Ajanta Pharma Jumps To A 52 Week High Following A Strong Q1 Performance

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Ajanta Pharma jumps to a 52-week high following a strong Q1 performance

ri-calendar-2-lineJul 28, 2023

By: BlinkX Research Team

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Ajanta Pharma shares rose more than 9% in early trade to a 52-week high of Rs 1,697.95 on July 28 after the company announced robust results for the April-June quarter.

The pharmaceutical firm increased its net profit by 19.2% in the first quarter of FY24 to Rs 208.1 crore, up from Rs 174.6 crore in the same quarter the previous year.

Revenue reached Rs 1,021 crore during the review period, representing a 7.4% increase over Rs 950.9 crore in the prior fiscal quarter.

Growth in the quarter was led by a double-digit increase in sales from the India and US generics segments, which offset decline in the African market. Cardiology, ophthalmology, pain management, and dermatological therapies drove growth in the Indian market.

Ajanta Pharma's operational level EBITDA margin was 16.9%, which was lower than the 23.3 percent achieved in the previous quarter.

Furthermore, research and development (R&D) expenses totaled Rs 55 crore during the quarter, accounting for nearly 5% of the total revenue. R&D expenditures were Rs 54 crore in the prior quarter.

Ajanta Pharma also made some progress in its medication applications during the first quarter. It got final clearance for three abbreviated new drug applications (ANDAs) and filed three additional ones. Furthermore, the business successfully released 41 products in the market after receiving 49 final ANDA approvals. Furthermore, Ajanta Pharma presently has three tentative approvals and 21 ANDAs seeking FDA clearance in the United States.

Source: Media Reports

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