External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</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.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)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.

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

<ul><li>ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%</li><li>The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bn</li><li>Base Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bn</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.

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bnBase Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bnContent 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.

HSIE Results Daily: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

<ul><li>Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q</li><li>Prices of the chemical are showing a mixed bag on a sequential basis</li><li>As per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.</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.

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4QPrices of the chemical are showing a mixed bag on a sequential basisAs per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two 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.

Chemicals (Q4FY24 Results Preview): On a recovery path

<ul><li>We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd</li><li>The company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distribution</li><li>Within the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial production</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 had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt LtdThe company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distributionWithin the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial productionContent 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.

Chemicals: Opportunities galore for Indian CDMO players

<ul><li>Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.</li><li>Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.</li><li>As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.</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.

Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.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.

Chemicals (Q3FY24 Results Preview): Getting Better

India

Ami Organics Limited operates as a diligently managed pharmaceutical company. The Company specializes in varied products, custom synthesis, and contract manufacturing. Ami Organics serves customers in India.

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AMI Organics Ltd (AMIORG IN)

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

HSIE Results Daily: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%

HDFC Securities

Chemicals (Q4FY24 Results Preview): On a recovery path

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q. Prices of the chemical are showing a mixed...

HDFC Securities

Chemicals: Opportunities galore for Indian CDMO players

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd. The company operates in two primary businesses

HDFC Securities

Chemicals (Q3FY24 Results Preview): Getting Better

Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a...

HDFC Securities

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