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. 

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>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>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.

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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<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

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.

Equity Bottom-Up

<ul>
<li>Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.</li>
<li>Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.</li>
<li>In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).</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.


Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.
Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.
In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).

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.

Lupin - Launches Critical for Sustenance of Turnaround

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.</li><li>We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.</li><li>Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty business</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 the growth momentum in Q1FY25E.We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty businessContent 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 (Q1FY25E Results Preview): Start the Year on a Strong Nod

<ul><li>The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.</li><li>This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.</li><li>Moreover, the basket inched up by 5.8% in the last one month.</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 Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.Moreover, the basket inched up by 5.8% in the last one month.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.

Axis Top Picks for the month of July 2024

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC 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

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

Lupin - Launches Critical for Sustenance of Turnaround

Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.

ICICI Securities Limited

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

The India Pharma & Healthcare sector is expected to maintain the growth momentum in Q1FY25E. We expect our coverage universe to see 11%/13% YoY...

HDFC Securities

Axis Top Picks for the month of July 2024

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same...

Axis Direct

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