External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>Q1FY25 Pharma Coverage Performance: In Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market, new launches (especially Darunavir, DDR D, gMyrbetriq, and gSpiriva), lower price erosion, gross margin expansion through cost optimization, and growth in the US base business portfolio.</li><li>EBITDA margin improved by a healthy ~250bps/120bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.</li><li>US Base Business Momentum: The US base business maintained healthy momentum, with new product launches offsetting single-digit price erosion.</li></ul><p><em>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.</em></p>

Q1FY25 Pharma Coverage Performance: In Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market, new launches (especially Darunavir, DDR D, gMyrbetriq, and gSpiriva), lower price erosion, gross margin expansion through cost optimization, and growth in the US base business portfolio.EBITDA margin improved by a healthy ~250bps/120bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.US Base Business Momentum: The US base business maintained healthy momentum, with new product launches offsetting single-digit price erosion.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.

<ul><li>Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.</li><li>The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.</li><li>The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. </li></ul><p><em>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.</em></p>

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. 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><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><p><em>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.</em></p>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</li></ul><p><em>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.</em></p>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

<ul><li>We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.</li><li>With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22</li><li>OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCG</li></ul><p><em>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.</em></p>

We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCGContent 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 Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

India

Krishna Institute of Medical Sciences (KIMS) is an Indian multi-speciality hospital chain that offers a comprehensive range of healthcare services across various medical and surgical specialties, including cardiac sciences, oncology, neurosciences, orthopaedics, and organ transplantation. KIMS operates a network of hospitals providing multidisciplinary integrated tertiary and quaternary healthcare. The company is headquartered in Secunderabad, India, and was founded in 2000.

Krishna Institute of Medical Sciences (KIMS IN)

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Krishna Institute of Medical Sciences (KIMS IN)

Top Sector Ideas Pharma - (Q1FY25)

n Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market

Axis Direct

Post Budget Analysis and Stock Ideas

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her...

Axis Direct

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Pharma Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.

Axis Direct

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