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