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Motilal Oswal Report
Ajanta Pharma Ltd. delivered a better-than-expected performance, led by a strong growth revival in domestic formulation and better operating leverage.
Growth prospects in branded generics exports (Asia) are expected to improve as the Covid-19-led supply chain disruption eases.
We have raised our estimates by 3%/5% for FY22/FY23E, factoring in:
a better outlook for the pain management therapy in the DF segment,
reduced operating expenses in DF over the medium term due to Covid-19-led restrictions,
new abbreviated new drug application launches, and
better capacity utilisation.
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