ICICI Securities: Aurobindo Pharma’s Deleveraging Continues

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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.)..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Aurobindo Pharma’s Deleveraging Continues

ICICI Securities: Aurobindo Pharma’s Deleveraging Continues

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