Company overview

Ajanta Pharma (NSE:AJANTPHARM) is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages. Committed to 'Serve Health Care Needs Worldwide', the company produce a comprehensive range of specialty products targeting different therapeutic segments for treatment of patients, customised to each market Ajanta Pharma is present in. The company clearly understand its customer’s needs and use cutting edge technology to present innovative solutions. The company's business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales.1

The branded generics business is spread in India and more than 30 emerging countries across Africa, CIS, the Middle East and South East Asia. In India Ajanta Pharma has presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management where Ajanta Pharma has been able to provide consistently innovative products, many being 1st to the market, for patient convenience and compliance.

Emerging markets are the major contributors in its branded generic business where Ajanta Pharma is present across Asia and Africa. Ajanta Pharma has designed customised basket of products for each of these markets and serve wide range of therapeutic segments like Anti-Biotic, Anti-Malarial, Anti-Diabetic, Cardiology, Gynecology, Orthopedics, Pediatric, Respiratory & General Health products.

Ajanta Pharma is gradually building a meaningful presence in the US market with select product portfolio, which include complex technology products to get the competitive advantage in the market place. The company expect US market to be its key growth driver in the coming years.

Company’s Institutional business comprises of supplies to various government bodies in India and supply of Anti-Malarial products under WHO approved programs in Africa.

Ajanta operates 8 state-of-the-art manufacturing facilities in India and Mauritius. 2 of the facilities in India have been successfully approved by US FDA. Ajanta Pharma is further expanding its manufacturing capabilities to meet its growth requirement in future.

Ajanta Pharma has an advanced Research & Development Centre for finished formulations and Active Pharmaceutical Ingredient (API) synthesis of different dosage forms. The company's R&D centre has a team of over 650+ scientists working on innovative products for various markets across the globe. Ajanta Pharma has acquired strong capabilities for developing generic formulations and process chemistry over the years.

The company employ over 7,000+ people worldwide and its products are sold in over 30 countries. Ajanta’s team members are driven to fulfill its mission; a commitment to ‘Serving Global Healthcare needs with Empathy, Innovation & Technology’.


Plant locations2

DAHEJ. GUJARAT:- Dosage Forms Tablets. Capsules. Powder Jelly

MAURITIUS. GOODLANDS:- Dosage Forms : Tablets & Capsules.

CHIKALTHANA, AURANGABAD:- Dosage Forms : Liquid & Capsules

PAITHAN. AURANGABAD:- Dosage Forms : Tablets, Capsules & Dry powder

Pithampur, MADHYA PRADESH:- Dosage Forms : Liquid & Capsules

API WALUJ. AURANGABAD:- Dosage Forms : Active Pharma Ingredient

GUWAHATI, ASSAM"- Dosage Forms : Tablets, Ointments & Jelly

CHITEGAON, AURANGABAD:-Dosage Forms : Tablets. Capsules. Powder & Jelly

Industry Overview

The pharmaceutical industry is one of the world’s fastest growing industries and among the biggest contributors to the world economy. It plays a unique role in improving the lives of patients. Its role has become far more critical amidst the fight against COVID -19 pandemic.3

According to the IQVIA Institute paper published in March 2020, global invoice spending has steadily increased from 2014 –2019 with a 5-year CAGR of 4.7% to reach USD 1.2 trillion in 2019. The spending growth is consistent with the increased global use of medicine and is expected to register 3-6% CAGR to USD 1.6 trillion by 2024.

Developed Markets

Developed markets grew at a CAGR of 3.8% in the last 5 years to USD 821.6 billion in 2019. This is now expected to grow to USD 985 billion – 1 trillion by 2024, at a CAGR of 2-5%.

As per IQVIA, USA’s share in global invoice spending is projected to increase to USD 605-635 billion in 2024 from USD 510 billion in 2019. This will be at a CAGR of 3 - 6% as compared with 4.3% CAGR in the previous 5 years.

Pharmerging Markets

This market grew at 7% CAGR in the last 5 years to USD 357.7 billion. It is now estimated to reach USD 475 – 505 billion in 2024, registering CAGR of 5-8%.

Most emerging market growth has been driven by access expansions, leading to greater volume use and adoption of more novel therapies. These include specialty medicines, which are projected to contribute more to spending than in previous periods. However, most of the products used in these countries are non-original products, which aids in keeping spending low despite expanding volume. As a result, projections suggest most countries will have slower growth than historical CAGRs.

As per the IQVIA, in 2019, the Indian Pharmaceutical Market (IPM) stood at about USD 22 billion, growing at 9.5% CAGR for 2014-19, at the back of volume, price and new launches. The IPM, earlier considered immune to economic downturns, seems to be now defying the trend and has slowed down in tandem with the broader economy. Analysis of IPM’s growth drivers indicates slowdown coming from various external forces. Growth from product introduction has reduced substantially as the regulator is more careful with new combination drugs. Frequent regulatory interventions have also added to the woes.

Rest of the World markets grew by 5-year CAGR of 4.8% to USD 71 billion in 2019. This is now estimated to reach USD 85-95 billion by 2024.

