Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Q1FY25 results of the leading Indian pharmaceutical companies showed healthy and broad-based growth of the Indian pharmaceutical market, which grew 8.7% in Q1FY25.</li>
<li>Most of the top listed players registered double-digit revenue growth from their respective India formulation segments. Focus on chronic therapies remained major growth driver.</li>
<li>The Nifty Pharma Index has outperformed the benchmark Nifty 50, rising 32% YTD. The benchmark index has gained just 13% over the same period.</li>
</ul>


Q1FY25 results of the leading Indian pharmaceutical companies showed healthy and broad-based growth of the Indian pharmaceutical market, which grew 8.7% in Q1FY25.
Most of the top listed players registered double-digit revenue growth from their respective India formulation segments. Focus on chronic therapies remained major growth driver.
The Nifty Pharma Index has outperformed the benchmark Nifty 50, rising 32% YTD. The benchmark index has gained just 13% over the same period.


Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

Equity Bottom-Up

<ul>
<li>In Q1FY25, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.</li>
<li>Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.</li>
<li>Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.</li>
</ul>


In Q1FY25, Cipla Ltd (CIPLA IN) posted 7% YoY revenue growth to INR66.9B. Despite surging R&amp;D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.
Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.
Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&amp;A. Valuation still looks reasonable.


Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.</li>
<li>The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> raised around US$240m in its India IPO. Subscription rates were strong.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.</li>
</ul>



Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.


Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

India

Ipca Laboratories Limited operates a pharmaceutical company, which distributes products to over 75 countries worldwide.  The Group's products include finished dosage forms, drug delivery systems, bulk drugs and intermediates.

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Ipca Laboratories (IPCA IN)

Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...

Tina Banerjee

Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

In Q1FY25, Cipla posted 7% YoY revenue growth to INR66.9B. EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%, ahead...

Tina Banerjee

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

​Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...

Tina Banerjee

Cipla (CIPLA IN): Starts FY25 On Firm Note; EBITDA Margin Ahead of Guidance Range

In Q1FY25, Cipla posted 7% YoY revenue growth to INR66.9B. EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%, ahead...

Tina Banerjee

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

We see Zomato as a BSE 100 DEL for December 2024 as it currently violates one of the derivative linkage requirements. Zomato's fate will depend on...

Janaghan Jeyakumar, CFA

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...

Quiddity Leaderboard BSE/SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?