External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<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

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Ipca’s board is set to discuss integration of Bayshore Pharmaceuticals’ generics business into Unichem Pharma US.</li><li>Bayshore’s integration would enhance growth prospects, drive international revenue, on recent regulatory approvals for US manufacturing sites.</li><li>Ipca’s investments in biologics and plans to revitalize its CDMO initiatives suggest significant growth potential, supporting our price target of 1734. </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’s board is set to discuss integration of Bayshore Pharmaceuticals’ generics business into Unichem Pharma US.Bayshore’s integration would enhance growth prospects, drive international revenue, on recent regulatory approvals for US manufacturing sites.Ipca’s investments in biologics and plans to revitalize its CDMO initiatives suggest significant growth potential, supporting our price target of 1734. 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 Ltd - Bayshore Integration to Unlock Growth

<ul><li>We met with the management of IPCA recently to understand its business outlook.</li><li>Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.</li><li>Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.</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 met with the management of IPCA recently to understand its business outlook.Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base.Notwithstanding the near-term hiccups in API segment, IPCA is building levers to almost double its API exports by FY27E.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 - Progressing Steadily to Reclaim the Growth Path

India

Ipca Laboratories Limited operates a pharmaceutical company, which distributes products to over 75 countries worldwide.  The Group's products include finished dosage forms, drug delivery systems, bulk drugs and intermediates.

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Ipca Laboratories (IPCA IN)

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

Ipca Laboratories Ltd - Bayshore Integration to Unlock Growth

Ipca’s investments in biologics and plans to revitalize its CDMO initiatives suggest significant growth potential, supporting our price target of...

Sharekhan

IPCA Laboratories - Progressing Steadily to Reclaim the Growth Path

Domestic formulation (DF) is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by...

Motilal Oswal

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