bullish
Ajanta Pharma (AJP IN): Starts FY24 With Healthy Branded Generics Growth and Improving Margins
402 Views25 Sep 2023 22:42
SUMMARY
- 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.
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Tina Banerjee
Global Healthcare Analyst
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