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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
better-than-industry growth in the branded generics market,
improved traction in institutional anti-malaria business and
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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