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Ajanta Pharma Ltd.’s Q1 missed our estimates by 5%/15% on top-line and profit after tax (adjusted for forex gain of Rs 250 million).
Ebitda margins at 29.4% contracted 480 basis points QoQ despite 77% gross margins as cost structures normalised in Q1.
Revenue grew 13% YoY, driven by strong recovery in India (32% YoY).
Field force rationalisation aided in productivity.
Exports performance was muted at 6% YoY growth with U.S. steady at $23 million (lack of major launch), branded business up 8% YoY.
Tender business declined owing to its lumpy nature.
Ajanta Pharma’s management remained confident of outperforming market growth of its major geographies (India, Asia and Africa) and maintaining Ebitda margins at 29-30% for FY22E.
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