Ajanta Pharma drops after Q2 PAT slides 20% YoY to Rs 157 cr

Ajanta pharma tumbled 7.02% to Rs 1261.45 after the pharmaceutical company's consolidated net profit dropped 20.1% to Rs 156.60 crore in Q2 FY23 as against Rs 195.94 crore in Q2 FY22.

Revenue from operations stood at Rs 938.10 crore in quarter ended 30 September 2022, registering a growth of 6% from Rs 884.80 crore posted in the corresponding quarter previous year.

Consolidated profit before tax slipped 22% to Rs 203 crore in Q2 FY23 as against Rs 260.42 crore in Q2 FY22.

Total expenses spiked 18.58% year on year to Rs 775.45 crore in Q2 FY23. Cost of materials consumed was at Rs 205.40 crore (up 17.98% YoY) and employee expenses stood at Rs 186.14 crore (up 16.28% YoY).

EBITDA dropped 25% to Rs 196 crore in Q2 FY23 against Rs 263 crore recorded in Q2FY22.

The company's revenue from Domestic business was at Rs 314 crore (up 27% YoY) and revenue from Exports stood at Rs 615 crore (up 1% YoY) during the quarter.

During Q2 FY23, R&D expenses were Rs 59 crore, which is 6% of revenue from operations. R&D expenses were Rs 49 crore in Q2 FY22.

Meanwhile, the company's board declared an interim dividend of Rs 7 per share for the financial year 2022-23. The record date for the same is on 14 November 2022 and the dividend will be paid on or after 24 November 2022.

Ajanta Pharma is a specialty pharmaceutical formulation company having branded generic business in India and emerging markets, generic business in US and institution business in Africa.

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