reports
Ajanta Pharma Ltd: 2 directors
Two Directors at Ajanta Pharma Ltd sold 11,000 shares at between 3,287.230INR and 3,293.620INR. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors o...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy): Branded Generics on a strong footing
AJP delivered a better than expected 1QFY23 performance, led by strong growth in the Domestic Formulation (DF), Asia, and African segments. The US also exhibited moderate growth, despite pricing headwinds. We have maintained our FY23 and FY24 estimates. We continue to value AJP at 22x 12M forward earnings to arrive at our TP of INR1,500. We expect 12% earnings CAGR over FY22-24, led by 14.5%/16% sales CAGR in the Branded Generics/US segment. We remain positive on AJP on the back of steady out...
An unfavourable environment weighs on AJANTA PHARMA, which sees a down...
The independent financial analyst theScreener just requalified the general evaluation of AJANTA PHARMA (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date October 22, 2021, the closing price was...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-DF, US, Africa drive revenue growth; US ANDA...
AJANTA PHARMA: DF, US, Africa drive revenue growth; US ANDA filings to improve going forward (AJP IN, Mkt Cap USD2.8b, CMP INR2394, TP INR2780, 16% Upside, Buy) Ajanta Pharma (AJP) delivered 1QFY22 earnings marginally below our expectation. Robust growth in Domestic Formulation (DF) / Branded Generics (Africa) was offset by moderate growth in US / Branded Generics (Asia) and enhanced opex towards marketing and promotional activities. AJP is on track to outperform in the Branded Generics s...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Revitalizing growth; US/branded generics to ...
AJANTA PHARMA: Revitalizing growth; US/branded generics to drive earnings delta (AJP IN, Mkt Cap USD1.7b, CMP INR1400, TP INR1655, 18% Upside, Buy) We recently met management of Ajanta Pharma (AJP) to understand the growth prospects in greater detail for its key markets of India, Asia, Africa and the US. Key takeaways: Earnings have been under pressure for the past two years (down 16% YoY) on account of (a) reduced Institutional Anti-malaria business, (b) moderate growth in Domestic Form...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-US/Asia drive earnings; Prospects improve fo...
AJANTA PHARMA: US/Asia drive earnings; Prospects improve for anti-malaria biz (AJP IN, Mkt Cap USD1.5b, CMP INR1194, TP INR1435, 20% Upside, Buy) On earnings growth revival trajectory After two years of earnings decline, Ajanta Pharma’s (AJP) earnings growth is back on track, led by superior execution in India/Asia/Africa branded generics segment (67% of sales) and healthy traction in new ANDA launches (20% of sales). Further, new orders from institutional agencies should also support sa...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Healthy revenue growth, product mix change d...
AJANTA PHARMA: Healthy revenue growth, product mix change dents margins (AJP IN, Mkt Cap USD1.2b, CMP INR1002, TP INR1175, 17% Upside, Buy) Higher US generics/Asia/institutional anti-malaria sales drive revenue growth: Revenue increased 18% YoY to INR6.4b (our estimate: INR5.8b), led by growth in US generics (+41% YoY), Asia branded generics (+34% YoY) and Institutional anti-malaria (+39% YoY), partly offset by lower Africa branded generics sales (-10% YoY to INR820m). Domestic branded (DF) ...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Africa/institutional anti-malaria drag perfo...
Ajanta Pharma: Africa/institutional anti-malaria drag performance…but branded/US generics to bring earnings back on track (AJP IN, Mkt Cap USD1.2b, CMP INR989, TP INR1225, 24% Upside, Buy) Revenue hurt by weakness in Africa biz: Revenue declined 3% YoY to INR5.1b (in-line) in 4QFY19, largely on account of the weakness in (a) institutional anti-malaria (-26% YoY; 9% of sales) and (b) Africa branded generic (-31% YoY; 15% of sales) businesses. However, the impact was partly mitigated by the...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Lower exports, higher operating costs impact...
Ajanta Pharma: Lower exports, higher operating costs impact earnings (AJP IN, Mkt Cap USD1.3b, CMP INR1090, TP INR1390, 28% Upside, Buy) Revenues in line; higher operational cost hurts margin: Ajanta Pharma (AJP) reported its 3QFY19 revenue down 17% YoY to INR4.8b (in-line), largely due to lower exports, down 27% YoY to INR3b (64% of sales). The decline was offset to some extent by 9% YoY growth in domestic formulation (36% of sales) to INR1.7b. Gross margin (GM) contracted 144bp YoY to 7...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Africa pressure offset by growth in Asia, US
Ajanta Pharma: Africa pressure offset by growth in Asia, US (AJP IN, Mkt Cap USD1.3b, CMP INR1057, TP INR1482, 40% Upside, Buy) Better-than-expected performance: Sales were flat YoY at INR5.1b (our estimate: INR5b), supported by Asia (+30% YoY to INR1.3b; 26% of sales) and US (INR800m v/s INR260m in 2QFY18) sales. Growth, however, was restricted by a 38% YoY decline in Africa sales (26% of sales) and YoY flat sales in domestic formulations (DF) business (33% of sales). Gross margin improv...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Superior sales growth and stable cost drive ...
Ajanta Pharma: Superior sales growth and stable cost drive earnings (AJP IN, Mkt Cap USD1.5b, CMP INR1136, TP INR1560, 37% Upside, Buy) Performance exceeds expectations: Sales rose 8% YoY to INR5.1b (est. of INR4.7b), led by a strong performance in Domestic formulation (off a low base) and Asia branded generics segments. Gross margin improved 330bp to 83.5%, led by a better product mix and favorable currency movement. EBITDA margin also improved 320bp YoY to 30.8% (est. of 27.2%). Lower o...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Higher costs dampen FY18 performance-FY19 ou...
