Ajanta Pharma Q3 Results Review - Asia, Africa Drive Earnings: Motilal Oswal

Motilal Oswal Report

Ajanta Pharma Ltd.'s delivered better-than-expected Q3 FY24 performance, led by strong growth in the Asia and Africa region. Domestic formulation exhibited muted growth, due to addition of a brand under National list of Essential medicine.

Ajanta Pharma would end FY24 on a strong recovery in profitability compared to that in FY23.

We raise our earnings estimate by 9%/6%/3% for FY24/FY25/FY26, factoring

1. better-than-industry growth in the branded generics market,

2. improved traction in institutional anti-malaria business and

3. controlled opex.

We value Ajanta Pharma at 26 times 12 months forward earnings to arrive at a price target of Rs 2,515.

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