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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Aurobindo Pharma' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins decreased by 130 bps YoY.</li><li>US revenue USD$ 370 Mn, +2% YoY, however injectable business in the US reported flat growth YoY despite good numbers of injectable approvals in last year.</li><li>Oral and OTC business has driven growth in the US by 6% and 17% YoY respectively.</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>

Aurobindo Pharma' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins decreased by 130 bps YoY.US revenue USD$ 370 Mn, +2% YoY, however injectable business in the US reported flat growth YoY despite good numbers of injectable approvals in last year.Oral and OTC business has driven growth in the US by 6% and 17% YoY respectively.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.

Aurobindo Pharma Ltd - Number of Livers to Drive Topline

Thematic (Sector/Industry)

<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.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.</li>
<li>The current employee strength is more than 8000, which includes more than 750 scientists.</li>
<li>FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) </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>


Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.
The current employee strength is more than 8000, which includes more than 750 scientists.
FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) 

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.

Aurobindo Pharma - US Drags Down Overall Performance; Outlook Cautious

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales.</li><li>Sales from Europe (EU) were stable YoY in CC terms, with a pickup in API sales.</li><li>We cut our FY23/FY24 earnings estimate by 18%/13% to factor in: a) reduced demand for Injectables, led by shelf stock adjustment, b) considerable price erosion in the base portfolio in the US segment, c) adverse currency impact in the EU business, and d) increased R&amp;D spends.</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>

ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales.Sales from Europe (EU) were stable YoY in CC terms, with a pickup in API sales.We cut our FY23/FY24 earnings estimate by 18%/13% to factor in: a) reduced demand for Injectables, led by shelf stock adjustment, b) considerable price erosion in the base portfolio in the US segment, c) adverse currency impact in the EU business, and d) increased R&amp;D spends.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.

Aurobindo Pharma - Price Erosion in the US and Higher OPEX Impacts Earning

<ul><li>Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.</li><li>The current employee strength is more than 8000, which includes more than 750 scientists.</li><li>FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) </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>

Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.The current employee strength is more than 8000, which includes more than 750 scientists.FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) 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.

Aurobindo Pharma (AURPHA) - US Drags Down Overall Performance; Outlook Cautious

India

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

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Aurobindo Pharma (ARBP IN)

Aurobindo Pharma Ltd - Number of Livers to Drive Topline

Aurobindo Pharma' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins...

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

Aurobindo Pharma - US Drags Down Overall Performance; Outlook Cautious

Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad...

ICICI Securities Limited

Aurobindo Pharma - Price Erosion in the US and Higher OPEX Impacts Earning

ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales. Sales from Europe (EU) were stable YoY in CC terms, with a...

Motilal Oswal

Aurobindo Pharma (AURPHA) - US Drags Down Overall Performance; Outlook Cautious

Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad...

ICICI Securities Limited

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