Ajanta Pharma will hold a meeting of the Board of Directors of the Company on 2 February 2021.

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Ajanta Pharma announced the schedule of activities in relation to the Buyback of up to 7.35 lakh equity shares at a price of Rs 1850 per share.

Date of opening of buyback offer - 03 December 2020
Date of closing of buyback offer - 16 December 2020
Last date of receipt of the completed tender forms - 18 December 2020
Last date of settlement of bids on the stock exchange - 24 December 2020

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Ajanta Pharma announced that the Board of Directors of the Company at its meeting held on 03 November 2020, has recommended a Interim dividend of Rs.9.50 per share (i.e.475%), subject to the approval of the shareholders.

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The company aims to buyback upto 7.35 lakh shares (0.84% of the total number of fully paid-up equity shares) at Rs 1,850 per share. The buyback will be on a proportionate basis through a tender offer route. The company has fixed 13 November 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.

The buyback price of Rs 1,850 per share is at 12.78% premium to the ruling market price.

Meanwhile, the drug maker announced its Q2 September 2020 results yesterday (3 November). On a consolidated basis, the company's net profit increased 46.29% to Rs 170.22 crore on a 11.38% rise in revenue from operations to Rs 715.91 crore in Q2 September 2020 over Q2 September 2019.

Profit before tax (PBT) jumped 54.27% to Rs 249.24 crore in Q2 September 2020 over Q2 September 2019. Current tax expense surged 105.55% to Rs 82.59 crore in Q2 September 2020 as against Rs 40.18 crore in Q2 September 2019.

EBITDA rose 54% to Rs 274 crore in Q2 September 2020 over Q2 September 2019. EBITDA is at 38% of revenue from operations.

The drug company's India sales were at Rs 202 crore, down 1%. Total exports in Q2 September 2020 were at Rs 499 crore, a growth of 12% year-on-year. During Q2 September 2020, R&D expenses declined 27.5% to Rs 29 crore (4% of revenue) from Rs 40 crore in Q2 September 2019.

The board has approved payment of interim dividend of Rs 9.50 per equity share. The record date is on 13 November 2020.

Ajanta Pharma is a speciality pharmaceutical formulation company having branded generic business in India and emerging markets, generic business in US and institution business in Africa.

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