Ajanta Pharma Limited — Q3 FY25
Ajanta Pharma reported Q3 FY25 revenue of INR 1,146 crore (+4% YoY), with branded generics growing 10% to INR 834 crore.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Are new therapy expenses already reflected or will they increase further?
Asked by Tushar Manudane, Motilal Oswal Financial Services
CFO directly confirmed people costs are included and will continue.
Read the exchange
Question
Is this quarter reflects the additional expenses related to these therapies, or these are expected to further increase in the coming quarter?
Arvind Agrawal, CFO
So, as far as people cost is concerned, about 200 people who have been added in these two therapies is already included, and it will continue in these other quarters also, coming quarters also.
Answered
High priority
What is the EBITDA margin guidance for FY25 and FY26?
Asked by Tushar Manudane, Motilal Oswal Financial Services
MD gave specific margin guidance with range.
Read the exchange
Question
So, effectively, considering these factors, maybe I've missed the EBITDA margin guidance for FY 2025 and 2026?
Yogesh Agrawal, Managing Director
Remains at the same level what we have given last year at the beginning of the year. We have maintained 28%, plus or minus 1%.
Answered
Medium priority
Is the target of 8 ANDA filings for FY25 achievable?
Asked by Tushar Manudane, Motilal Oswal Financial Services
MD confirmed target is achievable and gave specific number of filings expected.
Read the exchange
Question
So the target of eight for full year sort of achievable, or we might.
Yogesh Agrawal, Managing Director
Yeah, it will be achievable. There are a lot of ANDAs which are queued towards the quarter end. So we are expecting to file four more ANDAs in the last quarter.
Answered
Medium priority
Will more ANDA filings increase R&D costs and impact margins?
Asked by Tushar Manudane, Motilal Oswal Financial Services
MD explained R&D costs are already incurred, no significant increase expected.
Read the exchange
Question
Will that result in higher, say, at least from accounting point of view, R&D costs? And so that will have from a Q4 perspective, we have to ask in terms of the impact on the margins?
Yogesh Agrawal, Managing Director
No. Actually, R&D costs have already incurred because it's just waiting for the stability data to come out and things like that. So that has already baked into the current quarter and the last quarters.
Partial answer
High priority
What is the outlook for Africa anti-malarial business?
Asked by Amlan Das, Nomura India
MD gave current year degrowth but future outlook is uncertain due to policy changes.
uncertainty due to external factorsno specific forward guidance
Read the exchange
Question
I just wanted to ask, what is your outlook for the Africa anti-malarial business? Is it going to remain low, or do you have any outlook regarding this?
Yogesh Agrawal, Managing Director
For the whole year also, there's a degrowth, sizable degrowth, I think, of about 40% or more. Going forward is a bit uncertain because of the announcement made by the Trump administration...
Answered
Medium priority
What is the contribution of new therapies to India sales?
Asked by Amlan Das, Nomura India
CFO directly stated contribution is insignificant.
Read the exchange
Question
Regarding the India business, have you seen any sales for the new therapeutic areas that you have added in this quarter? It is a 12% growth. What is the contribution of these new therapeutic areas?
Arvind Agrawal, CFO
No, it is insignificant. We have just onboarded the new team. They will take quite a few months to be productive. This is insignificant compared to the total domestic business.
Partial answer
High priority
Can you guide on US launches next year, market size, and competition?
Asked by Vishal Manchanda, Systematix Group
MD refused granular details but gave high-level growth guidance.
declined granular detailsgave high-level guidance only
Read the exchange
Question
With respect to the U.S. generic business, can you guide for the next year in terms of how many launches we can expect and any color on the type of these launches with respect to the market size that they address and whether they are early to the market...
Yogesh Agrawal, Managing Director
I don't think I'll be able to give you that in-depth granular details to you, but we are, as I told you, we've launched five new products during the year, and there are more launches which will happen in next year...
Answered
High priority
Any limited competition or complex product launches expected?
Asked by Vishal Manchanda, Systematix Group
JMD gave specific number of limited competition products expected.
Read the exchange
Question
Would you be able to share any limited competition launch that you expect, complex product launch?
Rajesh Agrawal, Joint Managing Director
There will be a few products which are limited competition, that much I can tell you. There will be at least two, possibly three products which will be of limited competition.
Answered
Medium priority
Why are Asia and Africa markets volatile quarter to quarter?
Asked by Vishal Manchanda, Systematix Group
MD explained the lumpy nature due to shipping and lead times.
Read the exchange
Question
With respect to these branded markets, Asia and Africa, can you explain the reason for these markets to be volatile over quarters?
Yogesh Agrawal, Managing Director
So essentially, what happens here is actually our sales, which is a secondary sale which happens in the market, that is at a steady state. But because we are shipping from India to our distributors, and then there are lead time factors...
Partial answer
High priority
How should we view the company's growth over next 2-3 years?
Asked by Nitin Gosar, BOI Mutual Fund
MD gave qualitative outlook but no specific numeric targets for 3 years.
no specific numeric guidance beyond current trends
Read the exchange
Question
How should one look at the organization from next three year perspective?
Yogesh Agrawal, Managing Director
I think we are pretty much outpacing the market. Our growth has been, I think, 20% or 30% higher than the market growth. We feel comfortable the way we have positioned ourselves...
Answered
High priority
What drove US growth and will Q4 be higher?
Asked by Rashmi Shetty, Dolat Capital
MD explained growth drivers and gave Q4 guidance of higher than INR 260 crores.
Read the exchange
Question
What has really contributed the growth? Is it that the new launches have added, or is the price erosion has come off? And whether this new product launches... would actually lead to a better quarter-on-quarter growth in quarter four in U.S. business?
Yogesh Agrawal, Managing Director
There have been a number of launches which have happened. So we got the market business for those products. We also increased the market share in our existing products. So that also got added. The flu season got pushed out a little...
Answered
Medium priority
Will new therapies increase growth guidance for India and international?
Asked by Foram Parekh, Bank of Baroda Capital Markets
MD clearly stated it's too early to revise guidance due to small base.
Read the exchange
Question
Since we are talking about entering newer therapies, even in Asia and Africa market, so do we want to increase our growth guidance in the next two to three years?
Yogesh Agrawal, Managing Director
For India, it would be too early to factor the growth rates or increase the growth rate expectation because of the two new therapies. As you would already know, it would take quite some time for us to really penetrate.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance of 28% plus/minus 1% for FY25 | 28% | 28% | Matches filing |
| Africa anti-malarial degrowth of about 40% for FY25 | -40% | 4% | Understated vs filing |
| US business Q3 revenue of INR 260 crores | ₹260 cr | ₹1,146 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.