Ajanta Pharma: Higher costs dampen FY18 performance; FY19 outlook muted too (AJP IN, Mkt Cap USD1.9b, CMP INR1340, TP INR1560, 16% Upside, Buy) Higher fixed overheads drag operating margins: Revenue grew 11.2% YoY to INR5.3b (our estimate: INR5b), mainly led by growth in the branded generics business in Africa. Although the gross margin improved 166bp YoY to 82.3%, EBITDA margin shrunk 923bp YoY to 26.3% (our estimate: 28.2%) due to higher fixed overheads related to the newly commissioned...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Growth ingredients in place-EM execution + U...
Ajanta Pharma: Growth ingredients in place; EM execution + US approvals hold key (AJP IN, Mkt Cap USD1.9b, CMP INR1352, TP INR1840, 36% Upside, Buy) We recently met Ajanta Pharma’s (AJP) management to get updates on its business segments. Rejigged strategies by the company in a favorable business environment have started yielding results in Asia, while its enhanced focus on Anglo Africa is expected to support growth in Africa’s branded generics business. AJP has also re-strategized to impro...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Growth momentum continues
Ajanta Pharma: Growth momentum continues (AJP IN, Mkt Cap USD2.1b, CMP INR1494, TP INR1840, 23% Upside, Buy) Ajanta Pharma (AJP) delivered a better-than-expected 3QFY18 financial performance, with sales growing 10% YoY to INR5.9b (our estimate: INR5.3b). EBITDA margin showed a marginal improvement YoY to 33.6% (our estimate: 29.2%). Lower other income and a higher tax outgo led to lower PAT growth of 3.4% YoY (v/s EBITDA growth of 11% YoY) to INR1.5b (our estimate: INR1.2b). Asia and the U...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Expect improvement from FY19 after a trough ...
Ajanta Pharma: Expect improvement from FY19 after a trough this year(AJP IN, Mkt Cap USD2.0b, CMP INR1460, TP INR1790, 23% Upside, Buy)We recently interacted with Ajanta Pharma (AJP) management. With enough levers in place across business segments, the company appears confident about returning to the growth path FY19 onward after a trough in FY18. We estimate a CAGR of 14% in sales and 11% in PAT over FY17-20 (as against 9% CAGR in sales and 6% CAGR in PAT over FY16-18E), led by an improvement i...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Strong 2Q-stance remains positive
​Ajanta Pharma: Strong 2Q; stance remains positive(AJP IN, Mkt Cap USD1.7b, CMP INR1221, TP INR1606, 31% Upside, Buy)Ajanta Pharma’s (AJP) 2QFY18 financial performance was better than expectations, with sales at INR5.4b (est. of INR5b), EBITDA margin at 34% (est. of 29%) and PAT at INR1.3b (est. of INR1b).DF and Africa drive growth: Sales grew 4.8% YoY, led by strong institutional anti-malaria sales and a recovery in domestic formulation (DF) business. However, a decline in US sales and mode...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Global Fund allocation to drive anti-malaria...
​AJANTA PHARMA: Global Fund allocation to drive anti-malaria business(AJP IN, Mkt Cap USD1.6b, CMP INR1156, TP INR1605, 38% Upside, Buy)With the Global Fund expected to award a tender for institutional anti-malaria (insti-AM) medicines in the near term, we tried to analyze the probable impact on Ajanta Pharma's (AJP) business in the event of intensification in competition.The companies prequalified by the World Health Organization (WHO) for the institutional anti-malaria business from the Glob...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Higher operating expenses hurt margins
​Ajanta Pharma: Higher operating expenses hurt margins(AJP IN, Mkt Cap USD1.7b, CMP INR1204, TP INR1606, 33% Upside, Buy)Ajanta Pharma (AJP) delivered sales of INR4.7b in 1QFY18, better than our estimate of INR4.2b. EBITDA margin, adjusted for forex loss on account for mark-to-market, stood at 27.6%, significantly lower than our estimate of 33.7%, due to GST-led impact on domestic business and incremental overhead expenses associated with commissioning of facilities. As a result, adjusted PAT ...
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-In-line results-Outlook remains positive
​Ajanta Pharma: In-line results; Outlook remains positive(AJP IN, Mkt Cap USD2.2b, CMP INR1658, TP INR2028, 22% Upside, Buy)AJP posted in-line sales of INR4.8b (est. of INR4.7b). EBITDA margin of 35.9%, adjusted for forex loss accounting for mark-to-market, was significantly better than estimate of 33.8% due to a superior product mix. Higher depreciation on account of commercialization of the Guwahati facility and lower-than-expected other income led to PBT growing at a lower rate than EBITDA....
- Tushar Manudhane
MOSL: AJANTA PHARMA (Buy)-Continues to perform well on regulatory fron...
​Ajanta Pharma: Continues to perform well on regulatory front; US business story, anti-malaria base business intact(AJP IN, Mkt Cap USD2.3b, CMP INR1741, TP INR2028, 16% Upside, Buy)AJP’s Dahej facility has successfully cleared its first USFDA inspection, implying minimal regulatory risk in the medium term.We expect institutional anti-malaria sales to be similar to FY16 based on stable funding to Global fund and low probability of re-entry of Ipca in CY17.In FY17, AJP grew at 14.2%, outperfo...
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