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Buy Ajanta Pharmaceuticals; target of Rs 1955: ICICI Direct

ICICI Direct is bullish on Ajanta Pharmaceuticals has recommended buy rating on the stock with a target price of Rs 1955 in its research report dated May 11, 2022.

May 12, 2022 / 04:06 PM IST
 
 
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ICICI Direct's research report on Ajanta Pharmaceuticals


Ajanta Pharma is a focused player in branded, which constitutes ~72% of overall sales, spread across geographies including India. As of FY22, overall exports: domestic formulations ratio was at 70:30 • Among exports, Asia accounts for ~35% of export formulations, Africa 34% & US 30%. The company also participates in anti-malarial tenders in Africa (included in Africa).


Outlook


We maintain BUY as it remains a compelling play on branded generics (~72% exposure) with strong execution track record and financials. Valued at Rs 1955 i.e. 20x P/E on FY24E EPS of Rs 97.8.


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first published: May 12, 2022 04:06 pm
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