Ajanta Pharma Q3 Review - Branded Generics Continue To Grow; Margins Strong: ICICI Direct
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ICICI Direct Report
Ajanta Pharma Ltd.’s Q3 FY21 revenues grew 15.0% YoY to Rs 749 crore. Domestic sales grew 12.8% to Rs 220 crore whereas emerging markets (branded) grew 19.2% YoY to Rs 286 crore.
U.S. sales remained muted (up 1.3% YoY) at Rs 161 crore. Africa tender business grew 57.1% YoY to Rs 77 crore.
Ebitda margins improved 372 basis points YoY to 32.3% amid better gross margins. Hence, Ebitda grew 30.0% YoY to Rs 242 crore.
Profit after tax grew 63.7% YoY to Rs 177 crore. Delta vis-a--vis Ebitda was mainly due to lower tax rate (18.0% versus 38.6% in Q3 FY20).
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