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Systematix Research Report
Ajanta Pharma Ltd.'s margins exhibited resilience in a quarter marred by raw material inflation, increased freight costs and higher-than-normal price erosion in the U.S.
India and Africa branded business remained robust in Q3 FY22, but supply disruptions/Covid-19-led lockdowns impacted Asia branded business.
The underlying trends in these markets remain healthy and Ajanta Pharma's management expects a recovery in the near term.
We expect cost pressures to ease over the next few quarters, which along with recovery in Asia should drive operating leverage; we expect margins to bounce back to 30% plus in FY23. Our earnings estimates are broadly unchanged.
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