External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating profitability due to operating leverage.</li><li>Reported Revenue at Rs 742 Cr grew by 7.0% YoY, led by the API segment which grew by 10% YoY.</li><li>There has been a good pick-up in the API volume offtake from Jan’23 and onwards across the API industry which is expected to remain higher in the upcoming quarters.</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>

Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating profitability due to operating leverage.Reported Revenue at Rs 742 Cr grew by 7.0% YoY, led by the API segment which grew by 10% YoY.There has been a good pick-up in the API volume offtake from Jan’23 and onwards across the API industry which is expected to remain higher in the upcoming quarters.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.

Aarti Drugs Ltd - API Volumes Expected to Pick Up in the Upcoming Quarters

Thematic (Sector/Industry)

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></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>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

<ul><li>Aarti Drugs reported Q2FY23 results below to expectation despite strong topline growth.</li><li>Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material like DCDA and Ammonia.</li><li>EBITDA margins are 10.8% fell by 190 bps due to low gross profitability and high fuel and power costs.</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>

Aarti Drugs reported Q2FY23 results below to expectation despite strong topline growth.Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material like DCDA and Ammonia.EBITDA margins are 10.8% fell by 190 bps due to low gross profitability and high fuel and power costs.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.

Aarti Drugs LTD - Gross Margins at the Lowest Level

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

<ul><li>We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs 450/share.</li><li>Aarti Drugs Q4FY22 reported revenue grew 38% YoY which stood above our expectations, led by healthy growth in Chronic therapies, especially in the anti- diabetic segment.</li><li>Domestic revenue grew ~37% on a YoY basis while exports grew by around 50% YoY and API volumes grew 23% on a YoY basis.</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>

We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs 450/share.Aarti Drugs Q4FY22 reported revenue grew 38% YoY which stood above our expectations, led by healthy growth in Chronic therapies, especially in the anti- diabetic segment.Domestic revenue grew ~37% on a YoY basis while exports grew by around 50% YoY and API volumes grew 23% on a YoY basis.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.

Aarti Drugs: Price Hike and New Capacity to Aid in Growth

India

Aarti Drugs Limited is a pharmaceutical company which manufactures bulk drugs and specialty chemicals. The Company's products include vitamins and sedatives, as well as anti-inflammatory, anti-asthma, anti-arthritis, anti-fungal,  anti-diabetic, anti-osteoporosis, anti-cholinergic and anti-depressant drugs.  The company sells its products in India and elsewhere throughout the world.

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Aarti Drugs Ltd (ARTD IN)

Aarti Drugs Ltd - API Volumes Expected to Pick Up in the Upcoming Quarters

Aarti Drugs’ reported Q4FY23 results stood above our expectations, led by an increase in volume uptick and improvement in the operating...

Axis Direct

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

Aarti Drugs LTD - Gross Margins at the Lowest Level

Aarti Drugs (ARTD) reported lowest Gross margins 30% YoY in last 4 years due to price correction of high cost inventory that includes Raw material...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Aarti Drugs: Price Hike and New Capacity to Aid in Growth

We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs...

Axis Direct

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