Ajanta Pharma Ltd on Thursday reported a 66 per cent year-on-year (YoY) rise in profit after tax (PAT) at Rs 203 crore for the March quarter compared with Rs 122 crore in the same quarter last year. The specialty pharmaceutical formulation company said its revenue from operations grew 20 per cent YoY to Rs 1,054 crore compared with Rs 882 crore in the year-ago quarter.
Ebitda for the quarter came in at Rs 278 crore against Rs 149 crore, up 86 per cent. Ebitda margin came in at 26 per cent.
Ajanta Pharma said its board has approved buyback of up to 10,28,881 fully paid-up shares of face value of Rs 2 each by the company, representing 0.82 per cent of the total number of shares, at a price of Rs 2,770. During the fiscal year, the company distributed a total of Rs 642 crore to its shareholders in the form of dividend. This translated to a dividend yield of 2.28 per cent, calculated based on the closing price as of March 31, 2024.
For the year, Ajanta Pharma generated a cash flow of Rs 812 crore with an impressive cash conversion ratio of 69 per cent.
"Given this strong financial position, the board of directors has approved the distribution of Rs 351 crore to shareholders in the form of a buyback, including tax. This buyback will involve purchase of 10,28,881 equity shares at a price of Rs 2,770 per equity share, constituting 0.82 per cent of the total paid-up equity share capital," Ajanta Pharma said.