ICICI Securities Ltd | Retail Equity Research Ajanta Pharma's Q2FY19 results were above I-direct estimates on all fronts mainly on account of a beat in export sales and higher other income. Revenues grew 0.7% YoY to | 544.1 crore. Muted growth was mainly due to the high base of restocking in domestic market post GST implementation and shrinking in African tender business. Beat vis--vis I-direct estimates was due to strong US sales EBITDA margins contracted 345 bps YoY to 30.5% (I-direct...