Ajanta Pharma Limited

Ajanta Pharma Limited is a specialty pharmaceutical company engaged in the development, manufacturing, and marketing of quality finished dosages. Committed to ‘Serve Health Care Needs Worldwide’, they produce a comprehensive range of specialty products targeting different therapeutic segments for the treatment of patients, customised to each market. Their business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales. The branded generics business is spread in India and more than 30 emerging countries across Africa, CIS, the Middle East and South East Asia. In India, they have a presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management where they have been able to provide consistently innovative products, many being 1st to the market, for patient convenience and compliance. As per financials net profit is in decline mode since FY17, RoNW is 29.58% and at CMP its looks fully priced. Price difference is around 32% from CMP, but as per current share holding pattern acceptance ratio will be around 1.8% for retail investors, which is very low and so there won't be more than 5% of acceptance ratio. So we give AVOID rating to this buyback.

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