Motilal Oswal's research report on Alembic Pharma
Alembic Pharma (ALPM) exhibited in-line revenue with a slight miss on EBITDA/PAT for the quarter. While ex-US export growth was strong for the quarter, it was offset by moderate YoY growth in domestic formulation (DF) and US sales. Within DF, ALPM witnessed muted growth in acute as well as specialty therapies. The company is implementing measures to improve the growth prospects of the DF segment.
Outlook
The domestic formulation business is expected to gradually grow-in-line with the industry. Considering these factors and valuations adequately factoring in the earnings upside, we reiterate our Neutral rating with a TP of INR860.
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