External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</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.

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

<ul><li>Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%</li><li>Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.</li><li>CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunities</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.

Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunitiesContent 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: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

<ul><li>India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic factors such as healthcare infrastructure and a structural shift towards an organised market</li><li>Within this healthcare landscape: (1) the hospital segment has already undergone the CAPEX phase (added bed capacity over FY14-19)</li><li>It is now in the execution phase, focusing on improving occupancy and ARPOB^, translating into a better margin</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.

India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic factors such as healthcare infrastructure and a structural shift towards an organised marketWithin this healthcare landscape: (1) the hospital segment has already undergone the CAPEX phase (added bed capacity over FY14-19)It is now in the execution phase, focusing on improving occupancy and ARPOB^, translating into a better marginContent 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.

Healthcare: Strong Position, Long Runway for Growth

Equity Bottom-Up

<ul><li>Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumes</li><li>We expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regions</li><li>The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription shares</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.

Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumesWe expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regionsThe company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription sharesContent 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.

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

India

Dr. Lal PathLabs Limited is an Indian diagnostic and healthcare service provider, offering a comprehensive range of pathology, radiology, and cardiology tests. The company's services include routine blood and urine tests, specialized screenings for conditions like diabetes and cancer, and preventive health check-ups. Headquartered in New Delhi, India, the company was founded in 1949.

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Dr. Lal PathLabs (DLPL IN)

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%

HDFC Securities

Healthcare: Strong Position, Long Runway for Growth

India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic...

HDFC Securities

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription...

HDFC Securities

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