External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We tweak our estimates and revise TP to INR1,075/sh, based on 16x FY23e EPS and NPV of INR50 for the PLI opportunity. Maintain BUY Q4 revenue/EBITDA were a tad lower than our estimates. Barring strong performance in ARV (+29% YoY), most markets reported sluggish growth. Despite sharp increase in R&amp;D; spends (7.6%, +150bps QoQ), EBITDA margin was largely in line with estimates at 21.2% (-30bps QoQ). Aurobindos progress on complex pipeline (2 biosimilars filing in FY22/FY23, filings of depot injectables in FY23) provides good growth visibility over the medium to long term.</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>

We tweak our estimates and revise TP to INR1,075/sh, based on 16x FY23e EPS and NPV of INR50 for the PLI opportunity. Maintain BUY Q4 revenue/EBITDA were a tad lower than our estimates. Barring strong performance in ARV (+29% YoY), most markets reported sluggish growth. Despite sharp increase in R&amp;D; spends (7.6%, +150bps QoQ), EBITDA margin was largely in line with estimates at 21.2% (-30bps QoQ). Aurobindos progress on complex pipeline (2 biosimilars filing in FY22/FY23, filings of depot injectables in FY23) provides good growth visibility over the medium to long term.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 (4QFY21): Soft quarter, outlook remains strong. Maintain BUY