BSE SENSEX
29,048
S&P CNX
8,963
Aurobindo Pharma
CMP: INR668
6 March 2017
Update
| Sector:
Healthcare
TP: INR915(+37%)
Buy
Multiple growth drivers ahead; downside risk limited
Product concentration risk lowest amongst peers:
Aurobindo Pharma (ARBP)
recorded ~7% QoQ decline (down ~13% YoY) in the US base business for 3Q,
leading to concerns about the US business growth outlook. We believe this a
one-off event as the company faces least product concentration risk among
peers. No single product for ARBP contributes more than 3% of sales (unlike
SUNP, LPC and DRRD where the top three products account for >20-25% of
sales). Also, no single ANDA has any meaningful disproportionate contribution
to margins as ARBP has a matured product basket, with all of its ~190 launched
ANDAs facing competition from multiple players (typically 4-5 or more).
Commissioning of key plants to drive volume growth in FY18/19E:
Over next
6-9 months, three key formulation plants are getting commissioned, including
Vizag (dedicated supply to EU), Unit XVI (antibiotic injectable plant to supply
products in the US) and Naidupet (oral solids plant to supply to the US).
Supplies from the Vizag plant to Europe will start from Mar-17. This will have a
two-pronged impact: 1) capacity at Unit VII and Unit III will get released (which
are primarily used for supply to the US and are running at capacity utilization of
~80%) and 2) European business margins should expand (to ~7-8% in FY18E
from ~5% currently) as the company plans to manufacture 50% of its products
sold in EU at this plant. Naidupet plant will get commissioned by mid-FY18 and
will be one of the largest formulation plants for ARBP (capacity of 7-8b tablets).
Strong launch pipeline coupled with volume push to drive growth:
ARBP
received 49 and 47 ANDA approvals in FY16 and 9MFY17, respectively (highest
in the industry). We expect this strong approval and launch momentum to
continue on the back of ~159 pending ANDAs. We expect ARBP to deliver mid-
teens growth in the US, led by its strong launch pipeline in injectables (~40
pending ANDAs), steady mid-teens growth in Natrol and huge capacity
expansion in orals and injectables (which will lead to volume push in existing
and new products). We expect US sales to pick up over the coming quarters,
led by key launches like Epzicom, Meropenem. Tenofovir, Toprol XL and
Fortamet Solu-Medrol. Apart from this, ARBP has an approved pipeline of ~50
products (~13 OTCs, 5-6 OTCs, 6 injectables, rest orals including Vancomycin)
which will be launched by 2QFY18.
EU and ARV business can surprise positively in FY18/19:
The manufacturing of
~60 products has been shifted to India (to Unit VII & III). Given that supply from
Vizag to EU markets will start from Mar-17, the company plans to shift
manufacturing of ~114 products from Vizag (sales value of >USD200m) over
next 12-18 months. This will lead to significant cost savings. We expect EBITDA
margin of this business to expand from ~5% to ~7-8% in FY18E and low-double-
digits in FY19E. ARV business growth in FY19 will be driven by the pick-up of
DTG triple combination approval (USD500m market).
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
ARBP IN
585
895 / 622
-5/-14/-22
390.8
5.9
1663
48.1
Financials Snapshot (INR b)
2017E 2018E
Y/E Mar
152.9 181.0
Net Sales
36.4
43.1
EBITDA
23.7
27.5
PAT
40.5
47.0
EPS (INR)
19.7
15.9
Gr. (%)
158.6 203.1
BV/Sh (INR)
29.0
26.0
RoE (%)
19.9
19.9
RoCE (%)
16.5
14.2
P/E (x)
4.2
3.3
P/BV (x)
2019E
205.6
49.3
32.0
54.6
16.3
255.2
23.8
19.5
12.2
2.6
Shareholding pattern (%)
As On
Dec-16 Sep-16 Dec-15
Promoter
51.9
53.8
53.9
DII
11.0
7.7
6.5
FII
24.1
26.7
28.8
Others
13.0
11.8
10.9
FII Includes depository receipts
Stock Performance (1-year)
Aurobindo Pharma
Sensex - Rebased
900
800
700
600
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Tushar Manudhane
(Tushar.Manudhane@motilaloswal.com); +91 022 3010 2498

Aurobindo Pharma
Strong earnings growth trajectory, improving cash flow to drive valuations:
At
its CMP, ARBP trades at 14x FY18E, at >20% discount to its peers. The valuation
gap is expected to narrow down on account of the company’s increasing
profitability, strong earnings growth trajectory (17% CAGR till FY19E) and
improving free cash flow. ARBP remains one of our top picks in the sector with a
target price of INR915 @ 18x 1HFY19E PER (v/s INR1050 @ 20x 1HFY19E
earlier). We cut EPS by 2-3% and target multiple by 10% as we build in the
impact of regulatory uncertainty in the US.
