Motilal Oswal's research report on Ajanta Pharma
Ajanta Pharma (AJP) delivered a marginally better-than-expected performance in 3QFY25. It has continued to outperform in the Domestic Formulation (DF) market during this quarter. The US generics business remains on a moderate growth trajectory, which impacted 3QFY25 performance to some extent. AJP has ventured into two new therapies in the DF market and plans to introduce additional therapies in the international market as well. We largely maintain our estimates for FY25/FY26/FY27. We value AJP at 35x 12M forward earnings to arrive at a TP of INR3,220.
Outlook
We largely maintain our estimates for FY25/FY26/FY27. We value AJP at 35x 12M forward earnings to arrive at a TP of INR3,220.
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