External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<div><ul><li>Aarti Drugs’ reported Q1FY24 results stood below our expectations due to a fall in exports which comprised Formulations (+6%YoY) and Speciality Chemical segment (-18% YoY).</li><li>Its reported revenue stood at Rs 661 Cr, up 6.3% YoY and the growth was led by the API segment which grew by 9% YoY.</li><li>There has been a good pick up in the API volume offtake in the domestic market at 18% but realisations declined by 8% on a YoY basis.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aarti Drugs’ reported Q1FY24 results stood below our expectations due to a fall in exports which comprised Formulations (+6%YoY) and Speciality Chemical segment (-18% YoY).Its reported revenue stood at Rs 661 Cr, up 6.3% YoY and the growth was led by the API segment which grew by 9% YoY.There has been a good pick up in the API volume offtake in the domestic market at 18% but realisations declined by 8% on a YoY basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Ltd - Volume Growth Offset by Low Realizations

Thematic (Sector/Industry)

<div><ul><li>Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.</li><li>In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.</li><li>Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

<ul><li>Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating profitability due to operating leverage.</li><li>Reported Revenue at Rs 742 Cr grew by 7.0% YoY, led by the API segment which grew by 10% YoY.</li><li>There has been a good pick-up in the API volume offtake from Jan’23 and onwards across the API industry which is expected to remain higher in the upcoming quarters.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating profitability due to operating leverage.Reported Revenue at Rs 742 Cr grew by 7.0% YoY, led by the API segment which grew by 10% YoY.There has been a good pick-up in the API volume offtake from Jan’23 and onwards across the API industry which is expected to remain higher in the upcoming quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Ltd - API Volumes Expected to Pick Up in the Upcoming Quarters

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Aarti Drugs reported Q2FY23 results below to expectation despite strong topline growth.</li><li>Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material like DCDA and Ammonia.</li><li>EBITDA margins are 10.8% fell by 190 bps due to low gross profitability and high fuel and power costs.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aarti Drugs reported Q2FY23 results below to expectation despite strong topline growth.Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material like DCDA and Ammonia.EBITDA margins are 10.8% fell by 190 bps due to low gross profitability and high fuel and power costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs LTD - Gross Margins at the Lowest Level

India

Aarti Drugs Limited is a pharmaceutical company which manufactures bulk drugs and specialty chemicals. The Company's products include vitamins and sedatives, as well as anti-inflammatory, anti-asthma, anti-arthritis, anti-fungal,  anti-diabetic, anti-osteoporosis, anti-cholinergic and anti-depressant drugs.  The company sells its products in India and elsewhere throughout the world.

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Aarti Drugs Ltd (ARTD IN)

Aarti Drugs Ltd - Volume Growth Offset by Low Realizations

Aarti Drugs’ reported Q1FY24 results stood below our expectations due to a fall in exports which comprised Formulations (+6%YoY) and Speciality...

Axis Direct

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one...

Axis Direct

Aarti Drugs Ltd - API Volumes Expected to Pick Up in the Upcoming Quarters

Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating...

Axis Direct

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

Aarti Drugs LTD - Gross Margins at the Lowest Level

Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material...

Axis Direct

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