Ajanta Pharma Ltd.

NSE: AJANTPHARM | BSE: 532331 | ISIN: INE031B01049 |Industry: Pharmaceuticals
|Expensive Star
1693.10 17.30 (1.03%)
NSE Aug 07, 2020 15:31
Volume: 229.5K

Ajanta Pharma Ltd.    
31 Jul 2020
Motilal Oswal
EBITDA margin expanded at higher rate of 590bp YoY with superior product mix and controlled opex. We remain positive on AJP on its new launches, rising share in key markets of the US/India/Asia/Africa and improved operating leverage. Re-iterate In the branded formulation segment, AJP witnessed 15% YoY decline in India, while it delivered 27.8%/17.4% YoY growth in Asia/Africa in 1QFY21. AJP has strong pipeline of registration in both Asia/Africa branded segment. We expect Africa branded segment to deliver better 12% CAGR over FY20-22E to INR4.3b owing to increased offerings and better reach. AJPs US sales grew 46% YoY due to increased traction in existing With 19 ANDAs pending approval, the company has an intention to file 10-12 ANDAs annually. Considering 6-7 launches in FY21, we expect AJP to garner 20% CAGR in US sales over FY20-22E to INR7.3b in this segment.
Number of FIIs/FPIs holding stock rose by 20 to 194 in Jun 2020 qtr.
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