External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Equity Bottom-Up

<ul><li>EBITDA (+68% YoY) was led by 17% sales growth (-4% QoQ US but up 18% YoY, +10% EU, and +49% YoY in growth markets), higher gross margin (+490 bps YoY), muted SG&amp;A/R&amp;D (+7%/ -4% YoY) but was partly offset by higher staff cost (+20% YoY)</li><li>ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base business</li><li>However, specialty/injectable business is expected to remain muted due to Eugia plant impact (site transfer to Vizag plant may take 1 year)—the company has guided for quarterly sales rate at USD 150 mn (Q4FY24 was at USD 147 mn) and US sales rate of USD 100-110 mn for FY25, it expects growth to improve in FY26 on the back of new launches</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>

EBITDA (+68% YoY) was led by 17% sales growth (-4% QoQ US but up 18% YoY, +10% EU, and +49% YoY in growth markets), higher gross margin (+490 bps YoY), muted SG&amp;A/R&amp;D (+7%/ -4% YoY) but was partly offset by higher staff cost (+20% YoY)ARBP expects to maintain US oral solid business growth momentum, led by new launches and volume gain in the base businessHowever, specialty/injectable business is expected to remain muted due to Eugia plant impact (site transfer to Vizag plant may take 1 year)—the company has guided for quarterly sales rate at USD 150 mn (Q4FY24 was at USD 147 mn) and US sales rate of USD 100-110 mn for FY25, it expects growth to improve in FY26 on the back of new launchesContent 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 (4QFY24): Strong Q4, Eugia’s USFDA Issues Key Concern. Maintain ADD