Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/ajanta-pharma-ltd" target="_blank" data-smartkarma-citation="entities:10053:1" rel="noopener">Ajanta Pharma (AJP IN)</a> reported strong Q4FY24 results, with double-digit revenue and PAT growth, and improving margins, driven by growth across all the business segments.</li>
<li>The company has announced INR3.5B buyback plan, involving purchase of 10,28,881 equity shares (0.82% of the total paid-up equity share capital) at a price of INR2,770 per equity share.</li>
<li>Ajanta Pharma is confident of maintaining double-digit growth going ahead with the existing products gaining market share, new launches, and expansion of field force.</li>
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Ajanta Pharma (AJP IN) reported strong Q4FY24 results, with double-digit revenue and PAT growth, and improving margins, driven by growth across all the business segments.
The company has announced INR3.5B buyback plan, involving purchase of 10,28,881 equity shares (0.82% of the total paid-up equity share capital) at a price of INR2,770 per equity share.
Ajanta Pharma is confident of maintaining double-digit growth going ahead with the existing products gaining market share, new launches, and expansion of field force.


Ajanta Pharma (AJP IN): Stellar Q4 Performance; INR3B Buyback Plan Announced

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Akums Drugs and Pharmaceuticals / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$222m in its upcoming India IPO.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$222m in its upcoming India IPO.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.


Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

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<li>
<a href="https://www.smartkarma.com/entities/ajanta-pharma-ltd" target="_blank" data-smartkarma-citation="entities:10053:1" rel="noopener">Ajanta Pharma (AJP IN)</a> reported better-than-expected profitability in Q1FY24, due to softening of raw material prices and normalization of freight rates. EBITDA margin expanded 300bps YoY to 26%.</li>
<li>Revenue increased 7% YoY to INR10B, driven by superior execution in branded generics business and lesser price erosion in the U.S. 73% of the total sales came from branded generic.</li>
<li>Management maintained mid-teen revenue growth and EBITDA margin guidance of ~25% for FY24. Ajanta Pharma has a positive business outlook due to growing branded generic business and niche U.S. launches.</li>
</ul>



Ajanta Pharma (AJP IN) reported better-than-expected profitability in Q1FY24, due to softening of raw material prices and normalization of freight rates. EBITDA margin expanded 300bps YoY to 26%.
Revenue increased 7% YoY to INR10B, driven by superior execution in branded generics business and lesser price erosion in the U.S. 73% of the total sales came from branded generic.
Management maintained mid-teen revenue growth and EBITDA margin guidance of ~25% for FY24. Ajanta Pharma has a positive business outlook due to growing branded generic business and niche U.S. launches.


Ajanta Pharma (AJP IN): Starts FY24 With Healthy Branded Generics Growth and Improving Margins

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<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$239m in its upcoming India IPO. </li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In this note, we talk about the company’s historical performance.


Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Emcure Pharmaceuticals / Equity Capital Markets

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<li>Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.</li>
<li>The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.</li>
<li>IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  </li>
</ul>


Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  


Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

India

Ajanta Pharma Limited is a pharmaceutical company involved in the areas of product research, manufacturing, and marketing. The Company's manufacturing capabilities include segments such as antiretrovirals, antimalarials, cardiovascular, dermatology, and ophthalmology. The Company also markets over the counter products that include some nature-based remedies.

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Ajanta Pharma (AJP IN)