External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<ul><li>4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.</li><li>We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.</li><li>Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.</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.

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.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.

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Aurobindo Pharma's PAT stood above our estimates by 14%.</li><li>The company’s consolidated revenue grew by 25.8% YoY and gross margins improved by 122bps QoQ.</li><li>EBITDA margins improved by 222bps QoQ. The US revenue at $409 Mn was up 7.1% QoQ. </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's PAT stood above our estimates by 14%.The company’s consolidated revenue grew by 25.8% YoY and gross margins improved by 122bps QoQ.EBITDA margins improved by 222bps QoQ. The US revenue at $409 Mn was up 7.1% QoQ. 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 Ltd - Several Growth Levers in Place to Drive Topline

<ul><li>Aurobindo Pharma's PAT stood above our estimates by 3.7%.</li><li>The company’s consolidated revenue grew by 9.9% YoY and gross margins improved by 24bps YoY.</li><li>EBITDA margins improved by 179bps YoY. The US revenue at $402 Mn was up 8.6% QoQ. </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's PAT stood above our estimates by 3.7%.The company’s consolidated revenue grew by 9.9% YoY and gross margins improved by 24bps YoY.EBITDA margins improved by 179bps YoY. The US revenue at $402 Mn was up 8.6% QoQ. 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 Ltd - Number of Growth Levers in Place to Drive Topline

<ul><li>Aurobindo Pharma' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins decreased by 130 bps YoY.</li><li>US revenue USD$ 370 Mn, +2% YoY, however injectable business in the US reported flat growth YoY despite good numbers of injectable approvals in last year.</li><li>Oral and OTC business has driven growth in the US by 6% and 17% YoY respectively.</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' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins decreased by 130 bps YoY.US revenue USD$ 370 Mn, +2% YoY, however injectable business in the US reported flat growth YoY despite good numbers of injectable approvals in last year.Oral and OTC business has driven growth in the US by 6% and 17% YoY respectively.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 Ltd - Number of Livers to Drive Topline

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>Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.</li>
<li>The current employee strength is more than 8000, which includes more than 750 scientists.</li>
<li>FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) </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 is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad along with three R&amp;D centres.
The current employee strength is more than 8000, which includes more than 750 scientists.
FY22, API: formulations ratio was at 15:85. US formulations constitute 47% of revenues followed by Europe (28%), APIs (15%), RoW (6%) &amp; ARV (4%) 

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 - US Drags Down Overall Performance; Outlook Cautious

India

Aurobindo Pharma is an Indian multinational pharmaceutical manufacturing company that develops, manufactures, and commercializes a wide range of generic pharmaceuticals, active pharmaceutical ingredients (APIs), and specialty formulations. The company's product portfolio covers therapeutic areas including antibiotics, anti-retrovirals, cardiovascular, central nervous system, gastroenterologicals, anti-allergics, oncology, and dermatology. It commenced operations in 1988-1989 with a single unit manufacturing semi-synthetic penicillin in Puducherry. Headquartered in Hyderabad, Telangana, India, the company was founded in 1986.

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Aurobindo Pharma (ARBP IN)

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Aurobindo Pharma Ltd - Several Growth Levers in Place to Drive Topline

Aurobindo Pharma's PAT stood above our estimates by 14%. The company’s consolidated revenue grew by 25.8% YoY and gross margins improved by 122bps...

Axis Direct

Aurobindo Pharma Ltd - Number of Growth Levers in Place to Drive Topline

Aurobindo Pharma's PAT stood above our estimates by 3.7%. The company’s consolidated revenue grew by 9.9% YoY and gross margins improved by 24bps YoY.

Axis Direct

Aurobindo Pharma Ltd - Number of Livers to Drive Topline

Aurobindo Pharma' reported PAT missed estimates by 5%. Consol. Revenue grew by 11.4% YoY, Gross margins decreased by 183 bps YoY and EBITDA margins...

Axis Direct

Aurobindo Pharma - US Drags Down Overall Performance; Outlook Cautious

Aurobindo is a significant global generics player with 28 manufacturing facilities, including eight key formulations facilities in India and abroad...

ICICI Securities Limited

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