Shares of Ajanta Pharma plunged nearly 7 percent on Friday, November 4 after the net profit of the company declined 20.08 percent to ₹156.60 crore in the quarter that ended September 2022, reported Moneycontrol.
During Friday’s trade, the stock opened at a price of ₹1,286 per share against the previous close of Rs. 1,347.70 and dipped further to touch an intraday low of Rs. 1,250.20. It was trading at Rs. 1,259.15 at 12:25 p.m., down by 6.57 percent on the NSE.
The stock touched a 52-week-high of Rs. 1,569.33 on January 18, 2022 and a 52-week-low of Rs. 1,061.77 on May 11, 2022, indicating that at the current level, the stock is trading at 18.3 percent above its 52-week low and almost 20 percent below its 52 week high.
In the past one month, the shares of the company dipped nearly 3 percent. Alternatively, the stock returned over 7 percent to its shareholders in the last six months. However, it has shown a decline of almost 15 percent year-to-date.
On Thursday, Ajanta Pharma reported a 20 percent decline in consolidated net profit at ₹156.60 crore in the second quarter that ended September 30, impacted by higher expenses and lower sales in the US generics market, reported Moneycontrol.
The company had posted a consolidated net profit of ₹195.94 crore in the same period last fiscal. Consolidated revenue from operations stood at ₹938.1 crore as against ₹884.8 crore in the year-ago period, the official report stated.
Total expenses were higher at ₹775.45 crore, compared to ₹653.92 crore in the same period last year. In the second quarter, India sales were at ₹314 crore, compared to ₹248 crore in the corresponding period last fiscal, reporting a growth of 27 percent.
Export sales were at ₹615 crore, as compared to ₹611 crore in the same quarter a year ago, a growth of 1 percent. US generic sales were down 5 percent at ₹185 crore as compared to ₹194 crore in the same period last fiscal, the regulatory filing said.
Ajanta Pharma Ltd., established in 1979, is a mid-cap company with a market capitalization of Rs. 17,267.43 crores operating in the pharmaceutical industry. The company is primarily involved in the development, manufacturing and marketing of specialty pharmaceutical finished dosages. The company’s marketing network operates in domestic and international markets.
According to a Mintgenie poll, an average of 10 analysts have a ‘BUY’ call on the stock.