External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

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>Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth markets (up 39.2% YoY) maintained traction.</li><li>EBITDA margin was 20.4% despite lower gRevlimid sales and INR 600mn cost of Pen-G plant.</li><li>We believe from Q4 higher revenue of gRevlimid, lower losses of Pen-G plant and normalisation of supplies from Eugia Unit 3 may boost growth and margins.</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>

Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth markets (up 39.2% YoY) maintained traction.EBITDA margin was 20.4% despite lower gRevlimid sales and INR 600mn cost of Pen-G plant.We believe from Q4 higher revenue of gRevlimid, lower losses of Pen-G plant and normalisation of supplies from Eugia Unit 3 may boost growth and margins.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.

Aurobindo Pharma - Soft Quarter; Growth Levers Intact