Shares of Ajanta Pharma went up over 8% today. This happened after the company announced buyback of shares worth Rs 285 crore. It also came after Ajanta Pharma reported good earnings for January-March quarter.
The pharma company will buyback up to 10.28 lakh shares through a tender offer. The buyback price is Rs 2,770 per share. This is 24% higher than Thursday’s closing price of Rs 2,233.
Ajanta Pharma board has approved buyback of up to 10,28,881 equity shares. This is 0.82% of total shares. The shares will be bought back from shareholders on record date of May 30, 2024.
Talking about Q4 results, Ajanta Pharma profit grew 66% year-on-year to Rs 203 crore. This is compared to Rs 122 crore profit in same period last year.
The pharma company’s revenue from operations rose 20% to Rs 1,054 crore versus Rs 882 crore a year ago.
Ajanta Pharma’s operating profit or Ebitda jumped 86% to Rs 278 crore against Rs 149 crore last year. Ebitda margin stood at 26%.
Following the strong set of numbers and buyback announcement, Ajanta Pharma shares were trading 8.61% higher at Rs 2,426.30 on NSE at 10:22 am today.