Ajanta Pharma - In-Line Q4, Poised For Re-Rating: Dolat Capital
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Ajanta Pharma Ltd. reported an-in-line Q4 and FY21.
Top-line grew 11% YoY, driven by strong recovery in India (23% YoY). U.S. was in line at $23 million (8% QoQ, 21% YoY).
This was partially offset by dismal performance in branded exports owing to supply disruption.
Company exhibited strong cost control measures (also aided by lower research and development) leading to Ebitda margins at 34.3% (up 200 basis points QoQ), versus our estimate of 30%.
For FY21, company has reported Ebitda margins of 34.6% and profit growth of 40% YoY at Rs 6.5 billion.
Higher Ebitda, better working capital management and end of the capex cycle contributed to Rs 3 billion free cash flow in FY21 (Rs 2 billion in FY20).
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.