Result Update June 1, 2013 Rating matrix Rating
:
Buy
Target
:
| 200
Target Period
:
12 months
Potential Upside
:
18%
Aurobindo Pharma (AURPHA) | 170 WHAT’S CHANGED…
Key Financials
PRICE TARGET....................................................................... Changed from | 187 to | 200
(| Crore)
FY12
FY13
FY14E
FY15E
Revenues
4627
5855
6965
7943
EBITDA
610
889
1184
1390
EPS (FY15E)..........................................................................................Introduced at | 26.4
Net Profit
-124
294
655
767
RATING...............................................................................................................Unchanged
Adjusted PAT
334
421
655
767
Moving in right direction…
FY12
FY13
FY14E
FY15E
EPS (|)
NM
10.1
22.5
26.4
Adjusted EPS (|)
11.5
14.5
22.5
26.4
PE (x)
NM
16.8
7.6
6.5
Target PE (x)
NM
19.8
8.9
7.6
EV to EBITDA (x)
13.0
9.2
6.6
5.4
Target EV/EBITDA (x)
Valuation Summary
14.5
10.2
7.3
6.0
Price to book (x)
2.1
1.9
1.6
1.3
RoNW (%)
NM
11.3
20.5
19.8
RoCE (%)
7.5
10.6
14.3
16.8
Stock data Market Capitalisation
| 4949 crore
Debt (FY13)
| 3452 crore
Cash (FY13)
| 208 crore
EV
| 8193 crore
52 week H/L
205/100
Equity capital
| 29.1 crore
Face value
5
MF Holding (%)
15.0
FII Holding (%)
16.8
Price movement 250
6,500 6,000
200
5,500
150
5,000
100
4,500
50
4,000 Jun-12
Sep-12
Dec-12
Price (R.H.S)
Feb-13
May-13
Nifty (L.H.S)
Analyst’s name Siddhant Khandekar
[email protected] Krishna Kiran Konduri
[email protected] Darpan Thakkar
[email protected]
ICICI Securities Ltd | Retail Equity Research
EPS (FY14E)......................................................................... Changed from | 23.4 to | 21.5
Aurobindo reported a mixed set of Q4FY13 numbers. Revenues grew 32% YoY to | 1570 crore, much higher than I-direct estimate of | 1450 crore, driven by ~41% YoY growth in formulations. Better-than-expected traction in US/EU-RoW formulations and Cephalosporin APIs resulted in overall robust growth. EBITDA margins improved ~350 bps YoY but declined ~120 bps QoQ to 15.3% (I-direct estimate: 16.4%). The sequential decline in margins was on account of 1) lower dossier income and 2) year end provisions at some of the European subsidiaries towards discounts/charge backs/rebates, etc. We maintain BUY as the company seems to be on the right track to address other lingering issues such as margins and leverage. US/EU-RoW lead overall formulations growth US formulations grew 61% YoY to | 486 crore driven by 1) incremental product launches post approvals for various manufacturing sites and 2) growth in the legacy base business. During the quarter, the company filed seven ANDAs taking total filings to 269 and received approval for 12 products taking total approval count to 181. EU-RoW formulations grew ~45% YoY to | 249 crore on the back of incremental product launches. USFDA lifts import alert on Aurobindo’s Unit VI The USFDA has lifted the import alert for non-sterile products manufactured at Aurobindo’s Unit–VI