US business – strong growth to sustain
US business to record mid-teens CAGR
Over FY11-16, ARBP delivered robust >50% CAGR, driven by niche oral launches
(including Cymbalta) and entry into injectables, controlled substances and
government tender business. Despite strong growth over the last five years, we
believe ARBP is well poised to outpace peers in the coming years. We expect ARBP
to deliver mid-teens growth in the US on the back of a strong launch pipeline in
injectables (~40 pending ANDAs), steady mid-teens growth in Natrol and huge
capacity expansion in orals and injectables (which will lead to volume push in
existing and new products). We expect a pick-up in US sales over the coming
quarters led by key launches, including Epzicom, Meropenem, Tenofovir, Toprol XL
and Fortamet, Solu-Medrol. Apart from this, ARBP has an approved pipeline of ~50
products (~13 OTCs, 5-6 OTCs, 6 injectables, rest orals including Vancomycin), which
are expected to be launched in 2QFY18.
Exhibit 1: US business to grow at ~14%YoY
US formulations (INR b)
70.0
48.1
30.4
(0.5)
9
FY10
12
FY11
12
FY12
18
FY13
34
FY14
48
FY15
61
FY16
70
FY17E
84
FY18E
98
FY19E
94.2
42.0
27
14
20
17
YoY growth (%)
Source: Company, MOSL
Burst of approvals provides strong visibility of future growth
ARBP received 49 and 47 ANDA approvals in FY16 and 9MFY17, respectively (highest
in the industry). The approvals are a mix of plain vanilla generics, limited
competition injectables and complex oral generics. Out of the pending injectables
portfolio of ~40 ANDAs, most were filed 12-24 months back. We thus expect
multiple injectables approvals to come through over the next two years.
6 March 2017
2

Aurobindo Pharma
Exhibit 2: Robust ANDA pipeline
ANDA filed
ANDAs pending
336
209
107
239
120
269
171
114
210
183
159
376
398
421
Exhibit 3: Highest number of approvals amongst peers
ANDA approvals
36
16
18
17
49
47
10
1
FY11
FY12
FY13
FY14
FY15
FY16
9MFY17
FY10
FY11
FY12
FY13
FY14
FY15
FY16 9MFY17
Source: Company, MOSL
Source: Company, MOSL
Exhibit 4: Unit wise ANDA Filings as on 31-Dec-2016
Unit
Details
III
IV
VI B
VII (SEZ)
X
XII
Auro Life USA
Auronext
Total
Oral Formulations
Inj & Ophthalmics
Ceph Oral
Oral Formulations
Oral Formulations
Penicillin Oral & Inj
Oral Formulations
Penem Inj
Final Approval
Mar-16
Dec-16
93
99
28
38
11
11
54
79
19
10
215
19
16
262
Tentative Approval
Mar-16
Dec-16
19
16
2
2
15
23
Under Review
Mar-16
Dec-16
12
10
37
35
79
56
2
1
10
4
118
36
41
16
3
147
Total
Mar-16
Dec-16
124
125
67
75
11
11
148
158
2
19
20
26
26
3
4
398
421
Exhibit 5: Expanding Portfolio Mix Towards High-value Products
ANDAs
27.1
2.5
80
16
69
5.7
27
2
10
124
0.6
4
2.2
10
1
30
Addressable Market in USD b
12.3
22.4
3.2
12
2.5
39
Source: Company, MOSL
Plant Name
Unit III
Unit IV
Unit VII
Date
Jan-16
Jan-16
Sep-16
Total Filings
125
75
158
Comment
Account for 358 ANDAs out of 421
total ANDAs which is 85% of total
ANDA filings
European operations – Commencement of Vizag facility to lead to margin
expansion
ARBP has expanded its Europe business inorganically. Till date, it has acquired 5-6
businesses in Europe (Milopharm in 2006, Pharmacin in 2007, Actavis in 2014,
Generis & Teva businesses in 2016). After these acquisitions, ARBP has become one
of the top 10 players in EU. Supplies from the Vizag plant to Europe will start from
March-17. This will have a two-pronged impact: 1) capacity at Unit VII and Unit III
will get released (which are primarily used for supply to the US and are running at
6 March 2017
3

Aurobindo Pharma
capacity utilization of ~80%) and 2) European business margins should expand (to
~7-8% in FY18E from ~5% currently) as the company plans to manufacture 50% of
products sold in EU at this plant.
