Ajanta Pharma - Branded Generics Drives Q3 Earnings: Motilal Oswal 
Tablets sit illuminated during the film-coating process in laboratories. (Photographer Krisztian Bocsi/Bloomberg)

Ajanta Pharma - Branded Generics Drives Q3 Earnings: Motilal Oswal 

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Ajanta Pharma Ltd. delivered higher than expected earnings, led by superior growth in the branded generics segment. This was further supported by a lower tax rate in Q3 FY21.

While the pace of abbreviated new drug application filing has moderated in nine months FY21 due to Covid-19-related disruptions, it would improve with the easing of lockdown restrictions.

We have raised our FY21E/FY22/FY23E estimates by 7.4%/7.1%/6.5% to factor in -

  1. recovery in domestic formulations/Asia/Africa,
  2. robust ANDA pipeline, and
  3. improved capacity utilization.

Click on the attachment to read the full report:

Motilal Oswal Ajanta Pharma Q3FY21 Result Update.pdf

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