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Ajanta now ranks 45TH in India Pharmaceutical
market. They specialize in Specialty
segments like Ophthalmology, Dermatology and Cardiology. They launched 19 new products in the Indian
market out of which 4 were first to market.
Ajanta is now present in 25+ countries via branded generics. They have a healthy pipeline of products
(1592 approved product registrations and 1218 awaiting approval). Company launched their first product in
USA. Currently 12 ANDA are under
approval and 2 are already approved.
They have also filed in Europe and currently have one approval in hand. Company grew its top line by 37% and bottom
line by 45%. Emerging markets account
for 65% of the business currently.
Company is present in Africa, CIS, West Asia South-East Asia and Latin
America. Company currently has 380+
professionals selling their products on ground. Both Mauritius and Philippines
subsidiaries have started turning in profit and they are used to penetrate into
Asian markets. The additional capacity
being set up in Gujarat is expected to be operation during FY14-15. Company plans to file about 6 to 8 ANDA every
year. Exports contribute about 65% of
the total sales.
Company has generated good cash flow which has helped pay
for fixed assets investment as well as to reduce the debt. Outlook seems to be positive with multiple
market entries and also production expansion in the current markets.
Company seems to have made a switch from rupee loans to
foreign loans because of lower interest rate for long term borrowings. However,
that would increase the currency volatility risk going forward for this
company. The effect shows in the finance
cost of the loans.
The amount spent on advertisement and publicity has increased which is good. Receivable management seem to have improved from last year
which is a good sign.
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