs 175.10 crore in Q3 FY20 as against Rs 92.96 crore posted in Q3 FY19. Current tax expenses, for the quarter, surged 171.1% to Rs 63.44 crore YoY.
EBITDA grew 73.83% to Rs 186 crore in Q3 FY20 from Rs 107 crore in Q3 FY19. EBITDA margin fell to 28% in Q3 FY20 from 31% in Q3 FY19.
Sales in India recorded a 12% growth to Rs 195 crore in Q3 FY20 as against Rs 174 crore in Q3 FY19. The total export sales jumped 47% to Rs 448 crore in Q3 FY20 as compared to Rs 304 crore in Q3 FY19.
As per Iqvia MAT December 2019, the firm posted healthy growth of 13% in Cardiology (segment growth of 11%), 17% in Ophthalmology (segment growth of 10%), 9% in Dermatology (segment growth of 9%) and 17% in Pain Management (segment growth of 12%).
From March 2019 to December 2019, Ajanta Pharma received 7 ANDA final approvals, 1 tentative approval and filed 8 ANDAs (Abbreviated New Drug Applications) with USFDA (United States Food & Drug Administration) in the US. Out of 31 final ANDA approvals, it has commercialized 28 products. At present, the firm holds 1 tentative approval while 23 ANDAs await USFDA approval. Ajanta Pharma plans to file 10-12 ANDAs during this financial year.
During Q3 FY20, R&D expenses were Rs. 35 crore, (Q3 FY19 Rs 45 crore) which is 5% of operating revenue. During 9 months FY20, R&D expenses were Rs 114 crore, (9 Months FY19 Rs 136 crore) which is 6% of operating revenue.
Ajanta Pharma is a specialty pharmaceutical company engaged in developing, producing and marketing a range of branded and generic formulations. Its business includes branded generics in emerging markets of Asia and Africa, generics in the developed markets of the United States and Institutional sales.
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