External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</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>

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.</li><li>We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.</li><li>Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty business</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>

The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty businessContent 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.

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

<ul><li>Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26E</li><li>Q4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other income</li><li>Oil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. </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>

Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26EQ4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other incomeOil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. 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.

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

<ul><li>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</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>

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent 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.

Pharmaceuticals: Domestic formulations sector: secular growth stories

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.

Equity Bottom-Up

<div><ul><li>Promising start for Drolute and Xsulin - T<span style="font-size: var(--content-font-size);">he Dydrogesterone market is at an interesting phase, with an improvement in </span><span style="font-size: var(--content-font-size);">demand due to better access, affordability, and technical superiority over </span><span style="font-size: var(--content-font-size);">Progesterone.</span></li></ul><div><ul><li>Favorable demand-supply and marketing efforts to drive ‘Drolute’ sales for ERIS</li></ul><div><ul><li>Well-positioned to gain market share in the Insulin market - <span style="font-size: var(--content-font-size);">ERIS has expanded its Anti-Diabetic offering, with the recent launch of human/premix Insulin</span></li></ul></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>

Promising start for Drolute and Xsulin - The Dydrogesterone market is at an interesting phase, with an improvement in demand due to better access, affordability, and technical superiority over Progesterone.Favorable demand-supply and marketing efforts to drive ‘Drolute’ sales for ERISWell-positioned to gain market share in the Insulin market - ERIS has expanded its Anti-Diabetic offering, with the recent launch of human/premix InsulinContent 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.

Eris Lifesciences - Niche Launches to Aid Growth over the Medium Term

India

Eris Lifesciences Limited manufactures, markets, and sells generic drugs. The Company focuses on cardiology, diabetology, endocrinology, gastroenterology, ENT, orthopedics, pediatrics, and gynecology segments. Eris Lifesciences distributes pharmaceutical drugs throughout India.  v

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Eris Lifesciences (ERIS IN)

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

The India Pharma & Healthcare sector is expected to maintain the growth momentum in Q1FY25E. We expect our coverage universe to see 11%/13% YoY...

HDFC Securities

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26%...

HDFC Securities

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Eris Lifesciences - Niche Launches to Aid Growth over the Medium Term

The Dydrogesterone market is at an interesting phase, with an improvement in demand due to better access, affordability, and technical superiority...

Motilal Oswal

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