Currently, manufacturing of ~60 products has been shifted to India (to Unit VII & III).
Given that supply from Vizag to EU markets will start from Mar-17, the company
plans to shift manufacturing of ~114 products from Vizag (sales value of >USD200m)
over next 12-18 months. This will lead to significant cost savings. We expect EBITDA
margins of this business to expand from ~5% currently to ~7-8% in FY18 and low-
double-digits in FY19.
Exhibit 6: EU growth bolstered by Actavis buy
EU Sales (INR b)
375.3
% YoY growth
43
18.7
3
FY12
36.2
5
FY13
43.6
7
FY14
FY15
FY16
FY17E
FY18E
31
-2.0
33
7.0
27.0
32
Source: Company, MOSL
Exhibit 7: Sales split by Channel
OTC, 3
Hx, 23
Exhibit 8: Sales split by Therapeutic
Profile
Dermato
logy, 5
Antineo
plastic, 7
Digestive
, 15
Others,
10
CV &
Resp, 27
Exhibit 9: Sales split by Dosage Forms
Inj & Cream, 1
liquid, 13
others,
Powder,
10
2
Gel, 1
Capsule,
15
BGx, 8
Gx, 51
TGx, 15
Anti
Infective
, 14
Source: Company, MOSL
CNS, 22
Tablet,
58
Source: Company, MOSL
Source: Company, MOSL
Exhibit 10: EU: Portfolio mix across channels
Channels
Geographies
# of Products
Other Highlights
Gx
All 9 countries
761 (Primarily tablets &
capsules)
Amongst top 10 in most
markets
BGx
7 countries
34
Hx
All 9 countries
TGx
Germany, Spain & Netherlands
343 (predominantly Inj) 765 (Including Gx products)
Includes leading brands
such as Neotigason,
Focus on high value
Tender based business
Floxapen, Bezalip
areas including oncology
among others
6 March 2017
4

Aurobindo Pharma
Portugal acquisition to provide market leadership:
With Generis acquisition
(announced in Jan-17), ARBP gets a well-diversified portfolio (primarily in the area of
Cardio – 26% of sales, CNS – 22% and anti-infectives – 13%), addressing 95% of the
generic retail market by value with 227 products + 51 products awaiting approval.
Post completion of this acquisition, ARBP will become number 1 player in the
Portugal market and among the top 10 generic companies in EU (from no. 13
earlier). Portugal’s pharma market size stands at EUR3.4b, with generic penetration
in volume at ~30%, significantly below EU average of ~53% and US average of ~80%.
Estimated sales of Generis stood at EUR64.8m in CY16 (largely remained flat over
last three years), with EBITDA of EUR12.7m (EBITDA margin of ~19.6% v/s ARBP’s EU
biz margin of mid-single-digits). ARBP expects sales growth of >12% in CY17 with
improved EBITDA margin of 21.7%. Improvement in profitability is expected on the
back of new launches and resolution of temporary supply chain issues from third
party in 2016.