cephalosporin facility based in Hyderabad, paving the way for resumption of exports of nine products to the US market. Prior to the import alert, the unit had annual US sales of US$33 million for these products. Regulatory ghosts more or less exorcised; maintain BUY With clearances for unit III/VI/XII and approval for unit IV, the company is witnessing incremental approvals and is well poised to launch multiple products in the US. The Q4 performance has once again vindicated the overall recovery, which was visible in Q2 and Q3. The huge debt pile, however, will continue to remain a stumbling block. Since most of it is forex denominated, a falling rupee will only hit more, albeit notionally. Our new target price now stands at | 200 based on 6x FY15E EV/EBITDA. Exhibit 1: Financial Performance (| Crore) Revenues EBIDTA EBIDTA Margin (%) Depreciation Interest Reported PAT EPS (|)
Q4FY13A 1570.4 240.1 15.3 69.3 31.6 108.6 3.7
Q4FY13E 1449.9 239.2 16.5 63.0 35.5 134.9 4.6
Source: Company, ICICIdirect.com Research
Q4FY12 1190.7 140.4 11.8 53.9 35.2 108.0 3.7
Q3FY13 1570.1 259.1 16.5 60.8 33.1 91.8 3.2
YoY Gr. (%) 31.9 71.0
QoQ Gr. (%) 0.0 -7.3
28.5 -10.3 0.6
14.0 -4.7 NM
Quarterly Highlights Exhibit 2: Revenues grow 32% YoY
1400 1200 | crore
Revenues grew 32% to | 1570 crore (higher than our estimates of | 1450 crore) on the back of 62% growth in the US formulations, 45% growth in EU & RoW and 26%
1190.7
40 35
31.9
30 25
22.2
800
20 15
12.8
400
the quarter stood at 58:42
45
1570.4
1214.4
1000 600
growth in Ceph APIs. The mix of formulations, API for
1570.1
1500.4 39.5
1600
200
10 5
3.1
0
Q4FY12
%
1800
0 Q1FY13
Q2FY13
Q3FY13
Revenues
Q4FY13
YoY Growth (%)
Source: Company, ICICIdirect.com Research
Exhibit 3: EBITDA margins up 350 bps on lower base 300 250.3 118.3
250
140
259.1
120
240.1
100
EBITDA margins improved 350 bps to 15.3% (lower than
200
our estimate of 16.5%) on the back of an improved
(| cr)
product mix and higher dossier income YoY. However, on QoQ basis, margins declined 120 bps due to year end provisions
at
European
subsidiaries
towards
150
80
71.0 140.4
139.8
60 40
35.5
20
100
discount/charge back/rebates. EBITDA in absolute terms
50
grew 71% YoY to | 240 crore (our estimates: | 239 crore)
0
-14.8
-20
-34.5
-40 -60
0 Q4FY12
Q1FY13
Q2FY13 EBITDA
Q3FY13
Q4FY13
YoY Growth (%)
[
Source: Company, ICICIdirect.com Research
Exhibit 4: Trends in EBITDA & net profit margin… 20 16.7 14.8
15 10
11.8 9.1
16.5
11.5 5.8
5 (%)
15.3
6.9
0 -5
-10
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
-10.6
-15 EBITDA Margins
NPM Margins
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 2
Exhibit 5: Trends in net profit 222.4
250 200 150
Despite strong growth at the EBITDA level, the net profit
108.0
(| cr)
remained flat YoY at | 108.6 crore due to forex loss and higher tax provision. The company booked forex loss of | 1.3 crore as against forex gains of | 103.4 crore on the
108.6
91.8
100 50 0
back of restatement forex debt. The effective tax rate
