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Motilal Oswal Report
Ajanta Pharma Ltd. delivered a miss on operational performance in Q2 FY23, led by higher employee and freight costs. Adverse currency movement in Africa branded generics and price erosion in U.S. generics affected profitability in Q2 FY23.
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Branded generics in India (domestic formulation) and Asia witnessed robust industry outperformance in Q2 FY23.
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We have cut our FY23/FY24 estimate by 6%/5% to factor in:
a lack of launches in U.S. generics,
moderation in its growth prospects in the Africa business due to currency headwinds, and
elevated raw material and logistics cost.
While there are near-term headwinds on the opex front, Ajanta Pharma remains well placed to deliver better-than-industry sales growth in the branded generics segment of domestic formulation, Asia, and Africa. After the successful compliance at Dahej, abbreviated new drug application approvals are also expected to gather pace.
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