Ajanta Pharma soars to 52-week high on healthy Q1 show

Ajanta Pharma’s growth in Q1 was driven by double digit increase in sales from the India and US generics segments.

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Shares of Ajanta Pharma surged over 9 percent in early trade to hit a 52-week high of Rs 1,697.95 on July 28 after the company reported a healthy set of earnings for the April-June quarter.

The pharmaceutical company posted a  19.2 percent jump in net profit for the first quarter of FY24 to Rs 208.1 crore as compared to  Rs 174.6 crore in the same quarter of the previous year.

During the period under review, revenue reached Rs 1,021 crore, marking a growth of 7.4 percent compared to Rs 950.9 crore in the corresponding period of the preceding fiscal.

Growth in the quarter was led by a double-digit increase in sales from the India and US generics segments which offset weakness in the African market. Within the India market, growth was driven by cardiology, ophthalmology, pain management and dermatology therapies.

At 09.17 am, shares of Ajanta Pharma were trading  7.11 percent higher at Rs 1,663 on the NSE.

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Ajanta Pharma’s operating level EBITDA margin was recorded at 16.9 percent, which is lower compared to the 23.3 percent recorded in the base quarter. EBITDA stands for earnings before interest, tax, depreciation, and amortization.

Brokerage firm Choice Broking applauded Ajanta Pharma’s growth story which is pegged on factors including margin improvement, better RoE (Return on Equity) due to completion of capital expenditure, double-digit growth in branded generics and normalisation in price erosion. The firm rolled out an ‘add’ call on the stock with a price target of Rs 1,730.

Moreover, research and development (R&D) expenses were Rs 55 crore during the quarter which corresponds to about 5 percent of the total revenue. R&D spends in the previous quarter was at Rs 54 crore.

During the first quarter, Ajanta Pharma also saw some progress in its drug applications. It received final approval for 3 abbreviated new drug applications (ANDAs) and filed 3 new ANDAs. Additionally, out of 49 final ANDA approvals, the company successfully launched 41 products in the market. Furthermore, Ajanta Pharma currently holds 3 tentative approvals, and it has 21 ANDAs awaiting approval from the US FDA.

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