Result Update

Aurobindo Pharama - Q3FY19 Result Update


Focus will be on growing the injectable portfolio. Unit IV which is mainly for the injectable manufacturing received observation from the regulators, however company has responded to the query and waiting for the response. This is bit of a concern. Net debt has increased on QoQ basis mainly due to acquisitions. Pricing pressure in the generic portfolio is stable as of now. Europe has done well and will continue to outperform the industry. Recent acquisition, product pipeline and execution strength to drive growth. At CMP of 778 the stock is trading at 18x PE of our FY20E EPS of Rs 44. We remain Neutral on the stock with a target of Rs 782, valuing the stock at 17x PE of FY20E EPS of Rs 46

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