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Revenue
₹1,146 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹321 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ajanta Pharma reported Q3 FY25 revenue of INR 1,146 crore (+4% YoY), with branded generics growing 10% to INR 834 crore. EBITDA margin held at 28%, while PAT rose 11% to INR 233 crore. India business grew 12% to INR 345 crore, outpacing IPM by 300 bps. The company entered gynecology and nephrology therapies, adding 200+ MRs. U.S. generics grew 4% to INR 263 crore, with management guiding for double-digit growth next year. Free cash flow generation was strong at INR 675 crore (97% PAT conversion). Risks include uncertainty in Africa institutional business due to donor funding cuts and potential margin pressure from U.S. mix shift. Management maintained EBITDA margin guidance of 28% ±1% for FY25.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margin to remain around 28% for the full fiscal year, with quarterly fluctuations of 50-100 bps.
- Management guided for double-digit growth in U.S. generics next fiscal year, driven by new launches including 2-3 limited competition products.
- Capital expenditure for FY25 is estimated at about INR 225 crore, including maintenance capex.
- R&D expenses are expected to remain at 5% of total revenue for the fiscal year.
Risks flagged
- Africa anti-malarial business declined ~42% in 9M FY25 due to lower Global Fund procurement; future depends on donor funding, which is uncertain given U.S. policy changes.
- U.S. generics growth is dependent on new product launches and limited competition; any delays or higher-than-expected price erosion could impact growth.
- Entry into gynecology and nephrology in India and CNS in Asia will increase SG&A and personnel costs, potentially pressuring near-term margins.
- Management indicated tax rate may rise from 24% to ~25% in FY27 as some exemptions expire, impacting net profitability.
Key quotes
- Our concentrated efforts on improvement in working capital cycle have resulted in generating free cash flows of INR 675 crore, with 97% of PAT conversion in nine months, which is indeed a remarkable achievement.
- We continue to outpace IPM by 300 basis points, with Ajanta growing at 11%, surpassing IPM growth of 8% as per IQVIA MAT December 2024.
- We are looking to post a higher growth in the next year, much higher growth. It will be double-digit growth.
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