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Healthcare: Aurobindo Pharma (ARBN.BO, Buy)
• FY11E FY13E We expect We expect revenue and EPS CAGR of 15%/32% over FY11E-FY13E. business mix change to drive revenue growth as share of
higher quality formulations increases. Marquee partnerships with Pfizer and AstraZeneca to be key catalysts for growth, in our view
• Operating margin to expand by 360 bp over FY11E-FY13E driven by supply agreements and higher utilization. Balance sheet concerns also
coming to a close with the potential redemption of FCCBs in FY12E
• Stock is trading at 10.1X on FY12E P/E, at a 42% discount to the Indian pharma sector, which we believe is unwarranted
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