CLSA on Aurobindo : Hold, TP Rs 1800

Reported record revenue (beat) and Ebitda (beat) driven by healthy growth across all geographies; margin (in line) improved by 75bps YoY. Its US revenue was driven by the successful completion of the Lannett acquisition. It retained its guidance of double-digit revenue growth with a 21%+ margin in FY27 and expects FY28 to be better owing to the full-year benefit from Lannett and new biosimilar launches. It is building a diversified launch pipeline for next few years Raise estimates led by Lannett, better mix and higher utilisation at its facilities

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