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ICICI Securities Report
Aurobindo Pharma Ltd.’s Q1 FY21 performance was broadly in line with our estimates. Revenues grew 8.8% YoY to Rs 59.2 billion (our estimate Rs 60.5 billion), Ebitda margin was flattish at 21.2% (our estimate 20.1%) and adjusted net profit grew 19.2% YoY to Rs 7.6 billion (our estimate Rs 7.1 billion).
U.S. revenues remained flat QoQ at 411 million U.S. dollar but was above our estimate of 401 million U.S. dollar.
Company reduced net debt by 168 million U.S. dollar in Q1 FY21 which came as a big positive surprise as we were expecting 200 million U.S. dollar reduction in FY21E.
We remain positive on Aurobindo’s long-term outlook considering its strong U.S. pipeline with potential to launch more than 20 products every year, significant balance sheet improvement with constant net debt reduction every quarter and increasing revenue contribution from complex generics (injectables, opthalmics, penems, etc.).
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