Ajanta Pharma on May 2 reported a 66 percent jump in consolidated net profit of Rs 202.72 crore for the Jan-March quarter of FY24, up from last year's Rs 122.25 crore.
The Mumbai-based pharma major's revenue came in at Rs 1,054.08 crore, up 20 percent from Rs 881.84 crore a year back.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) were at Rs 278.4 crore, up 26.4 percent from Rs 16.9 crore in the year-ago period.
The Board also made a decision on buyback of up to 10,28,881 fully paid-up Equity Shares of face value of Rs 2/- each by the Company (representing 0.82 percent of the total number of Equity Shares of the Company) at a price of Rs 2,770/- (Rupees Two Thousand, Seven Hundred and Seventy Rupees) per Equity Share payable in cash for a total consideration not exceeding Rs 285 crores.
This is the fourth buyback that Ajanta Pharma will be considering in as many years. The first buyback happened in November 2020, and the second one in January 2022.
Last year, the board had carried out a Rs 315 crore share buyback at Rs 1,425 a piece via the tender offer route. The board had repurchased 22.1 lakh equity shares with a face value of Rs 2 each.
Incorporated in 1973, Ajanta Pharma is engaged in branded generics in cardiology, ophthalmology, dermatology, gastroenterology and in the areas of pain management, anti-malarial, antihistamines, respiratory and therapeutic segments.
(This is a developing story. Please come back for more.)
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