Aurobindo Pharma Ltd.

NSE: AUROPHARMA | BSE: 524804 | ISIN: INE406A01037 |Industry: Pharmaceuticals
|Expensive Performer

Aurobindo Pharma Ltd.    
09 Feb 2019
HDFC Securities
Maintain NEUTRAL with a revised TP of Rs 800 (15x Dec-20E EPS). It is encouraging to see the US base businesses of many Indian pharma companies recovering sharply in 3QFY19, largely led by exit of big players. However, our concerns over Aurobindo (ARBP) remain related to the Sandoz acquisition, which will be completed by 1HFY20. We strongly believe that this acquisition will expand ARBPs exposure to commodity products and the portfolio will be highly prone to future competition.
Number of FIIs/FPIs holding stock rose by 10 to 647 in Mar 2019 qtr.
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