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
Hence, our target price has also now been revised to Rs 1305/share post this corporate action. However, we change our rating from BUY to HOLD due to the recent run-up in the stock. We value Ajanta Pharma at Rs 1305 i.e. 20x FY24E EPS of Rs 65.2.
More Info
At 17:30 Ajanta Pharma was quoting at Rs 1,215.10, down Rs 627.10, or 34.04 percent.
It has touched an intraday high of Rs 1,333.45 and an intraday low of Rs 1,201.40.
It was trading with volumes of 8,052 shares, compared to its thirty day average of 4,213 shares, an increase of 91.12 percent.
In the previous trading session, the share closed up 2.28 percent or Rs 27.40 at Rs 1,228.13.
The share touched its 52-week high Rs 1,613.33 and 52-week low Rs 1,062.20 on 29 July, 2021 and 11 May, 2022, respectively.
Currently, it is trading 24.68 percent below its 52-week high and 14.39 percent above its 52-week low.
Market capitalisation stands at Rs 15,568.49 crore.
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