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Aurobindo Pharma - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-25 18:52:56

For 1QFY2017, the company's sales came in at Rs. 3,664cr V/s Rs. 3,900cr expected and V/s Rs. 3,664cr in 1QFY2017, a yoy growth of 13.0%, mainly driven by formulations. Formulations (Rs. 3,032cr) posted a yoy growth of 15.9% and constituted around 80% of overall sales, while API (Rs. 735cr) posted a yoy growth of 1.6%. On the operating front, the EBITDA margin came in at 22.6% V/s 22.8% expected and V/s 20.6% in 1QFY2016. The yoy improvement in the operating margin was on the back of gross margin expansion (55.3% in 1QFY2017 V/s 53.4% in 1QFY2016). Thus, the Adj. net profit came in at Rs. 585cr V/s Rs. 576cr expected and V/s Rs. 472cr in 1QFY2016. We maintain our Accumulate rating.

Sales marginally lower than expected: For 1QFY2017, the company's sales came in at Rs. 3,664cr V/s Rs. 3,900cr expected and V/s Rs. 3,664cr in 1QFY2017, a yoy growth of 13.0%, mainly driven by formulations. Formulations (Rs. 3,032cr) posted a yoy growth of 15.9% and constituted around 80% of overall sales, while API (Rs. 735cr) posted a yoy growth of 1.6%. On the operating front, the EBITDA margin came in at 22.6% V/s 22.8% expected and V/s 20.6% in 1QFY2016. The yoy improvement in the operating margin was on the back of gross margin expansion (55.3% in 1QFY2017 V/s 54.6% in 1QFY2016). Thus, the Adj. net profit came in at Rs. 585cr V/s Rs. 576cr expected and V/s Rs. 472cr in 1QFY2016.

Outlook and valuation: We estimate the company's net sales to log a 15.1% CAGR over FY2016-18E to Rs. 18,078cr on back of US formulations, which will be supplemented through the recent acquisitions of the Western European formulation businesses of Actavis and US' Natrol. The acquisitions have also led Aurobindo Pharma (APL) to become a >US$2bn sales company, with ~80% of sales being accounted by formulations. We recommend a Accumulate rating.

Shares of AUROBINDO PHARMA LTD. was last trading in BSE at Rs.789.25 as compared to the previous close of Rs. 787.55. The total number of shares traded during the day was 374838 in over 11837 trades.

The stock hit an intraday high of Rs. 804.6 and intraday low of 785.85. The net turnover during the day was Rs. 298512938.


Source: Equity Bulls

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