Alembic Pharma Q3 Results Review - India, Export Formulation Drive Earnings: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Alembic Pharmaceuticals Ltd. delivered a better-than-expected operational performance in Q3 FY24. A healthy show in formulation exports and the domestic formulation segment supported growth in sales/Ebitda. Alembic Pharma continued to improve the base of its U.S. generics business. Robust demand led to strong off-take in non-U.S. exports. We raise our earnings estimates by 2%/3%/4% for FY24/FY25/FY26 to factor in-superior execution in animal healthcare segment,new launches and increased reach in non-U.S. exports,controlled research and development spending, andbetter operating leverage. We value Alembic Pharma at 22 times 12 months forward earnings to arrive at a target price of Rs 910. Compared to two years of earnings decline over FY21-23, we expect Alembic Pharma to end FY24 on a strong note with 12%/33% Ebitda/earnings growth YoY. Further, we expect a 16% earnings compound annual growth rate over FY24-26, led by a strong performance in its core markets, DF and exports. However, we maintain our Neutral rating as this earnings upside is adequately captured in the current valuation..Click on the attachment to read the full report: .Alembic Pharma Shares Surge 16% As DSP Healthcare Fund Raises Stake.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Alembic Pharma Q3 Results Review - India, Export Formulation Drive Earnings: Motilal Oswal

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