CLSA has upgraded Aurobindo Pharma to ‘buy’ from ‘outperform’, with the target at Rs 830 a share, an upside of 19 percent from the current market price
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Aurobindo Pharma share price was up 3 percent at Rs 698 in the afternoon trade on November 10, as global brokerage firm CLSA upgraded the stock to “buy” from “outperform”, with the target at Rs 830 a share, an upside of 19 percent from the current market price.
“Profit of the company fell 13 percent YoY and is 5 percent below our estimate. However, US revenue surprised positively and grew 11 percent QoQ,” it said.
Antiretroviral (ARV) drug sales saw another quarter with a sharp decline. The research and development (R&D) efforts towards the development of high-entry-barrier products was progressing well, it said.
CLSA, however, lowered its FY22-24 EPS estimates by 2-4 percent.
The drug firm on November 8 reported a 13.69 percent drop in its consolidated net profit at Rs 696.71 crore in the July-September quarter on account of decline in sales in growth markets and its anti-retroviral business.
The company had posted a net profit of Rs 807.25 crore in the corresponding period of the previous fiscal, Aurobindo Pharma said in a regulatory filing.
Consolidated total revenue from operations during the period under review stood at Rs 5,941.92 crore. It was Rs 6,483.44 crore for the same period a year ago, it added.
“Business performance across most of the segments was robust, aided by gradual pick-up in demand and gradual market share gains. However, profitability was impacted by cost pressure on some of the key raw materials as well as higher logistic costs,” Aurobindo Pharma MD N Govindarajan said.
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Credit Suisse has an “outperform” call on the stock but has cut the target to Rs 1,110 from Rs 1,130 a share. It has cut FY22/FY23/FY24 EPS estimates by 5 percent/3 percent/5 percent, respectively.
The brokerage firm said unlocking of value in the injectable business was progressing. The injectable business was 25 percent of profits and could re-rate the stock, it said.
Goldman Sachs has a “buy” on the stock but has also cut target to Rs 860 from Rs 930 a share. It has cut FY22-24 EPS estimates by up to 7 percent to factor in lower topline and slower margin development.
The stock was trading at Rs 697, up Rs 20.05, or 2.96 percent, at 12.36 pm. It has touched an intraday high of Rs 706.80 and an intraday low of Rs 678.60.
The scrip was trading with volumes of 217,297 shares, compared to its five-day average of 144,366 shares, an increase of 50.52 percent.