ARBP expects synergy benefits of EUR2m and EUR5m in 2018 and 2019, respectively
(and expected to improve further). This will be primarily driven by new product
portfolio launch, market leadership status and improvement in capacity utilization.
With this acquisition, ARBP will have its first formulations plant in EU (with capacity
of 1.2b tablets/ capsules/ sachets). Existing plant capacity is at ~50%, which provides
ample room for growth. Deeper penetration in Portugal markets and ability to
capture untapped business opportunities in other EU markets will help the company
improve its capacity utilization to ~80% by 2020.
At deal value of EUR135m, this transaction is valued at 10.5x and 8.5x CY16 and
CY17 EV/ EBITDA, respectively. Despite the acquisition of businesses in Portugal and
France, ARBP should end FY17 with net debt of <USD600m (with net debt/equity of
~0.55- 0.6x), at par with FY16.
Dolutegravir (DTG) – the next growth driver
ARBP is the first generic company to sign license with ViiV Healthcare for the
next generation Integrase Inhibitor – DTG.
Filed an ANDA application for DTG 50mg with USFDA under the PEPFAR
program.
WHO announced this drug as a first line reserve drug in its 2015 HIV
treatment guidelines.
Play a collaborative role in upgrading millions of patients to the latest best
in-class ARV drug.
Developing a triple drug combination containing DTG.
Market size is expected to be USD2b in 2017; Triple combination drug
containing DTG expected to garner major share.
6 March 2017
5

Aurobindo Pharma
Valuation and view
ARBP has outperformed most pharma peers over past 12 months, driven by a
significant improvement in its operating performance post clearance of USFDA
import alert and ramp-up in US launches, including high-margin gCymbalta. With the
recent acquisition in EU (Actavis assets) and US (Natrol), the share of high-margin
formulations in total revenues has increased to ~80% (v/s 54% in FY10), positioning
it among large-cap formulation players. Our target price of INR915 discounts ARBP’s
1HFY19E EPS at 18x P/E multiple, which is:
At par with its 3-year average P/E multiple, which is justified given its stronger
business profile and earnings outlook.
At >20% discount to sector average target P/E multiple, factoring in higher
leverage and potential execution related risks.
Implies a PEG of 1.0x (FY16-19E EPS CAGR of 17%).
We believe that the re-rating of the stock from single-digit P/E multiple to current
levels partly factors in transition to formulations player, improved execution in the
US and moderation in leverage (from 1.2x D/E in FY10 to 06.x in FY17E). However,
current valuations at 14.3x FY18E are still at ~30-35% discount to the sector average,
which is unjustified, in our view. We argue for P/E re-rating for ARBP due to:
Strong EPS outlook of % CAGR backed
Strong free cash flow generation.
Deleveraging of balance sheet, as we expect D/E to improve to 0.2x by FY19E.
Key catalysts to drive the stock’s performance over medium term:
Improvement in EU profitability (30% of business), led by deeper penetration in
existing markets and site transfer to India.
Launch of high-margin products in the US, including injectables (25+ launches
over next 18 months) and controlled substance.
Focus on high-margin triple combination ARV products in Africa (from FY16E).
Delay in ANDA approvals.
Worsening of pricing environment in EU.
Currency fluctuations both in USD and EUR terms.
