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 (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US business and 3% YoY increase in Growth markets.</li><li>ARV increased by 28.1% YoY and API, up 12% YoY, increased the topline.</li><li>However, the US sales of $386 Mn (vs. exp. $375 Mn) have incresaed by 6.0% YoY due to additional volume for certain products and incremental volume in existing segments like antibiotics.</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 (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US business and 3% YoY increase in Growth markets.ARV increased by 28.1% YoY and API, up 12% YoY, increased the topline.However, the US sales of $386 Mn (vs. exp. $375 Mn) have incresaed by 6.0% YoY due to additional volume for certain products and incremental volume in existing segments like antibiotics.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 - Profitability Hits Due To High Input Costs

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>We maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864, valuing it at 16x March EPS.</li><li>APL may be on a rerating journey over the next two years, led by multiple events.</li><li>Potential demerger/divestment of Injectables business Approval and ramp-up of biosimilar drugs in the US and Europe Gradual ramp-up of domestic formulations business...(continued).</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 maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864, valuing it at 16x March EPS.APL may be on a rerating journey over the next two years, led by multiple events.Potential demerger/divestment of Injectables business Approval and ramp-up of biosimilar drugs in the US and Europe Gradual ramp-up of domestic formulations business...(continued).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- Company Update- A strong rerating candidate

Thematic (Sector/Industry)

<ul><li>4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.</li><li>We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.</li><li>Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.</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>

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.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.

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

<ul><li>Overall increase in competition and persisting price erosion in US market (68% revenue in the US) and higher frequency of USFDA inspection may lead to more surprise in upcoming quarters</li><li>Therefore, we recommend HOLD rating on the stock with Target Price of Rs 740/share.</li><li>Aurobindo Pharma (ARBP) Q2FY22 consolidated revenue (Ex-Natrol) degrew by -2.1% YoY, as ARV (-71%, YoY) and API (-5%, YoY) dragged the topline.</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>

Overall increase in competition and persisting price erosion in US market (68% revenue in the US) and higher frequency of USFDA inspection may lead to more surprise in upcoming quartersTherefore, we recommend HOLD rating on the stock with Target Price of Rs 740/share.Aurobindo Pharma (ARBP) Q2FY22 consolidated revenue (Ex-Natrol) degrew by -2.1% YoY, as ARV (-71%, YoY) and API (-5%, YoY) dragged the topline.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 Market Outshines Despite Weakness in the Industry

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.

<p>Aurobindo Pharma (ARBP)'s 2QFY22 results came in below our estimates, weighed by decline in ARV/API sales and an increase in raw material (RM) costs, which impacted profitability. Compared with the steady-to-declining...</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>

Aurobindo Pharma (ARBP)'s 2QFY22 results came in below our estimates, weighed by decline in ARV/API sales and an increase in raw material (RM) costs, which impacted profitability. Compared with the steady-to-declining...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.

Channel destocking, higher RM costs impact margins

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 - Profitability Hits Due To High Input Costs

Aurobindo Pharma (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US...

Axis Direct

Aurobindo Pharma- Company Update- A strong rerating candidate

We maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864,...

Nirmal Bang

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Aurobindo Pharma: US Market Outshines Despite Weakness in the Industry

Considering overall increase in competition and persisting price erosion in the US market (68% revenue in the US) and higher frequency of USFDA...

Axis Direct

Channel destocking, higher RM costs impact margins

Aurobindo Pharma (ARBP)'s 2QFY22 results came in below our estimates, weighed by decline in ARV/API sales and an increase in raw material (RM)...

Motilal Oswal

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