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Revenue
₹1,054 Cr
verified against source
Revenue YoY
20%
reported change
EBITDA
₹278 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ajanta Pharma delivered a strong Q4 FY24 with revenue of INR 1,054 crore (+20% YoY), EBITDA of INR 278 crore (+86% YoY), and PAT of INR 203 crore (+66% YoY). Growth was driven by branded generics (India +14%, Asia +18%, Africa +13%) and a US generic rebound (+32% YoY) aided by lower price erosion and API cost tailwinds. EBITDA margin expanded to 26% (Q4) and 28% for the full year. Management guided for low-teens overall revenue growth in FY25, with branded generics in mid-teens and US generics in mid-single digits. EBITDA margin is expected to sustain at ~28%, with potential 100 bps upside if freight costs normalize. Key risks include Red Sea freight disruptions (~INR 30 cr impact) and unpredictable institutional business.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue to grow in low teens, with branded generics growing mid-teens and US generics in mid-single digits.
- India branded generics are expected to grow 200-300 bps faster than IPM (forecast ~8%), implying 10-11% growth.
- Management guided for EBITDA margin of ~28% for FY25, with potential 100 bps improvement if freight costs normalize.
- Capital expenditure for FY25 is estimated at INR 175-200 crore, including maintenance capex.
Risks flagged
- Increased transit times and freight costs due to Red Sea crisis could add ~INR 30 crore to expenses, potentially pressuring margins.
- An analyst questioned whether high single-digit price erosion is aggressive; management acknowledged it's their estimate but could be worse.
- Africa institutional business (antimalarials) is lumpy and dependent on procurement agency schedules; Q4 benefited from preponed orders, which may not recur.
- Management noted that while valuations have tapered, premium specialty portfolios are still expensive, limiting inorganic growth options.
Key quotes
- Our EBITDA margins have expanded to 28%. It reflects our commitment to operational excellence and efficiency.
- We are basically aiming to grow at least 200 basis points, if possible, 300 basis points, faster than the IPM growth.
- If the position improves or some changes happen, we should be able to deliver 28% EBITDA. If we get some tailwinds, 100 basis point improvement should be possible.
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