Avg(x)
29.4
0
13.9
-250
-29.7
-19.2
Risks to our investment assumptions:
Exhibit 11: PE Band (x)
40
30
20
10
0
PE (x)
Median(x)
Peak(x)
Min(x)
Exhibit 12: PE relative to Sensex
250
Aurobindo Pharma PE Relative to Sensex PE (%)
LPA (%)
12.4
1.5
11.9
Source: Company, MOSL
Source: Company, MOSL
6 March 2017
6

Aurobindo Pharma
Story in charts
Exhibit 13: Formulation led sales growth (INR b)
Formulations (INR b)
API (INR b)
33
27
18
24
21
26
25
34
29
54
96
112
124
150
172
9
12
29
30
35
70.0
48.1
30.4
(0.5)
12
18
34
48
61
42.0
27
14
70
20
17
98
Exhibit 14: US Sales to grow at 17% CAGR over FY16-19E
US formulations (INR b)
94.2
84
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: Company, MOSL
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: Company, MOSL
Exhibit 15: EBITDA growth to improve in FY16-18E
EBITDA (INR b)
165
EBITDA growth (%)
Exhibit 16: EBITDA margins improving with product mix
Gross Margins (%)
EBITDA Margins (%)
50.0
41
-36
6
FY12
45.5
48.9
55.5
54.6
55.7
56.0
56.3
57.0
17
10
FY11
12
23
FY14
26
FY15
25
32
14
36
18
43
15
49
21.9
13.2
28.2
14.7
21.2
23.1
23.8
23.8
24.0
9
FY13
FY16 FY17E FY18E FY19E
Source: Company, MOSL
FY11
FY12
FY13
FY14
FY15
FY16 FY17E FY18E FY19E
Source: Company, MOSL
Exhibit 17: EPS growth to sustain at 17%
EPS (INR)
Exhibit 18: Rich ANDA pipeline
ANDA filed
ANDAs pending
336
209
107
239
120
269
171
114
210
183
159
376
398
421
9.2
FY11
3.3
FY12
5.0
FY13
22.7
FY14
27.0
FY15
33.9
40.5
47.0
54.6
FY11
FY12
FY13
FY14
FY15
FY16
9MFY17
FY16 FY17E FY18E FY19E
Source: Company, MOSL
Source: Company, MOSL
6 March 2017
7

Aurobindo Pharma
Exhibit 19: Improving cash flows to reduce the debt
Total Debt (INR b)
5.0
2.3
3.7
1.5
1.3
1.0
0.9
0.6
0.1
Net Debt/EBITDA
Exhibit 20: Return ratios (%)
ROE (%)
42
25
8
12
23
20
21
35
ROCE (%)
32
29
26
24
19
20
20
24
FY11
31
FY12
34
FY13
36
FY14
39
FY15
41
37
34
31
FY16 FY17E FY18E FY19E
Source: Company, MOSL
9
5
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: Company, MOSL
13
Exhibit 21: R&D expense to increase going ahead
R&D expense (INR b)
7.9
5.9
4.1
3.4
3.5
3.1
3
FY14
4.3
2.6
3
FY15
2.9
4
7
11
16
Exhibit 22: Asset turnover improving …
Gross Block (INR b)
2.0
1.5
1.6
2.3
2.3
Asset turnover (x)
2.1
2.2
2.3
1.7
2
FY11
2
FY12
2
FY13
24
FY11
31
FY12
37
FY13
41
FY14
54
61
74
81
88
FY16 FY17E FY18E FY19E
Source: Company, MOSL
FY15 FY16E FY17E FY18E FY19E
Source: Company, MOSL
Exhibit 23: EU business to grow at ~7%
EU Sales (INR b)
375.3
% YoY growth
Exhibit 24: Formulation share getting bigger
Formulations (INR b)
18
43
33
7.0
27.0
24
26
34
54
21
25
29
27
API (INR b)
29
30
33
35
18.7
3
FY12
36.2
43.6
31
32
-2.0
96
112
124
150
172
5
FY13
7
FY14
FY15
FY16
FY17E
FY18E
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: Company, MOSL
Source: Company, MOSL
6 March 2017
8

Aurobindo Pharma
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Less: Mionrity Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY12
