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Yes Securities Report
Ajanta Pharma Ltd. is set to clock better margins in domestic business as productivity inches up on a steady growth scenario on FY22 base. What we like is the careful stance in capital allocation towards U.S. business – cut down in abbreviated new drug application filings amid increased price erosion.
In contrast, investment focus on branded generics market (including India) would hold in good stead. Lack of palatable acquisition opportunities supported by reasonable valuation have been in short supply as Ajanta Pharma's management chooses to return cash rather than deploy on expensive purchases.
We continue with our expectation of broadly early teens revenue and mid‐teens Ebitda compound annual growth rate over next two years.
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