Ajanta Pharma – Diversified Branded Generics Play; U.S. Region To Add To Operating Leverage: Systematix

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Systematix Research Report

Ajanta Pharma Ltd.’s business model offers a distinct mix of consistency and fast growth with strong operating metrics (debt-free balance sheet, return on equity more than 20%).

The company derives 68% of its revenues from the branded generic markets of India, Africa and Asia, which lend long term earnings visibility, while its U.S. business is scaling up fast, driving operating leverage benefits.

The culmination of a large capex (Rs 13 billion over FY17-21) should further aid Ajanta Pharma’s growth and drive a 21% earnings per share compound annual growth rate over FY20-23E.

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Systematix Ajanta Pharma – Initiating Coverage.pdf


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