Ajanta Pharma Q4 net surges over two-fold at Rs 70 cr

Ajanta Pharma today posted over two-fold increase in its net profit at Rs 70.09 crore for the fourth quarter ended March 31, 2014, primarily on the back of robust sales in the domestic market.

The company had reported a net profit of Rs 27.09 crore during the same period of earlier fiscal.

Net sales of the company rose to Rs 301.14 crore for the fourth quarter, as against Rs 249.21 crore in the same period of 2012-13 fiscal, Ajanta Pharma said in a filing to the BSE.

For the year ended March 31, 2014, the company posted a consolidated net profit of Rs 233.88 crore, over two-fold rise, as compared to Rs 112.11 crore in the earlier fiscal.

Net sales of the company rose to Rs 1,178.29 crore for the fiscal ended March 31, 2014, compared to Rs 920.14 crore in the corresponding period of earlier fiscal.

"All our geographies have performed in line with our expectations. Our India speciality business continues to post robust growth much above the industry growth," Ajanta Pharma Managing Director Yogesh Agrawal said.

The company continues to build branded generic business in select overseas markets and lay foundation for sustained growth in coming years, he added.

During the fourth quarter, the company's India formulations revenues stood at Rs 95 crore, up 33 per cent over same period 2012-13 fiscal.

The company's board, which met today, recommended dividend of Rs 10 per equity share on the face value of Rs 5 per share.

Ajanta Pharma shares were trading at Rs 1,123 apiece on the BSE in late afternoon trade, up 14.87 per cent from its previous close.