External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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 US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India</li><li>However, pharmaceutical products were exempted from the first round of tariffs</li><li>This is a positive for the sector, which has been under a tariff overhang since the last 2-3 months</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 US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from IndiaHowever, pharmaceutical products were exempted from the first round of tariffsThis is a positive for the sector, which has been under a tariff overhang since the last 2-3 monthsContent 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.

Pharmaceuticals: Pharma dodges first round of US tariff risk

<ul><li>IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controls</li><li>IPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)</li><li>The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.</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.

IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controlsIPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.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: IPCA Laboratories, Endurance Technologies, ITD Cementation

<ul><li>The India Pharma &amp; Healthcare sector is expected to see steady growth in Q3FY25E</li><li>We project sales/EBITDA growth of 11%/13% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% YoY)</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 see steady growth in Q3FY25EWe project sales/EBITDA growth of 11%/13% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% YoY)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.

Pharma and Healthcare (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

Equity Bottom-Up

<ul><li>IPCA Labs’ (IPCA) brand-building strength is poised to drive outperformance against IPM growth, with synergies from Unichem integration further accelerating earnings</li><li>Our positive outlook is based on several key factors: First, IPCA’s brand-building and new product launches will support sustained sales growth</li><li>Additionally, the company’s strong positioning in acute and chronic therapies (CVS, anti-diabetics, CNS, and urology)—will enable it to outperform IPM growth</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.

IPCA Labs’ (IPCA) brand-building strength is poised to drive outperformance against IPM growth, with synergies from Unichem integration further accelerating earningsOur positive outlook is based on several key factors: First, IPCA’s brand-building and new product launches will support sustained sales growthAdditionally, the company’s strong positioning in acute and chronic therapies (CVS, anti-diabetics, CNS, and urology)—will enable it to outperform IPM growthContent 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.

IPCA Laboratories (Initiating Coverage): Steady India Growth, Exports Rely on Unichem Synergy. BUY

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

Motilal Oswal

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.

<ul><li>Motilal Oswal's research report on IPCA Laboratories After three years of earnings deterioration, IPCA is well-poised to deliver strong earnings growth over FY24-27.</li><li>With broad-based growth in volume and pricing, IPCA has been able to outperform the industry significantly in the domestic formulation (DF) market, with 15% YoY growth in MAT Aug’24 and a 15% CAGR in MAT Aug’21-24.</li><li>IPCA is making efforts to augment its export prospects through new launches and market share gains in generics exports.</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.

Motilal Oswal's research report on IPCA Laboratories After three years of earnings deterioration, IPCA is well-poised to deliver strong earnings growth over FY24-27.With broad-based growth in volume and pricing, IPCA has been able to outperform the industry significantly in the domestic formulation (DF) market, with 15% YoY growth in MAT Aug’24 and a 15% CAGR in MAT Aug’21-24.IPCA is making efforts to augment its export prospects through new launches and market share gains in generics exports.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.

IPCA Laboratories - At an Inflexion Point

India

IPCA Laboratories Limited is an Indian multinational pharmaceutical company that manufactures and markets over 350 finished-dosage formulations and approximately 80 active pharmaceutical ingredients (APIs). The company focuses on therapeutic areas such as pain management, rheumatology, antimalarials, and cardiovascular medicine. It was founded in 1949 and is headquartered in Mumbai, Maharashtra, India.

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IPCA Laboratories (IPCA IN)

Pharmaceuticals: Pharma dodges first round of US tariff risk

The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India

HDFC Securities

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and...

HDFC Securities

Pharma and Healthcare (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

The India Pharma & Healthcare sector is expected to see steady growth in Q3FY25E. We project sales/EBITDA growth of 11%/13% YoY for our coverage...

HDFC Securities

IPCA Laboratories (Initiating Coverage): Steady India Growth, Exports Rely on Unichem Synergy. BUY

IPCA Labs’ (IPCA) brand-building strength is poised to drive outperformance against IPM growth, with synergies from Unichem integration further...

HDFC Securities

IPCA Laboratories - At an Inflexion Point

Motilal Oswal's research report on IPCA Laboratories After three years of earnings deterioration, IPCA is well-poised to deliver strong earnings...

Motilal Oswal

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