Visit http://indiaer.blogspot.com/ for complete details Aurobindo (Rating – Buy; Target Price – Rs1,252)
We expect topline to grow by 9.9% YoY to Rs9.7bn, driven mainly by formulation exports. The
base business is expected to grow by 11.6% YoY. The lower expected overall topline growth is
due to a lower expected dossier licensing income.
We expect EBIDTA margin to go down by 290 bps to 20.6%, driven primarily by to higher
employee costs.
Adjusted PAT is expected to go up marginally by 0.7% on a YoY basis to Rs1.1bn
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