Emami Limited

Ajanta Pharma Private Limited’, a private limited company under the Companies Act, 1956, and subsequently upon conversion to a public limited company, the name was changed to ‘Ajanta Pharma Limited’ on August 11, 1986.  The Company 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 ?2,915.67 crores, ?2,680.06 crores and ? 2.076.45 crores respectively, and Profit after Tax for financial years ended March 31, 2021, 2020 and 2019 of ? 653.87 crores, ?467.70 crores and ? 386.97 crores respectively. As per limited review unaudited financial results for the six months period ended September 30, 2021, the Company recorded total income of ?1,694.96 crores and Profit after Tax of ?369.69 crores. The financials of the company is good all these years, RoCE is 32.0% and at CMP its looks fully priced. As this is Open Offer buyback, so there is no arbitrage benefit to investors.  So we give AVOID rating to this buyback.

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