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Dolat Capital Report
Ajanta Pharma Ltd.'s Q2 FY24 result showed a beat on operating performance while revenue and profit after tax were in-line.
Ajanta Pharma's revenue at Rs 10.3 billion (in-line) grew 9.6% YoY/flattish QoQ led by strong India and U.S. sales.
Ebitda grew 48.0%/7.1% YoY/QoQ to Rs 2.9 billion, and Ebitda margin expanded by 733 basis points/169 bps YoY/QoQ to 28.3% was above estimates due to lower than expected research and development and other expenses, while profit after tax was in-line due to higher than expected effective tax rate.
We upgrade our Ebitda estimates by 4.1%/1.7% in FY24E/FY25E factoring lower logistics costs offset by higher marketing expenses. Rolling over to FY26E, we maintain 'Buy' with a revised target price of Rs 2,176.
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