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Motilal Oswal Report
Compared to a moderate 5% YoY earnings growth expected in FY22, we expect Ajanta Pharma Ltd. to deliver 16% earnings compound annual growth rate over FY22-24, led by superior performance in the branded generics segment across domestic formulation, Asia, and Africa.
Demand revival in core therapies, inflation-linked price hike benefit for the National List of Essential Medicines portfolio, and enhanced marketing efforts in the Cardiology segment are expected to drive superior performance in the DF segment going forward.
Ajanta Pharma's branded generics segment in Asia and Africa remains on a robust footing on the back of launches and market share gains in existing products.
We have cut our FY23/FY24 earnings estimate by 4%/6% to factor in a muted outlook for the institutional anti-malarial business and temporary slowdown in abbreviated new drug application filings in the U.S. market.
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