AsiaAfrica drive earnings

11 Mar 2024
5 Min read 
  • Ajanta Pharma reported better-than-expected 3QFY24 results, driven by strong growth in Asia and Africa.
  •  Domestic formulation sales were muted due to the addition of a brand under the National List of Essential Medicines.
  •  Earnings growth is expected to revive in India over the near term.
  •  Earnings estimates have been raised for FY24/FY25/FY26, factoring in better industry growth, improved traction in anti-malaria business, and controlled expenses.
  •  The stock is rated as a "Buy" with a price target of INR2,515.
  •  Sales growth is expected to be driven by new launches and market share gains in the branded generics market.
  •  The company plans to file several ANDAs and expects growth in the US generics market.
  •  Gross margin and EBITDA margin expanded YoY.
  •  The company has a positive outlook and potential for M&A-led growth.
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