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Revenue
₹1,187 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹311 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Ajanta Pharma delivered a solid Q2 FY25 with revenue of INR 1,187 crore (+15% YoY), driven by strong branded generics growth of 20% (Asia +28%, Africa +35%). EBITDA margin came in at 26% (28% excluding forex loss), with PAT at INR 216 crore (+11% YoY). The India business grew 9%, outpacing IPM by 190 bps, supported by volume growth and MR additions. Management maintained full-year guidance: branded generics mid-teens growth, US mid-single digits, and EBITDA margin around 28% ±1%. Key risks include elevated freight costs from Red Sea disruptions and unpredictable institutional business in Africa. Overall, execution remains strong with improving working capital and cash conversion of 121%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects branded generics (India, Asia, Africa) to grow in mid-teens for the full year, with Asia and Africa growth moderating in H2.
- US generics expected to grow in mid-single digits, with most launches in Q4; 4 ANDA launches planned in H2.
- Full-year EBITDA margin guided at 28% plus/minus 1%, with quarterly variations due to product mix and forex.
- Capital expenditure for FY25 estimated at INR 200 crore, including maintenance CapEx; INR 130 crore spent in H1.
Risks flagged
- Freight costs remain elevated due to Red Sea crisis, with an annual burden of ~INR 30 crore impacting other expenses.
- Institutional business (anti-malarial) remains unpredictable due to reliance on procurement agency schedules and funding.
- Analyst raised concern about elevated other expenses; management attributed to SG&A ramp-up and one-time gratuity charge, but H2 expenses expected in line with H1.
- US generics growth remains muted at 2% in H1, with limited launches; pricing pressure and competitive landscape could impact future growth.
Key quotes
- We have completed first half of FY twenty twenty-five on a satisfactory note, with notable achievements in sales, PAT, and EBITDA.
- Our faster growth is contributed mainly by volumes, which was about 1.5 times to the IPM.
- We expect the EBITDA to be around this range, plus/minus 1%, for whole of FY 2025.
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