Aurobindo share price gains nearly 2% in early trade on June 5 after CLSA raised the target price.

 The broking house maintained a buy rating and raised the target to Rs 920 from Rs 790 per share.

 The company posted strong all-round performance as the results were well ahead of our estimates. The volume share gains in the US & stocking benefit in EU drove the margin, said CLSA.

 The company is aiming to be debt-free by FY22-end, while the new launch momentum in the US & EU should remain strong. 


CLSA increased FY21-22 EPS estimates by 8-10%.

 The company consolidated net profit after JV share and minority interest was up by 45.2% to Rs 849.8 crore for the quarter ended March 31, 2020, against Rs 585.4 crore during the same quarter in FY19.

 The consolidated revenue from operations grew by 16.4% to Rs 6158.4 crore during the quarter under discussion under Rs 5292.2 crore in the last quarter of FY19.

 At 9:22 hours, Aurobindo Pharma was quoting at Rs 771.60, up Rs 12.45, or 1.64% on the BSE.