AJANTA PHARMA LIMITED

Ajanta Pharma Limited is a specialty pharmaceutical formulation company engaged in the development, manufacture and marketing of qualified finished dosages. The Company is focused on the branded generics market in India, Asia and African countries, generics market in USA besides Institutional segment in Africa. The Company has seven (7) manufacturing facilities in India out of which two (2) facilities have been approved by US FDA. The Company also has a research and development centre for finished formulations and active pharmaceutical ingredient synthesis. For the financial years ended March 31, 2021, 2020 and 2019, the Company recorded total income of Rs 2,915.67 crores, Rs 2,680.06 crores and Rs 2.076.45 crores respectively, and Profit after Tax for financial years ended March 31, 2021, 2020 and 2019 of Rs 653.87 crores, Rs 467.70 crores and Rs 386.97 crores respectively. As per limited review unaudited financial results for the 9M FY22, the Company recorded total income of Rs 2076.45 crores and Profit after Tax of Rs 386.97 crores. The financials of the company is good all these years, RoCE is 32.0% and at CMP its looks fully priced. Price difference is around 23% and expected acceptance ration won't be more than 10% for retail. So we give NEUTRAL rating to this buyback and who are holding this stock before announcement of buyback, may participate in buyback depending on market price.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal