External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales.</li><li>Sales from Europe (EU) were stable YoY in CC terms, with a pickup in API sales.</li><li>We cut our FY23/FY24 earnings estimate by 18%/13% to factor in: a) reduced demand for Injectables, led by shelf stock adjustment, b) considerable price erosion in the base portfolio in the US segment, c) adverse currency impact in the EU business, and d) increased R&amp;D spends.</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.

ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales.Sales from Europe (EU) were stable YoY in CC terms, with a pickup in API sales.We cut our FY23/FY24 earnings estimate by 18%/13% to factor in: a) reduced demand for Injectables, led by shelf stock adjustment, b) considerable price erosion in the base portfolio in the US segment, c) adverse currency impact in the EU business, and d) increased R&amp;D spends.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 - Price Erosion in the US and Higher OPEX Impacts Earning

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 (AURPHA) - US Drags Down Overall Performance; Outlook Cautious

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.

<ul><li>Aurobindo Pharma (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US business and 3% YoY increase in Growth markets.</li><li>ARV increased by 28.1% YoY and API, up 12% YoY, increased the topline.</li><li>However, the US sales of $386 Mn (vs. exp. $375 Mn) have incresaed by 6.0% YoY due to additional volume for certain products and incremental volume in existing segments like antibiotics.</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 (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US business and 3% YoY increase in Growth markets.ARV increased by 28.1% YoY and API, up 12% YoY, increased the topline.However, the US sales of $386 Mn (vs. exp. $375 Mn) have incresaed by 6.0% YoY due to additional volume for certain products and incremental volume in existing segments like antibiotics.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 - Profitability Hits Due To High Input Costs

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<ul><li>We maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864, valuing it at 16x March EPS.</li><li>APL may be on a rerating journey over the next two years, led by multiple events.</li><li>Potential demerger/divestment of Injectables business Approval and ramp-up of biosimilar drugs in the US and Europe Gradual ramp-up of domestic formulations business...(continued).</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 maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864, valuing it at 16x March EPS.APL may be on a rerating journey over the next two years, led by multiple events.Potential demerger/divestment of Injectables business Approval and ramp-up of biosimilar drugs in the US and Europe Gradual ramp-up of domestic formulations business...(continued).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- Company Update- A strong rerating candidate

<ul><li>Overall increase in competition and persisting price erosion in US market (68% revenue in the US) and higher frequency of USFDA inspection may lead to more surprise in upcoming quarters</li><li>Therefore, we recommend HOLD rating on the stock with Target Price of Rs 740/share.</li><li>Aurobindo Pharma (ARBP) Q2FY22 consolidated revenue (Ex-Natrol) degrew by -2.1% YoY, as ARV (-71%, YoY) and API (-5%, YoY) dragged the topline.</li></ul><div class="content-highlight">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.</div>

Overall increase in competition and persisting price erosion in US market (68% revenue in the US) and higher frequency of USFDA inspection may lead to more surprise in upcoming quartersTherefore, we recommend HOLD rating on the stock with Target Price of Rs 740/share.Aurobindo Pharma (ARBP) Q2FY22 consolidated revenue (Ex-Natrol) degrew by -2.1% YoY, as ARV (-71%, YoY) and API (-5%, YoY) dragged the topline.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 Market Outshines Despite Weakness in the Industry

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)

Aurobindo Pharma - Price Erosion in the US and Higher OPEX Impacts Earning

ARBP delivered a 2QYF23 earnings miss, led by lower-than-expected US and ARV sales. Sales from Europe (EU) were stable YoY in CC terms, with a...

Motilal Oswal

Aurobindo Pharma (AURPHA) - 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

Aurobindo Pharma Ltd - Profitability Hits Due To High Input Costs

Aurobindo Pharma (ARBP) reported a 9.4% YoY increase in consolidated revenue (Ex-Natrol) in Q1FY23, primarily due to a 10.8% YoY increase in the US...

Axis Direct

Aurobindo Pharma- Company Update- A strong rerating candidate

We maintain our earnings estimates on Aurobindo Pharma Limited (APL) and reiterate our Buy rating on the stock with a target price (TP) of Rs864,...

Nirmal Bang

Aurobindo Pharma: US Market Outshines Despite Weakness in the Industry

Considering overall increase in competition and persisting price erosion in the US market (68% revenue in the US) and higher frequency of USFDA...

Axis Direct

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