-50
during the quarter was 29.3% due to higher provision of
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
-100
deferred tax
-150
-128.9 Net Profit
[
Source: Company, ICICIdirect.com Research
Exhibit 6: Formulation composition improves YoY
Exhibit 7: Trends in dossier income
100
0.2
0.5
0.8
2.4
1.2
50
80
46.7
47.0
40.5
41.0
41.6
40
%
| crore
60 40 20
53.1
58.8
52.4
57.2
56.6
38.6
30 18.9
20
11.7
10
0 Q4FY12
Q1FY13
Q2FY13
Formulations
API
Q3FY13
2.9
6.8
0
Q4FY13
Q4FY12
Dossier Income
Source: Company ICICIdirect.com, Research
Q1FY13
Q2FY13 Q3FY13 Dossier Income
Q4FY13
Source: Company, ICICIdirect.com Research
Exhibit 8: New product launches boost growth in US business 600
513.4 57.8
500
products during the year. Aurobindo is planning to launch 16-20 products in FY14. Of this, three are likely to be control substance products. The company filed seven ANDAs taking total ANDAs count to 269. Aurobindo received approval for 12 products during the quarter taking the total approval to 181 (including 26 tentative
300
300.9
Cephalosporin products from Unit VI
ICICI Securities Ltd | Retail Equity Research
40
328.3
30 20
19.8
10 0
100
-10
-14.0 Q4FY12
-20 Q1FY13
Q2FY13 USA
approvals). During the quarter, the company launched three injectables from Unit IV and re-launched six
60 50
200
0
70
Q3FY13
Q4FY13
YoY growth (%)
Source: Company, ICICIdirect.com Research
Page 3
(%)
share of existing products. The company launched 23
| crore
driven by new product launches and improved market
424.950.0
400
Sales from the US business grew 61.5% to | 486 crore
61.5 486.0
Exhibit 9: EU & RoW up 45% YoY on the back of new product launches 270
| crore
received approval for four dossiers each from Australia and Canadian regulatory. Aurobindo filed 10 dossiers during the quarter taking total dossier filings to 1753
70
186.1
171.8
180
crore on the back of new product launches. The company
223.3
60 50
45.1
135
40
35.8
90
(%)
225 Sales from Europe & RoW markets grew 45% to | 249
80
249.2 225.7 68.2
30
22.6
20
45
10
9.2
0
0 Q4FY12
Q1FY13
Q2FY13
Q3FY13
EU & ROW
Q4FY13
YoY growth (%)
Source: Company, ICICIdirect.com Research
Exhibit 10: ARV business posts marginal growth of 4% YoY 50
252.2 44.6
40
240
| crore
200
Revenues from the ARV business grew only 4% to
175.9
120
-2.4
0 -10
-18.4
40
company will bid for only lucrative tenders
10
3.9
80
accepting tenders. The management indicated the
20
140.2
160
| 182.8 crore as the company remained selective in
30
182.8
175.1
(%)
280
-20 -30
-33.7
0 Q4FY12
Q1FY13
-40 Q2FY13
ARV
Q3FY13
Q4FY13
YoY growth (%)
Source: Company, ICICIdirect.com Research
Exhibit 11: API business grows 17% YoY on the back of sharp growth in Cephs API
600
| crore
The . API business grew 17% to | 667 crore driven by 26% growth in Cephalosporin APIs business. The growth in SSPs and non-cephs/non-SSPs APIs grew 14% and 11% respectively. The company filed two DMFs with the USFDA and 22 DMFs with other regulatory authorities during the
