21 Ajanta Pharma
Ajanta focuses mainly on cardiac, dermatological and ophthalmic therapies. Domestic branded formulations constituted 33% of consolidated turnover in FY15. The company’s forte has been its focus on new drug-delivery systems. New product launches and first-of-its-kind generics have helped Ajanta post a CAGR of 29% over the past five years against industry growth of just half as much. Despite registering its highest-ever gross margin in Q2FY16, the management pared growth rates for FY16 from 25% to 18-20% following a slowdown in its key derma brand Melacare. Given its unique product portfolio in the domestic market, most analysts expect Ajanta Pharma to continue to outperform.
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