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Motilal Oswal Report
Ajanta Pharma Ltd. posted in-line Q4 FY22. Superior show in Asia/domestic formulation/Africa (branded generics) was offset by increased competition in the U.S. generics market and incremental cost pressures.
We have cut our FY23E/FY24E earnings per share by 6%/7%, respectively, to factor in increased raw material/supply chain costs, higher price erosion in the U.S. generics and muted institutional anti-malaria sales.
We believe Ajanta Pharma will sustain outperformance in the branded generics segment aided by new launches, market share gains in existing products and price hikes to some extent.
While the near-term outlook would be subdued, the higher pace of filings/approvals would improve the growth prospects in the U.S. generics segment.
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