450
570.2
27.9 587.1
622.1 26.9
25 21.7
18.1
20 16.9
300
15 10
150
quarter
30
666.8
660.2
5 0
0 Q4FY12
Q1FY13
Q2FY13 APIs
Q3FY13
Q4FY13
YoY growth (%)
[
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 4
(%)
750
Exhibit 12: Trends in quarterly financial performance (| Crore)
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Revenues
1076.9
1075.3
1284.5
1190.7
1214.4
1500.4
1570.1
1570.4
RM Cost
573.3
599.4
705.5
641.6
647.4
756.5
782.2
804.7
% of revenue
53.2
55.7
54.9
53.9
53.3
50.4
49.8
51.2
Gross Profit
503.6
475.9
579.0
549.1
567.0
743.9
787.9
765.7
Gross Profit Margin (%) Employee cost % of revenue Other expenditure % revenues Total Expenditure % of revenue EBITDA
46.8
44.3
45.1
46.1
46.7
49.6
50.2
48.8
123.2
132.7
140.8
139.1
154.3
167.0
166.8
175.2
11.4
12.3
11.0
11.7
12.7
11.1
10.6
11.2
216.5
228.6
247.1
269.7
273.0
326.6
362.0
350.4
20.1
21.3
19.2
22.6
22.5
21.8
23.1
22.3
912.9
960.7
1093.4
1050.3
1074.7
1250.2
1311.0
1330.3
84.8
89.3
85.1
88.2
88.5
83.3
83.5
84.7
163.9
114.6
191.2
140.4
139.8
250.3
259.1
240.1
EBITDA Margins (%)
15.2
10.7
14.9
11.8
11.5
16.7
16.5
15.3
Depreciation
45.2
46.2
55.2
53.9
58.8
59.8
60.8
69.3
Interest cost
14.6
20.7
27.4
35.2
33.1
33.5
33.1
31.6
Other Income
2.9
6.0
4.9
5.9
2.2
6.6
5.6
14.1
Forex & EO
-316.7
-185.4
-144.5
102.1
-206.5
117.6
-73.4
-1.3
PBT
-209.6
-131.7
-31.0
159.3
-156.4
281.1
97.5
152.0
-86.8
-51.6
-2.4
51.9
-27.4
59.1
6.5
44.5
Tax Expense Tax rate (%) PAT Minority Interest PAT after Minority Interest EPS (|) Source: Company, ICICIdirect.com Research
41.4
39.1
7.7
32.6
17.5
21.0
6.6
29.3
-122.8
-80.2
-28.6
107.4
-129.0
222.0
91.0
107.5
0.0
0.0
0.0
-0.6
-0.1
-0.4
-0.8
-1.1
-122.8
-80.2
-28.5
108.0
-128.9
222.4
91.8
108.6
NA
NA
NA
3.7
NA
7.6
3.2
3.7
Exhibit 13: Assumption for sales (| crore) USA YoY Growth (%) EU & ROW YoY Growth (%) ARV YoY Growth (%) Total Formulations YoY Growth (%) SSPs YoY Growth (%) Cephs YoY Growth (%) Non-Pen Non-Cephs YoY Growth (%) Total APIs YoY Growth (%) Dossier Income YoY Growth (%) Gross Sales YoY Growth (%)
FY12 1183.6 -0.5 647.5 15.8 766.7 13.9 2597.8 7.3 628.9 11.4 751.7 -11.3 687.0 76.1 2067.6 14.7 59.9 -76.6 4725.3 5.5
FY13 1752.6 48.1 884.3 36.6 750.3 -2.1 3387.2 30.4 765.2 21.7 937.3 24.7 833.7 21.4 2536.2 22.7 76.0 26.9 5999.4 27.0
FY14E 2311.2 31.9 1061.2 20.0 808.8 7.8 4181.2 23.4 841.7 10.0 1031.0 10.0 1000.4 20.0 2873.2 13.3 60.0 -21.1 7114.4 18.6
FY15E 2773.5 20.0 1220.3 15.0 849.3 5.0 4843.1 15.8 925.9 10.0 1134.1 10.0 1150.5 15.0 3210.5 11.7 60.0 0.0 8113.6 14.0
Source: Company, ICICIdirect.com Research;
ICICI Securities Ltd | Retail Equity Research
Page 5
Valuation With clearances for unit III/VI/XII and approval for unit IV, the company is witnessing incremental approvals and is well poised to launch multiple products in the US. The Q4 performance has once again vindicated the overall recovery, which was visible in Q2 and Q3. The huge debt pile, however, will continue to remain a stumbling block. Since most of it is forex denominated, the falling rupee will only hit more, albeit notionally. Our new target price now stands at | 200 based on 6x FY15E EV/EBITDA. Key risks- 1) Delay in product approvals. Exhibit 14: One year forward EV/EBITDA 21000 18000