Business Overview

India Business

Ajanta Pharma’s India business continued to perform well steered by strong focus on high growth specialty segments. Total sales from India business stood at H 769 cr. against H 690 cr. in the previous year.

As per IMS MAT March 2020, the Company outgrew Indian Pharmaceutical Market (IPM) recording 13% growth compared to 11% for the industry, maintaining its healthy track record for last 5 years, as described in Exhibit-3. Company has also improved its ranking in IPM to 30th against 31st last year

The Company continues to strengthen product portfolio through new launches, many of them being first-tomarket products, offering significant patient benefits. Apart from new launches, many of the Company’s existing products continue to grow their market share.

International business

Total sales from international business for FY 2020 stood at H 1,790 cr. against H 1,324 cr. in the previous year, a growth of 35%. It was primarily backed by robust growth of 82% in the US market and strong growth in branded generics at 27% in Asia and 14% in Africa. Company’s exports revenues are contributed by well-diversified markets, avoiding over dependence on any single market.

Financial highlight

April 30, 2020 Ajanta Pharma Ltd. reported performance for the 4 th quarter & financial year ended 31 st March 2019.4

Q4 FY 2019 performance highlights (compared to Q4 FY 2018)

  • Income from operations at Rs. 515 cr. against Rs. 530 cr.
  • EBITDA at Rs. 127 cr. against Rs. 140 cr.; EBITDA at 25% of revenue.
  • Profit after tax at Rs. 89 cr., against Rs. 94 cr.; PAT at 17% of revenue.

Year ended FY 2019 performance highlights (compared to FY 2018)

  • Income from operations at Rs. 2,055 cr. against Rs. 2,131 cr.
  • EBITDA at Rs. 566 cr. against Rs. 648 cr.; EBITDA at 28% of revenue.
  • Profit after tax at Rs. 387 cr., against Rs. 469 cr.; PAT at 19% of revenue.


Q4 FY 2019, India sales was Rs. 159 cr. (against Rs. 148 cr.), up 8%. For 12 Months, India sales was Rs. 690 cr. (against Rs. 629 cr.) posting growth of 10%.

As per IMS MAT March 2019, Ajanta Pharma has posted healthy growth of 18% in Cardiology (segment growth of 12%), 14% in Ophthalmology (segment growth of 9%), 13% in Dermatology (segment growth of 13%) and 22% in Pain Management (segment growth of 9%).


Q4 FY 2019, total export sales were Rs. 343 cr. (against Rs. 348 cr.) posting de-growth of 1%.

  • Emerging Market branded generic sale was Rs. 221 cr. (against Rs. 243 cr.) posting 9% de-growth. Out of which:
    • Africa branded generic sale was Rs. 75 cr. (against Rs. 109 cr.) posting 31% degrowth.
    • Asia branded generic sale was Rs. 143 cr. (against Rs. 132 cr.) posting 9% growth.
  • US generic sale was Rs. 76 cr. (against Rs. 42 cr.) posting 79% growth.
  • Africa Institution sale was Rs. 46 cr. (against Rs. 63 cr.) posting 26% de-growth.

12 Months FY 2019, total export sales were Rs. 1,324 cr. (against Rs. 1,434 cr.) posting degrowth of 8%. 

  • Emerging Market branded generic sale was Rs. 846 cr. (against Rs. 856 cr.) posting 1% de-growth. Out of which:
    • Africa branded generic sale was Rs. 307 cr. (against Rs. 355 cr.) posting 14% degrowth.
    • Asia branded generic sale was Rs. 529 cr. (against Rs. 493 cr.) posting 7% growth.
  • US generic sale was Rs. 283 cr. (against Rs. 194 cr.) posting 46% growth.
  • Africa Institution sale was Rs. 196 cr. (against Rs. 384 cr.) posting 49% de-growth.

In US, during FY 2019, the company received 10 ANDA final approval; 2 tentative approvals; and filed 13 ANDA with US FDA. Out of 27 final ANDA approvals, Ajanta Pharma has commercialized 25 products. The company hold 2 tentative approvals and 21 ANDAs are awaiting US FDA approval. Company plans to file 10-12 ANDAs during next financial year.


During Q4 FY 2019, R&D expenses were Rs. 40 cr., (Q4 FY 2018 Rs. 47 cr.) which is 8% of operating revenue. For FY 2019, R&D expenses were Rs. 176 cr., (FY 2018 Rs. 185 cr.) which is 9% of operating revenue.

Recent developments

Ajanta Pharma Consolidated December 2020 Net Sales at Rs 748.74 crore, up 14.98% Y-o-Y 5

February 02, 2021 Reported Consolidated quarterly numbers for Ajanta Pharma are:

  • Net Sales at Rs 748.74 crore in December 2020 up 14.98% from Rs. 651.21 crore in December 2019.
  • Quarterly Net Profit at Rs. 176.63 crore in December 2020 up 64.23% from Rs. 107.55 crore in December 2019.
  • EBITDA stands at Rs. 247.16 crore in December 2020 up 23.2% from Rs. 200.61 crore in December 2019.
  • Ajanta Pharma EPS has increased to Rs. 20.41 in December 2020 from Rs. 12.33 in December 2019.


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Created by Asif Farooqui on 2020/10/07 20:41
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