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Dolat Capital Report
Ajanta Pharma Ltd.’s revenue grew by 27% YoY in Q1 FY23 to Rs 9.5 billion (above our estimate driven by higher than expected growth across geographies.
Ebitda was flattish to Rs 2.2 billion (above our estimate), and Ebitda margin contracted by 610 basis points YoY to 23.3% (below our estimate) mainly due to lower gross margins (down 654 bps YoY) impacted by inventory write off, cost inflation on packing materials and U.S. price erosion.
Ajanta Pharma's profit after tax was at Rs 1.75 billion flattish YoY above our estimate on the back of higher-than-expected sales, other income and lower taxes.
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