Aurobindo Pharma’s share price has been under pressure for some time, but at this juncture its business is close to its critical support, highlighted by domestic brokerage and research firm Anand Rathi. On the daily chart, Aurobindo Pharma has a Bullish Crab harmonic pattern which is looking attractive, it said in a note.
Thus, the brokerage house has a . Have a Buy rating with a target price of 675 each, with a three-month time frame shows a growth potential of over 25% from current stock levels and advises traders to go longer. pharma stock with stop loss 472.
Aurobindo Pharma is engaged in manufacturing and marketing of Active Pharmaceutical Ingredients (APIs), Generic Pharmaceuticals and related services. Aurobindo Pharma is the second largest pharma company in India and the largest generic company in the US (by Rx Dispense).
It is also the largest generic company in the United States and a top 10 generic company in seven of the 11 European countries. The firm is among the top 5 listed pharmaceutical companies in India by FY 2012 revenue, the brokerage highlighted. The company has 14 state-of-the-art formulation manufacturing facilities located in India, Portugal, Brazil and Puerto Rico.
For the quarter ended June 2022, its consolidated net profit declined 32% 520.5 crore as compared to 770 in the year-ago quarter. Meanwhile, Aurobindo Pharma’s revenue from operations grew 9% 6,236 crore from 5,702 crore year-on-year (YoY).
In Q1 FY23, US revenue up 11% 2,971 crore and 47.7% of consolidated revenue and in dollar terms. Europe revenue down 2% year-on-year 1,548 crores and Europe Formulations accounted for 24.8% of the consolidated revenue.
K Nithyananda Reddy, Vice-Chairman and Managing Director of the company said, “Amid a challenging environment, we delivered a decent performance while reinforcing our growth pillars. Investment in the product portfolio continued at a healthy pace as reflected in filings and launches in the quarter. It happens. .”
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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