(| crore)
15000 12000 9000 6000 3000 0 Mar-06 Nov-06 Jul-07 Mar-08 Nov-08 Jul-09 Mar-10 Nov-10 Jul-11 Mar-12 Nov-12 EV
14.9x
13.0x
11.2x
8.4x
5.7x
Source: Company, ICICIdirect.com Research
Exhibit 15: One year forward P/E 450 375 300 |
225 150 75 0 Mar06
Oct06
May07
Dec07
Jul08
Price
Feb09 18.1x
Sep09
Apr10 14.4x
Nov10 8.2x
Jun11
Jan12
Aug12
Mar13
5.7x
[ [
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 6
Exhibit 16: One year forward PE of company vs. BSE Healthcare Index 35 30
61% discount
25 x
20 15 10 5
Aurobindo
Mar-13
Aug-12
Jan-12
Jun-11
Nov-10
Apr-10
Sep-09
Feb-09
Jul-08
Dec-07
May-07
Oct-06
Mar-06
0
Healthcare
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 7
Financial summary Profit and loss statement (Year-end March)/ (| Crore) Net Sales Growth (%) Raw Material Expenses Employee Expenses Other Manufacturing Expenses Total Operating Expenditure EBITDA Growth (%) Interest Depreciation Other Income PBT before Exceptional Items Less: Forex & Exceptional Items PBT Total Tax PAT before MI Minority Interest PAT Adjusted PAT Growth (%) EPS EPS (Adjusted)
Cash flow statement FY12 4,627.4 5.6 2,519.8 535.7 961.8 4,017.3 610.1 -36.4 97.8 200.5 19.8 331.5 544.5 -213.0 -88.8 -124.1 -0.6 -123.5 334.2 -37.7 -4.2 11.5
FY13E 5,855.3 26.5 2,990.8 663.3 1,312.2 4,966.2 889.1 45.7 131.3 248.8 28.5 537.5 163.4 374.0 82.7 291.3 -2.5 293.8 421.1 26.0 10.1 14.5
FY14E 6,965.0 19.0 3,552.2 766.2 1,462.7 5,781.0 1,184.1 33.2 110.9 274.7 20.0 818.4 0.0 818.4 163.7 654.8 0.0 654.8 654.8 55.5 22.5 22.5
FY15E 7,943.2 14.0 4,051.0 873.8 1,628.4 6,553.2 1,390.1 17.4 92.9 294.2 20.0 1,023.0 0.0 1,023.0 255.7 767.2 0.0 767.2 767.2 17.2 26.4 26.4
Source: Company, ICICIdirect.com Research
FY12 -123.5 200.5 -40.1 -93.9 0.0 -56.9 -18.6 -644.6 -1.1 -119.6 1.1 -759.0 0.0 501.0 180.7 -33.8 52.2 0.0 700.0 -115.9 186.7 70.9
FY13E 293.8 248.8 -753.8 348.3 0.0 137.1 18.6 -266.2 5.4 64.2 -2.5 -328.0 0.0 200.0 156.0 -51.1 23.4 0.0 328.3 137.4 70.9 208.3
FY14E 654.8 274.7 -533.5 319.3 0.0 715.3 0.0 -176.3 0.0 0.0 0.0 -220.0 0.0 -200.0 -100.0 -68.1 0.0 0.0 -368.1 127.1 208.3 335.5
FY15E 767.2 294.2 -594.9 111.6 0.0 578.1 0.0 -155.5 0.0 0.0 0.0 -186.1 0.0 -300.0 -200.0 -85.2 0.0 0.0 -585.2 -193.2 335.5 142.3
FY12
FY13E
FY14E
FY15E
-4.2 2.6 80.4 1.0 2.4
10.1 18.6 89.5 1.5 7.2
22.5 31.9 109.7 2.0 11.5
26.4 36.5 133.1 2.5 4.9
13.2 -4.6 -2.7 118 98 52
15.2 6.4 5.0 108 100 60
17.0 11.8 9.4 106 98 65
17.5 12.9 9.7 104 96 60
-5.3 7.5 4.5
11.3 10.6 8.8
20.5 14.3 12.6
19.8 16.8 13.4
0.0 13.0 1.7 1.1 2.1
16.8 9.2 1.4 0.8 1.9
7.6 6.6 1.1 0.7 1.6
6.5 5.4 0.9 0.6 1.3
1.3 5.1 4.1 4.1
1.3 3.9 3.7 3.5
1.0 2.7 3.3 3.1
0.7 1.9 3.3 3.2
Source: Company, ICICIdirect.com Research
