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

Motilal Oswal

External broker reports(aggregated public sources)

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

<ul><li>We met with the management of IPCA recently to understand its business outlook.</li><li>Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.</li><li>Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.</li></ul>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.

We met with the management of IPCA recently to understand its business outlook.Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.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.

IPCA Laboratories - Progressing Steadily to Reclaim the Growth Path

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>Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.</li><li>Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenues</li><li>Revenue break-up FY22 – Formulations:69% (domestic:43%, export:26% - export generic: 13%, export institutional:5%, export branded: 7%), API: 23% (export API: 17%, domestic API: 6%), subsidiaries: 7%.</li></ul>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.

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenuesRevenue break-up FY22 – Formulations:69% (domestic:43%, export:26% - export generic: 13%, export institutional:5%, export branded: 7%), API: 23% (export API: 17%, domestic API: 6%), subsidiaries: 7%.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.

Ipca Laboratories - Domestic Business Stable but Exports Volatile…

Ipca Laboratories - Domestic Business Stable but Exports Volatile

Ipca Laboratories (IPCLAB) - Domestic Business Stable but Exports Volatile…

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajanta-pharma-ltd" target="_blank" data-smartkarma-citation="entities:10053:1" rel="noopener">Ajanta Pharma (AJP IN)</a> has a well-diversified business model in terms of markets and therapies. The company’s largest revenue contributing segment, branded generics is seeing healthy double-digit revenue growth.</li>
<li>Ajanta focuses on limited competition product in US. Going forward, the US business will see accelerated growth, driven by new launches. Ajanta plans to file 10–12 ANDAs during FY23.</li>
<li>Ajanta has taken 1% price increase across all its market, which should drive margin improvement in coming quarters. The company has guided for EBITDA margin of 26–27% for FY23.</li>
</ul>



Ajanta Pharma (AJP IN) has a well-diversified business model in terms of markets and therapies. The company’s largest revenue contributing segment, branded generics is seeing healthy double-digit revenue growth.
Ajanta focuses on limited competition product in US. Going forward, the US business will see accelerated growth, driven by new launches. Ajanta plans to file 10–12 ANDAs during FY23.
Ajanta has taken 1% price increase across all its market, which should drive margin improvement in coming quarters. The company has guided for EBITDA margin of 26–27% for FY23.


Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth

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)

IPCA Laboratories - Progressing Steadily to Reclaim the Growth Path

Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by...

Motilal Oswal

Ipca Laboratories - Domestic Business Stable but Exports Volatile…

pca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.

ICICI Securities Limited

Ipca Laboratories - Domestic Business Stable but Exports Volatile

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.

ICICI Securities Limited

Ipca Laboratories (IPCLAB) - Domestic Business Stable but Exports Volatile…

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21.

ICICI Securities Limited

Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth

Strong presence in high growth Asia and Africa markets ensures healthy revenue growth in mid-term, while US business should be long-term value...

Tina Banerjee

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