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Motilal Oswal Report
Ajanta Pharma Ltd. delivered superior Q1 FY21 performance in the U.S./Asia.
Revenues were up 9.2% YoY to Rs 6.7 billion (versus estimate Rs 6.4 billion), led by growth in exports (19% YoY to Rs 4.8 billion), U.S. generic sales (46% YoY to Rs 1.5 billion; 22% of sales) and Asia sales (27.8% YoY to Rs 1.6 billion; 24% of sales).
Africa sales dipped 2% YoY to Rs 1.7 billion (25% of sales), led by 23% YoY decline in Institutional sales to Rs 620 million.
Domestic formulation sales declined 10% YoY to Rs 1.78 billion (approximately 26% of sales).
Gross margin expanded 40 basis point YoY to 77.1%. Ebitda margin expanded at higher rate of 590 basis point YoY with superior product mix and controlled opex.
As percentage of sales, other expense was down 650 basis point YoY, which was marginally off-set by 100 basis point rise in employee cost.
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