MOSL: Morning India (11/August/17): 1. Aurobindo Pharma 2. GAIL 3. BHEL 4. Petronet LNG 5. Bharat Forge 6. Page Industries 7. Gujarat Gas 8. Union Bank
​MOrning India (11/August/17): 1. Aurobindo Pharma; 2. GAIL; 3. BHEL; 4. Petronet LNG; 5. Bharat Forge; 6. Page Industries; 7. Gujarat Gas; 8. Union Bank
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Today’s top research idea
- Aurobindo Pharma: Ahead of peers; 2Q expected to be best-ever quarter
- -Net sales fell ~2% YoY (+ ~1% QoQ) to ~INR36.8b, primarily due to a decline in the ARV (-19% YoY) and API (-15% YoY) segments.
- -US business grew 3.2% YoY (+7% QoQ) to USD263m, despite pricing pressure. Europe and RoW businesses combined grew 8.4% YoY to INR11.1b, led by improved profitability in Actavis.
- -EBITDA declined 5.3% YoY to INR8.4b. EBITDA margin contracted 170bp YoY, but expanded marginally by 70bp on QoQ basis to 22.9%. Notably, EBITDA in the Europe business crossed double-digit. Gross margin too improved ~400bp YoY to 59%, led by a change in portfolio mix.
- -Net debt is expected to decline to USD475m by end-FY18.
Piping hot news
RBI's dividend to govt halves to Rs 30,659 crore
-The Reserve Bank of India (RBI) will transfer Rs 30,659 crore of its surplus to the government for the financial year 2016-17, less than half of the Rs 65,876 crore it transferred a year earlier.
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