Ajanta Pharma tumbles after Q1 earnings

Ajanta Pharma slumped 9.22% to Rs 1580 at 14:01 IST on BSE after net profit surged 80% to Rs 59 crore on 32% growth in revenue from operations to Rs 287 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced during market hours today, 5 August 2014.

Meanwhile, the S&P BSE Sensex was down 69.21 points or 0.27% at 25,653.95.

On BSE, so far 1.41 lakh shares were traded in the counter as against average daily volume of 11,000 shares in the past two weeks.

The stock was volatile. The stock surged as much as 3.32% at the day's high of Rs 1,798.45 so far during the day, which is a 52-week high for the counter. The stock tumbled as much as 12.38% at the day's low of Rs 1,525 so far during the day.

Ajanta Pharma's EBITDA jumped 78% to Rs 90 crore in Q1 June 2014 over Q1 June 2013.

Commenting on the results, Mr. Yogesh M. Agrawal, MD, Ajanta Pharma said, "The new financial year has begun on a positive note for us. The Q1 performance reflects our ability to deliver consistent results by maintaining our focus on select therapeutic specialities and geographies. Over the decade while growing sales, we have put significant emphasis in improving our margins which is reflected in our results. We continue to take actions on everyday basis to lay foundation for future".

Ajanta Pharma - a speciality pharmaceutical formulation company has leading brands in therapeutic segments of ophthalmology, dermatology, cardiology and pain management.

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