Buy Aurobindo Pharma; target of Rs 1308: P Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's report on Aurobindo Pharma

"Aurobindo’s reported sales (Rs31.4bn) and PAT (Rs3.8bn) in Q3FY15 were in line with our estimates of Rs30.6bn and Rs4bn respectively. One-off provision of Rs500m for EU operations and high staff costs impacted EBITDA margin by 200bps to 18.7%. Adjusted EBITDA margin of core business however was 20.3%. With a large portfolio of injectable overdue for approvals, we expect the company’s revenues to increase at a CAGR of 16-18% in FY15E-18E once these approvals are received. Management has guided for EBITDA margin in the range of 21-22%, while there is peak potential of EBITDA margin at 25% in FY15E-17E. Net debt increased by US$100m for paying-off in Natrol acquisition, while the company plans to repay the loan with the proposed QIP of US$375m. We maintain ‘BUY’ and retain target price at Rs 1,308", says Prabhudas Lilladher research report.

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