Aurobindo Pharma - Growth intact, maintain BUY:: Emkay

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Aurobindo Pharma

Growth intact, maintain BUY

BUY

CMP: Rs 182                                        Target Price: Rs 265

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n     Q4FY11 results were in-line with expectations. Revenues up 25% YoY to Rs11.5bn,  EBITDA up 25% YoY to Rs2.1bn and APAT up 26% YoY to Rs1.2bn

n     Revenue growth was driven by 51% growth in US and 33% growth in ARV formulations

n     Base EBITDA margins remained flat YoY and declined 194bps QoQ on account of one-time inventory write-off in US and consultancy fees

n     On account of sustained momentum in key business verticals, we maintain Buy rating on the stock with a target price of Rs265 (13xFY12E). Introduce FY13E EPS at 24.9