External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

<ul><li>Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.</li><li>However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.</li><li>In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.</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 onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.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.

Dr Reddy’s Labs - US/India Drive Earnings Growth

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.

<ul><li>Motilal Oswal's research report onLupin Lupin (LPC) delivered in-line operational performance in 4QFY24. LPC ended FY24 on a strong note, with INR198b in sales (up 19% YoY), EBITDA margin of 18% (up 750bp YoY) and PAT of INR19b (vs. INR4b YoY).</li><li>LPC continues to implement efforts toward building a complex product pipeline in inhalation, injectables and ophthalmic.</li><li>We raise our earnings estimates by 6% each for FY25/FY26, factoring in a) limited competition product launches in the US generics segment, b) industry outperformance in the DF segment, and c) a scale-up in the diagnostic 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.

Motilal Oswal's research report onLupin Lupin (LPC) delivered in-line operational performance in 4QFY24. LPC ended FY24 on a strong note, with INR198b in sales (up 19% YoY), EBITDA margin of 18% (up 750bp YoY) and PAT of INR19b (vs. INR4b YoY).LPC continues to implement efforts toward building a complex product pipeline in inhalation, injectables and ophthalmic.We raise our earnings estimates by 6% each for FY25/FY26, factoring in a) limited competition product launches in the US generics segment, b) industry outperformance in the DF segment, and c) a scale-up in the diagnostic business. 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 - Niche Product Drives Earnings Growth

IRB Infrastructure Developers / Equity Bottom-Up

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

<ul><li>Motilal Oswal's research report onIRB Infrastructure IRB Infrastructure (IRB)’s revenue grew 27% YoY to INR20.6b in 4QFY24 (in line).</li><li>EBITDA margin came in at 43.2% (down 370bp YoY, below our estimate of 45%).</li><li>EBITDA grew 17% YoY to INR8.9b, in line with our estimate.</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 onIRB Infrastructure IRB Infrastructure (IRB)’s revenue grew 27% YoY to INR20.6b in 4QFY24 (in line).EBITDA margin came in at 43.2% (down 370bp YoY, below our estimate of 45%).EBITDA grew 17% YoY to INR8.9b, in line with our estimate.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.

IRB Infrastructure - In-Line Performance; Order Pipeline Remains Robust

MAS Financial Services Ltd / Equity Bottom-Up

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

<ul><li>Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).</li><li>In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).</li><li>The par products reported an exponential growth of 66% 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.

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).The par products reported an exponential growth of 66% 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.

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

Navin Fluorine International / Equity Bottom-Up

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

<ul><li>Motilal Oswal's research report onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.</li><li>The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.</li><li>Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.</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 onNavin Fluorine International Navin Fluorine’s (NFIL) EBITDA/PAT grew 13%/42% YoY in 4QFY24, higher than our estimates.The beat was driven by a strong performance in the Specialty Chemicals business, which was well supported by growth in the HPP segment.Gross margin was 50%, while EBITDA margin dipped 10.7pp YoY to 18.3%.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.

Navin Fluorine International - Strong Performance Led by Specialty and HPP Businesses

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.