Growth Momentum to Continue in Domestic Biz; Maintain BUY Led by recovery in domestic formulations business and robust performance in African business, Ajanta Pharma (AJP) has delivered a better-than-expected performance in 2QFY18. Its revenues, EBITDA and PAT stood at Rs 5.4bn (vs. our estimate of Rs 4.8bn), Rs 1.8bn (vs. our estimate of Rs 1.4bn) and Rs 1.3bn (vs. our estimate of Rs 1.0bn), respectively. EBITDA margin at 34.0% exceeded our estimate of 29.0% led by better product-mix and recovery in domestic business. Notably, AJP's US sales dipped 63% YoY to Rs260mn primarily owing to price erosion in base business product portfolio following channel consolidation. Notably, AJP plans to file 12-15 ANDAs with...