Aurobindo Pharma; Geared to enter a billion dollar club; BUY; Target Price Rs1,242

Aurobindo Pharma

Reco: BUY

CMP: Rs1,066

Target Price: Rs1,242

Geared to enter a billion dollar club

·      Hyderabad SEZ facility becomes operational, capacity to ramp-up substantially by FY11E

·      Higher capacity utilization and entry into niche segments will lead to margin improvement

·      Tie up for ECB loan of US$125mn will considerably reduce the leverage risk on FCCBs

·      Deal with Astrazeneca covers 25 oral solid and sterile products across 40 countries, supplies to commence by end of FY12E     

·      The company has envisioned a mission to be US$2bn company by FY14E, implying FY10-14E revenue CAGR of ~26%

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