Balance sheet (Year-end March)/ (| Crore) Equity Capital Reserve and Surplus Total Shareholders funds Secured Loan Unsecured Loan Deferred Tax Liability Minority Interest Long term Provisions Source of Funds Gross Block Less: Acc. Depreciation Net Block Capital WIP Net Fixed Assets Net Intangible Assets Investments Inventory Cash Debtors Loans & Advances & Other CA Total Current Assets Creditors Provisions & Other CL Total Current Liabilities Net Current Assets LT L& A, Other CA Deferred Tax Assets Application of Funds
(Year-end March)/ (| Crore) Profit after Tax Add: Depreciation (Inc)/dec in Current Assets Inc/(dec) in CL and Provisions Others CF from operating activities (Inc)/dec in Investments (Inc)/dec in Fixed Assets (inc)/dec in def tax assets inc/(dec) in def tax liability Inc/(dec) in MI CF from investing activities Inc / (Dec) in Equity Capital Inc / (Dec) in sec. Loan Inc / (Dec) in unsec. Loan Dividend & Dividend Tax inc/(dec) in exch. rate Fluc. inc/(dec) in Sec. Prem Acc CF from financing activities Net Cash flow Opening Cash Closing Cash
Key ratios FY12 29.1 2,310.5 2,339.7 1,635.6 1,460.4 3.9 10.2 4.2 5,453.9 2,784.8 797.6 1,987.2 600.0 2,587.2 252.9 38.5 1,545.6 70.9 1,240.0 389.0 3,245.4 660.1 123.6 783.7 2,461.6 108.2 5.4 5,453.9
FY13E 29.1 2,576.6 2,605.8 1,835.6 1,616.4 68.0 11.0 9.0 6,145.7 3,134.8 998.9 2,135.9 350.0 2,485.9 371.5 22.3 1,923.6 208.3 1,597.0 407.7 4,136.6 968.7 163.3 1,132.0 3,004.6 261.5 0.0 6,145.7
FY14E 29.1 3,163.3 3,192.4 1,635.6 1,516.4 68.0 11.0 9.0 6,432.4 3,434.8 1,222.3 2,212.4 150.0 2,362.4 396.5 22.3 2,121.8 335.5 1,870.1 469.9 4,797.2 1,240.3 211.0 1,451.3 3,345.9 305.2 0.0 6,432.4
FY15E 29.1 3,845.3 3,874.4 1,335.6 1,316.4 68.0 11.0 9.0 6,614.4 3,584.8 1,461.0 2,123.7 100.0 2,223.7 396.5 22.3 2,404.7 142.3 2,089.2 562.7 5,198.9 1,305.7 257.1 1,562.9 3,636.1 335.8 0.0 6,614.4
(Year-end March) Per share data (|) EPS Cash EPS BV DPS Cash Per Share Operating Ratios (%) EBITDA Margin PBT / Total Operating income PAT Margin Inventory days Debtor days Creditor days Return Ratios (%) RoE RoCE RoIC Valuation Ratios (x) P/E EV / EBITDA EV / Net Sales Market Cap / Sales Price to Book Value Solvency Ratios Debt / Equity Debt / EBITDA Current Ratio Quick Ratio
[
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Source: Company, ICICIdirect.com Research
Page 8
Company Description Aurobindo Pharma, headquartered at Hyderabad, manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company’s manufacturing facilities are approved by several leading regulatory agencies like USFDA, UK MHRA, WHO, Health Canada, MCC South Africa and ANVISA Brazil. Aurobindo’s strong product portfolio is spread over six major therapeutic/product areas encompassing antibiotics, antiretroviral, CVS, CNS, gastroenterological, and anti-allergics. The company is marketing these products globally, in over 100 countries. Exhibit 17: Recommendation History 250 200 150 100 50 0 Jul-12
Sep-12
Oct-12
Dec-12 Price
Jan-13
Feb-13
Apr-13
May-13
Target Price
[
Source: Company, ICICIdirect.com Research
