Ajanta Pharma Ltd's Q3FY19 consolidated net profit declines 54.63% yoy to Rs66.90cr: Misses Estimates

The company’s consolidated revenue in the quarter stood at Rs485.11cr, down 17.36% yoy and 10.84% qoq.

Jan 31, 2019 01:01 IST India Infoline Research Team

Ajanta Pharma Ltd Q3FY19

Consolidated Results Q3FY19: (in Rs cr)

Q3FY19 YoY (%)
Revenue 485.11 [17.4]
EBITDA 107.31 [45.7]
EBITDA Margin (%) 22.1 [1,152]
Net Profit (adjusted) 66.90 [54.6]
***EBITDA margin change is bps
Ajanta Pharma’s revenue in Q3FY19 declined 17.4% yoy to Rs485.11cr vs. Rs587.1cr in Q3FY18. EBITDA in Q3FY19 declined 45.7% yoy to Rs107.3cr vs. Rs197.5cr in Q3FY18. EBITDA margins in Q3FY19 stood at 22.1% vs. 30.5% in Q2FY19 and 33.6% in Q3FY18. PAT declined 54.6% yoy to Rs66.9cr in Q3FY19. The result is below the consensus expectations.

Other highlights
  • Domestic revenue in Q3FY19 grew 9% yoy to Rs174cr in Q3FY19 vs. Rs160cr in Q3FY18.
  • As per IMS MAT December 2018 data, the company posted healthy yoy growth of 16% in Cardiology, 13% in Ophthalmology, 9% in Dermatology and 20% in Pain Management.
  • Africa branded generic business sales declined 26% yoy to Rs64cr in Q3FY19 vs. Rs86cr in Q3FY18.
  • Asia branded generic business sales declined 25% yoy to Rs121cr in Q3FY19 vs. Rs161cr in Q3FY18.
  • US generic business sales posted 7% decline to Rs66cr in Q3FY19 Rs71cr in Q3FY18.

Technical View:

Ajanta Pharma Ltd share price is currently at Rs1,019.70, down 69.85 points, or 6.41%, from its previous close of Rs1,089.55 on the BSE. The scrip opened at Rs1,034 and has touched a high and low of Rs1,075 and Rs1,010, respectively. So far, 13,18,403 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50-DMA.

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