Accumulate Aurobindo Pharma; target of Rs 759: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Aurobindo Pharma

We cut our FY23E EPS est. by 12% and FY24E EPS est. by 8% to factor in lower margins and US sales. Aurobindo Pharma’s (ARBP) 9MFY22 performance was weak, given cost headwinds and lower US sales. We believe cost pressures have stabilized and margin trajectory should improve from FY23. However, pick up in US sales hinge on timely niche approvals along with stabilization of pricing pressure in base business. ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars and PLI, which are expected to be reflected from H2FY23.

Outlook

At CMP, stock is trading at 13x FY23E P/E. We recommend ‘Accumulate’ with TP of Rs759 based on 14x FY23E earnings .

More Info

At 17:30 Aurobindo Pharma was quoting at Rs 680.70, down Rs 19.45, or 2.78 percent.

It has touched an intraday high of Rs 715.00 and an intraday low of Rs 676.20.

It was trading with volumes of 312,018 shares, compared to its thirty day average of 110,161 shares, an increase of 183.24 percent.

In the previous trading session, the share closed up 2.24 percent or Rs 15.35 at Rs 700.15.

The share touched its 52-week high Rs 1,063.75 and 52-week low Rs 590.25 on 11 May, 2021 and 25 January, 2022, respectively.

Currently, it is trading 36.01 percent below its 52-week high and 15.32 percent above its 52-week low.

Market capitalisation stands at Rs 39,884.84 crore.

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