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Last Updated : Aug 14, 2020 12:22 PM IST | Source: Moneycontrol.com

Buy Aurobindo Pharma; target of Rs 1100: ICICI Direct

ICICI Direct is bullish on Aurobindo Pharma has recommended buy rating on the stock with a target price of Rs 1100 in its research report dated August 13, 2020.

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ICICI Direct's research report on Aurobindo Pharma


Q1FY21 revenues grew 8.8% YoY to Rs 5925 crore (I-direct estimate: Rs 6070 crore) mainly due to 15.6% YoY growth in the US to Rs 3107 crore. EU business de-grew 5.0% YoY to Rs 1322 crore. ARV segment grew 33.6% YoY to Rs 426 crore. API segment grew 6.6% YoY to Rs 780 crore. EBITDA margins remained flat YoY at 21.2% (I-direct estimate: 21.5%) as higher gross margins were offset by higher staff costs and other expenditure. EBITDA grew 9.2% YoY to Rs 1257.4 crore against I-direct estimate of Rs 1304.1 crore. Adjusted PAT grew 20.4% YoY to Rs 780.6 crore (I-direct estimate: Rs 765 crore). Delta vis-à-vis EBITDA was due to lower interest cost and higher other income (including Rs 22.2 crore in forex gain).



Outlook


We maintain BUY rating and arrive at our revised target price of Rs 1100 at 15x FY22E EPS of Rs 73.2.


For all recommendations report, click here


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First Published on Aug 14, 2020 12:22 pm
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