Ajanta Pharma Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues grew 5% YoY at | 540 crore (I-direct estimate: | 506 crore) mainly due to 13% YoY growth in domestic sales to | 178 crore (Idirect estimate: | 173 crore). Export formulations grew marginally by 1% to | 350 crore (I-direct estimate: | 317 crore) EBITDA margins increased 51 bps YoY to 34% (I-direct estimate: 29.1%). Improvement in gross margins by 242 bps YoY to 80% was largely offset by 256 bps increase in employee expenses to 16.5% Adjusted net profit remained flat YoY at | 132 crore (I-direct...

Ajanta Pharma's (AJP) 2QFY18 financial performance was better than expectations, with sales at INR5.4b (est. of INR5b), EBITDA margin at 34% (est. of 29%) and PAT at INR1.3b (est. of INR1b). DF and Africa drive growth: Sales grew 4.8% YoY, led by strong institutional anti-malaria sales and a recovery in domestic formulation (DF) business. However, a decline in US sales and moderate growth in Asia sales adversely affected overall sales growth for the quarter. Superior product mix and higher operating leverage led to 40bp YoY (+640bp QoQ) expansion in EBITDA margin....

Global Fund a key provider of insti-AM business Tender award by the Global Fund holds immense significance in the insti-AM segment. Notably, the Global Fund was the biggest contributor, with ~28% share in total funding to agencies in 2015. The Global Fund spent ~USD9.9b over 2005-17, which was utilized for 1) improving health systems (~59% of total spending), 2) prevention (~24%) and 3) treatment (~17%). The spending for treatment in 2016 is estimated at USD154m. Although the amount committed for 2017-19 is stable compared to that in 2014-16, the business for pharma companies will be...

Revenues remained flat YoY at | 473 crore (I-direct estimate: | 486 crore). Domestic growth was impacted by GST transition while export formulation growth was driven by robust growth in the US EBITDA margins declined 802 bps YoY to 26.8% (I-direct estimate: 31%) mainly due to the impact of GST transition and higher fixed overheads due to commissioning of new plants Adjusted net profit declined 21% YoY to | 95 crore (I-direct estimates: | 100 crore). Lower tax rate (20% against 24% in Q1FY17)...

Revenue fell by 11.44% to Rs. 456.12 Cr in Q4FY17 when compared to the previous quarter

Domestic formulations- Focus on new launches and few therapies Domestic branded formulations constitute 31% of the FY17 revenues. The main distinguishing factor is the uncanny knack of launching maximum number of first time launches with focus on New Drug Delivery System (NDDS). Of the 200+ actively marketed brands, 70% brands were introduced first time in India. The focus on specialty therapies and niche product led APL to post a strong growth at a CAGR of 22% in FY12-17, far...

Revenue increased by 2.52% to Rs. 515.02 Cr in Q3FY17 when compared to the previous quarter. Also, it increased by 9.68% when compared with Q3FY16

Revenues grew 12% YoY to | 533 crore (I-direct estimate: | 578 crore) on the back of 15% growth in domestic sales to | 154 crore (Idirect estimate: | 157 crore). Export formulations grew 9% YoY to | 361 crore (I-direct estimate: | 408 crore). The sharp growth in the US was largely offset by the decline in Asia EBITDA margins declined 100 bps YoY to 33.4% (I-direct estimate: 35.0%) mainly due to higher other expenditure Net profit increased 25% YoY to | 143 crore (I-direct estimate: | 145 crore) mainly due to forex gain of | 10 crore and lower taxation...

ICICI Securities Ltd | Retail Equity Research Revenues grew 18% YoY to | 516 crore (I-direct estimate: | 513 crore) on back of 21% growth in domestic sales to | 158 crore (Idirect estimate: | 155 crore). Export formulation grew 14% to | 345 crore (I-direct estimate: | 339 crore) on a sharp jump in US sales. US sales rose to | 71 crore vs. | 2 crore, | 10 crore in Q2FY16, Q1FY17, respectively. Asia, Africa sales, on the other hand, were muted EBITDA margins declined 157 bps to 33.6% (I-direct estimates: 34.0%) mainly due to forex loss of | 9.84 crore...

Revenues grew 20.4% YoY to | 471 crore (I-direct estimate: | 455 crore) on the back of 18.6% growth in exports to | 287 crore (I-direct estimate: | 292 crore). Domestic sales grew 9.5% to | 162 crore (Idirect estimate: | 149 crore) .EBITDA margins increased 406 bps YoY to 35.4% (I-direct estimates: 32.0%) on account of gross margin expansion. Gross margins increased 532 bps YoY to 78.9% ((I-direct estimates: 75.5%). EBITDA increased 36.0% YoY to | 166.6 crore .Net profit increased 33.5% YoY to | 120 crore, (I-direct estimate: | 101 crore) on the back of a robust operational performance. ICICI Securities Limited maintain target of | 1780 based on 28x FY18E EPS of | 63.5. At the current level, the stock has already factored in the near term upside.

Trendlyne has 6 reports on AJANTPHARM updated in the last year from 2 brokers with an average target of Rs 1712. Brokers have a rating for AJANTPHARM with 1 downgrade in past 6 months and 1 price downgrades,1 price upgrade in past 1 Year.