Ajanta Pharma (AJP) has delivered a better-than-expected performance on all operational metrics in 2QFY19 led by strong sales growth in Asia/US as well as lower-than-expected decline in Africa sales. Domestic business reported flat growth due to high YoY base led by channel re-filling post GST roll-out. Despite marginal sales growth, AJP's EBITDA de-grew by 9.5% YoY to Rs1.7bn on account of higher staff and other operating expenditure, owing to which EBITDA margin contracted by 345bps YoY to 30.5%. However, AJP's gross margin expanded by 255bps YoY to 82.4% due to better product-mix. Led by higher taxes, PAT de-grew by 4.9% YoY to Rs1.3bn. The Company is expected to file 10-12 ANDAs with the USFDA in FY19E. LPC maintained...