Buy Alembic Pharma; target of Rs 790:ICICIDirect

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26 Aug, 2025 12:21

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ICICIDirect's research report on Alembic PharmaRevenues grew 80.1% YoY to | 921.7 crore (I-direct estimate: | 810.0 crore) mainly on account of continuous windfall gains from gAbilify launch in the US. Export sales grew 255% to | 521.1 crore against Idirect estimate of | 395.7 crore. Domestic branded formulation sales grew 15% to | 288.3 crore (I-direct estimate: | 287.5 crore) on account of 22% growth in the speciality portfolio EBITDA margins came in at 41.7% against 19.8% in Q3FY15 (I-direct estimate: 27.9%) owing to robust margin from gAbilify sales. EBITDA grew 278.7% YoY to | 384.6 crore (I-direct estimate: | 226.0 crore) Net profit grew 281.4% YoY to | 269.5 crore (I-direct estimate: | 170.0 crore) owing to a robust operational performance Q3 revenue was largely driven by windfall gains from gAbilify sales in US. Domestic branded formulations also saw good traction despite a price cut in Althrocin brand. This was mainly due to consistent robust growth in speciality segments. Brand pedigree in Indian branded formulations and the US foray with a light balance sheet and healthy return ratios are some of the key attributes of APL. With robust domestic speciality formulation growth and USFDA approvals forthcoming, the company is well poised to maintain the growth tempo for years to come. We have ascribed a target price of | 790 based on 22x FY18E EPS of | 36.0. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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