Share buyback gift after dividend delight! Rs 642 cr payout in FY24, now Rs 285 cr stock repurchase
share buyback gift after dividend delight! rs 642 cr payout in fy24, now rs 285 cr stock repurchase
Ajanta Pharma Share Buyback 2024: A specialty pharmaceutical formulation company has announced a share repurchase program to distribute Rs 351 crore to its shareholders. Notably, the has already handed out a total of Rs 642 crore to its shareholders in the form of dividend in fiscal 2024.
This translates to a remarkable dividend yield of 2.28 per cent, calculated based on the closing price as of March 31, 2024, Ajanta Pharma said in an exchange filing.
Ajanta Pharma Q4 Results 2024
During the quarter under review, the pharma firm reported a 66 per cent jump in its net profit to Rs 203 crore as against Rs 122 crore. Ajanta Pharma’s revenue from operations came in at Rs 1,054 crore against Rs 882 crore, up 20 per cent. The company’s EBITDA stood at Rs 278 crore against Rs 149 crore.
Ajanta Pharma Share Buyback 2024
In an exchange filing, the pharma company informed that it has generated a robust 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.
Ajanta Pharma’s share buyback will involve purchase of 10,28,881 equity shares at a price of Rs 2,770 per equity share, which is around a 24 per cent premium over Thursday’s closing price of Rs 2233.10. The repurchase constitutes 0.82 per cent of the total paid-up equity share capital.