Exhibit 18: Recent Releases Date 5-Jul-12 9-Aug-12 8-Oct-12 12-Nov-12 8-Jan-13 8-Feb-13 4-Apr-13
Event Q1FY13 Result Preview Q1FY13 Result Update Q2FY13 Result Preview Q2FY13 Result Update Q3FY13 Result Preview Q3FY13 Result Update Q4FY13 Result Preview
CMP 115 102 143 179 201 184 163
Target Price 141 110 110 177 177 187 187
Rating BUY HOLD HOLD HOLD HOLD HOLD BUY
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 9
ICICIdirect.com coverage universe (Healthcare) Rating M Cap (| Cr)
EPS (|) PE(x) EV/EBITDA (x) RoCE (%) RoNW (%) FY13E FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E
Company
I-Direct Code
CMP TP (|) (|)
Apollo Hospitals
APOHOS
960
963 HOLD
Aurobindo Pharma
AURPHA
177
200 Buy
Biocon
BIOCON
272
308 BUY
5,449
25.4
20.6
23.7
10.7
13.2
11.5
9.7
7.7
6.5
14.4
17.3
18.0
19.2
14.1
14.7
Cadila Healthcare
CADHEA
775
976 BUY
15,896
32.0
43.9
57.4
24.2
17.7
13.5
14.9
11.8
9.3
19.2
20.8
24.4
24.6
27.7
29.3
Divi's Laboratories
DIVLAB
973 1191 BUY
12,932
46.1
52.6
62.7
21.1
18.5
15.5
15.2
12.7
10.4
28.8
28.4
28.7
23.9
23.4
23.6
Glenmark Pharma
GLEPHA
575
603 BUY
15,601
22.7
25.8
33.5
25.3
22.3
17.2
17.5
14.9
11.9
19.3
22.3
25.5
22.5
22.7
24.1
Indoco Remedies
INDREM
63
74 BUY
585
4.6
7.8
9.3
13.7
8.1
6.8
7.5
5.9
4.9
13.3
15.5
16.5
10.3
14.9
15.5
13,378
21.9
24.0
31.6
43.9
40.1
30.4
22.8
19.0
15.0
11.7
13.5
17.2
11.1
11.3
13.4
5,161
10.1
22.5
26.4
17.5
7.9
6.7
9.5
6.7
5.5
10.6
14.3
16.8
11.3
20.5
19.8
Ipca Laboratories
IPCLAB
598
621 HOLD
7,562
25.6
35.7
44.3
23.3
16.8
13.5
13.0
11.3
9.1
24.7
24.7
26.2
20.8
23.1
23.0
Jubilant Life Sciences
VAMORG
162
235 BUY
2,590
9.6
27.8
37.6
16.9
5.8
4.3
5.8
4.9
4.5
12.3
13.4
16.3
6.1
15.5
17.8
Lupin
LUPIN
765
833 BUY
34,325
29.4
34.5
41.7
26.1
22.2
18.4
15.5
13.2
11.0
30.9
32.7
33.3
25.8
25.1
24.5
Natco Pharma
NATPHA
453
473 BUY
1,423
29.9
38.2
NA
13.4
10.5
NA
9.6
8.2
NA
19.1
19.3
NA
16.9
18.1
NA
Opto Circuits
OPTCIR
51
64 HOLD
1,233
18.9
15.9
NA
2.7
3.2
NA
3.6
3.6
NA
17.9
15.3
NA
23.1
17.5
NA
Strides Arcolab
STRARC
879
NA UR
5,202
44.4
NA
NA
19.8
NA
NA
11.9
NA
NA
12.2
NA
NA
43.5
NA
NA
Sun Pharma
SUNPHA
111,420
29.0
40.0
47.3
37.0
26.8
22.7
21.4
19.6
16.6
34.3
31.8
30.3
21.3
24.1
23.0
Torrent Pharma
TORPHA
717
775 BUY
6,073
47.8
55.4
NA
15.0
12.9
NA
9.9
7.8
NA
27.3
28.8
NA
30.2
28.1
NA
Unichem Laboratories
UNILAB
169
228 BUY
1,528
12.5
15.0
19.0
13.4
11.3
8.9
8.8
7.3
5.6
17.8
20.0
22.4
15.6
16.7
18.6
1074 1087 HOLD
ICICI Securities Ltd | Retail Equity Research
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Pankaj Pandey
Head – Research
[email protected]
ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093
[email protected] ANALYST CERTIFICATION We /I, Siddhant Khandekar CA INTER Krishna Kiran Konduri MBA FINANCE Darpan Thakkar MBA FINANCE Darpan Thakkar research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.
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ICICI Securities Ltd | Retail Equity Research
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