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 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>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 India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster 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.

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster 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.

Pharmaceuticals: Domestic formulations sector: secular growth stories

Equity Bottom-Up

<ul><li>Mankind Pharma (Mankind) has witnessed a moderation in its India business in 9MFY25 to single digits (~9% YoY ex-BSV) from mid-double-digit growth in the past (13% CAGR over FY20-24)</li><li>The growth was affected by regulatory barriers in key products (Codistar: FDC ban and Unwanted: price control), increasing competition in the dydrogesterone market, and corrective actions taken to improve field force efficiency (discount control, realignment of MRs, rationalization of divisions, shift in customer base, etc.)</li><li>Although these measures upgraded margins in 9MFY25 to 25.7% (+100 bps 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.

Mankind Pharma (Mankind) has witnessed a moderation in its India business in 9MFY25 to single digits (~9% YoY ex-BSV) from mid-double-digit growth in the past (13% CAGR over FY20-24)The growth was affected by regulatory barriers in key products (Codistar: FDC ban and Unwanted: price control), increasing competition in the dydrogesterone market, and corrective actions taken to improve field force efficiency (discount control, realignment of MRs, rationalization of divisions, shift in customer base, etc.)Although these measures upgraded margins in 9MFY25 to 25.7% (+100 bps 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.

Mankind Pharma: India Business to Recover, BSV Integration on Track. Maintain ADD

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>Mankind Pharma (Mankind) delivered in-line operational performance for 3QFY25. The earnings were below estimates due to higher interest outgo on debt raised to fund the BSV acquisition.</li><li>While Mankind continues to deliver industry-beating growth in chronic therapies, regulatory headwinds in certain products and course corrections across the prescription (Rx) business affected the DF segment.</li><li>Interestingly, the strategic reset has driven a healthy 30% YoY growth in the consumer health segment.</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.

Mankind Pharma (Mankind) delivered in-line operational performance for 3QFY25. The earnings were below estimates due to higher interest outgo on debt raised to fund the BSV acquisition.While Mankind continues to deliver industry-beating growth in chronic therapies, regulatory headwinds in certain products and course corrections across the prescription (Rx) business affected the DF segment.Interestingly, the strategic reset has driven a healthy 30% YoY growth in the consumer health segment.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.

Mankind Pharma - Operationally In-Line; Outshines Industry in Chronic Category

India

Mankind Pharma is an Indian multinational pharmaceutical and healthcare company that develops, manufactures, and markets a diverse range of pharmaceutical formulations across various therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, and dermatology. The company also offers consumer healthcare products such as condoms, pregnancy test kits, and emergency contraceptives. It is headquartered in New Delhi, India, and was founded in 1991, with active operations commencing in 1995.

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Mankind Pharma (MANKIND 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

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

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Mankind Pharma: India Business to Recover, BSV Integration on Track. Maintain ADD

Mankind Pharma (Mankind) has witnessed a moderation in its India business in 9MFY25 to single digits (~9% YoY ex-BSV) from mid-double-digit growth...

HDFC Securities

Mankind Pharma - Operationally In-Line; Outshines Industry in Chronic Category

Mankind Pharma (Mankind) delivered in-line operational performance for 3QFY25. The earnings were below estimates due to higher interest outgo on...

Motilal Oswal

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