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

<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

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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>We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs 450/share.</li><li>Aarti Drugs Q4FY22 reported revenue grew 38% YoY which stood above our expectations, led by healthy growth in Chronic therapies, especially in the anti- diabetic segment.</li><li>Domestic revenue grew ~37% on a YoY basis while exports grew by around 50% YoY and API volumes grew 23% on a YoY basis.</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>

We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs 450/share.Aarti Drugs Q4FY22 reported revenue grew 38% YoY which stood above our expectations, led by healthy growth in Chronic therapies, especially in the anti- diabetic segment.Domestic revenue grew ~37% on a YoY basis while exports grew by around 50% YoY and API volumes grew 23% 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: Price Hike and New Capacity to Aid in Growth

<ul><li>Aarti Drugs reported revenue growth of 19.7% YoY which stood above our expectations.</li><li>The API segment grew by 22% while the Speciality Chemical segment reported a robust growth of 74% YoY</li><li>We recommend HOLD with the target price of Rs 540/share.</li></ul><div class="content-highlight"><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></div>

Aarti Drugs reported revenue growth of 19.7% YoY which stood above our expectations.The API segment grew by 22% while the Speciality Chemical segment reported a robust growth of 74% YoYWe recommend HOLD with the target price of Rs 540/share.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: Growth Led by Price Hikes and New Capacity Addition

<p>We expect revenue and PAT CAGR of 13.3% and 12.3% respectively over the period FY21-FY23E and recommend BUY with TP of Rs 760.</p><div class="content-highlight"><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></div>

We expect revenue and PAT CAGR of 13.3% and 12.3% respectively over the period FY21-FY23E and recommend BUY with TP of Rs 760.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: Low Demand, High RM Prices Impact Profitability; Capex to Drive Growth

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 - 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

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Aarti Drugs: Price Hike and New Capacity to Aid in Growth

We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs...

Axis Direct

Aarti Drugs: Growth Led by Price Hikes and New Capacity Addition

Aarti Drugs reported revenue growth of 19.7% YoY which stood above our expectations. The API segment grew by 22% while the Speciality Chemical...

Axis Direct

Aarti Drugs: Low Demand, High RM Prices Impact Profitability; Capex to Drive Growth

We expect revenue and PAT CAGR of 13.3% and 12.3% respectively over the period FY21-FY23E and recommend BUY with TP of Rs 760.

Axis Direct

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