46,274
5.6
6,101
13.2
2,005
4,096
1,028
247
3,315
-5,445
-2,129
327
-1,216
41.7
-6
-1,235
1,939
-63.9
4.2
FY13
58,553
26.5
8,610
14.7
2,487
6,122
1,313
285
5,095
-1,353
3,741
132
695
22.1
-25
2,939
2,939
51.6
5.0
FY14
80,998
38.3
22,828
28.2
3,125
19,703
1,079
232
18,856
-2,031
16,825
3,635
0
21.6
-38
13,228
13,228
350.1
16.3
FY15
121,205
49.6
25,636
21.2
3,326
22,310
843
808
22,275
-596
21,679
5,966
0
27.5
-45
15,758
15,758
19.1
13.0
FY16
138,961
14.6
32,056
23.1
3,926
28,130
927
682
27,885
-660
27,225
7,444
0
27.3
-39
19,820
19,820
25.8
14.3
FY17E
152,944
10.1
36,401
23.8
4,368
32,032
815
550
31,767
430
32,197
8,532
0
26.5
-50
23,715
23,715
19.7
15.5
(INR Million)
FY18E
180,967
18.3
43,070
23.8
4,897
38,174
926
600
37,848
0
37,848
10,408
0
27.5
-55
27,495
27,495
15.9
15.2
FY19E
205,605
13.6
49,345
24.0
5,338
44,008
747
750
44,011
0
44,011
12,103
0
27.5
-55
31,963
31,963
16.3
15.5
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
FY12
582
22,814
23,397
102
-16
30,959
54,442
30,863
8,916
21,947
0
6,454
385
33,536
15,456
12,400
709
4,972
7,880
6,601
572
706
25,656
54,442
FY13
582
25,475
26,058
110
680
34,355
61,202
37,080
11,246
25,834
554
2,185
223
43,982
19,236
15,970
2,085
6,692
11,576
9,687
998
891
32,406
61,202
FY14
583
36,919
37,502
257
2,054
36,339
76,151
41,066
14,613
26,453
764
3,097
198
64,386
23,675
26,366
1,786
12,559
18,747
13,512
3,877
1,358
45,640
76,151
FY15
584
50,975
51,559
258
2,058
38,636
92,511
53,821
17,405
36,416
640
4,196
198
87,647
36,113
35,392
4,691
11,451
36,587
20,511
13,650
2,426
51,060
92,511
FY16
585
69,982
70,567
596
2,364
40,762
114,289
61,224
19,713
41,511
887
10,238
2
104,356
40,881
41,719
8,344
13,412
42,704
25,268
15,374
2,063
61,652
114,289
FY17E
585
92,234
92,819
607
2,411
37,030
132,867
74,224
24,081
50,143
887
15,000
200
107,162
44,249
46,093
4,921
11,900
40,525
26,600
13,000
925
66,638
132,867
(INR Million)
FY18E
585
118,266
118,851
620
2,459
33,907
155,837
81,224
28,977
52,246
887
15,000
200
130,043
51,999
54,538
9,606
13,900
42,539
29,614
12,000
925
87,504
155,837
FY19E
585
148,766
149,351
632
2,508
31,259
183,750
88,224
34,315
53,909
887
15,000
200
159,520
58,133
61,963
25,524
13,900
45,765
32,840
12,000
925
113,754
183,750
6 March 2017
9

Aurobindo Pharma
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Cap. Turnover (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
FY12
3.3
6.8
40.2
0.5
-23.6
FY13
5.0
9.3
44.7
0.8
14.9
FY14
22.7
28.1
64.3
1.5
6.6
29.4
23.8
10.4
5.3
18.6
0.2
-1.4
41.6
23.3
24.2
1.1
107
116
137
198
3.4
18
1.0
FY15
27.0
32.7
88.3
2.3
8.3
24.8
20.4
7.6
3.5
16.6
0.3
5.1
35.4
20.4
20.9
1.3
109
105
136
140
2.4
26
0.7
FY16
33.9
40.6
120.6
2.0
5.9
19.7
16.5
5.5
3.0
13.2
0.3
4.5
32.5
20.8
22.8
1.2
107
107
150
140
2.4
30
0.6
FY17E
40.5
48.0
158.6
2.5
6.2
16.5
13.9
4.2
2.8
11.6
0.4
4.6
29.0
19.9
22.6
1.2
106
107
144
147
2.6
39
0.4
FY18E
47.0
55.4
203.1
2.5
5.3
14.2
12.1
3.3
2.3
9.6
0.4
17.2
26.0
19.9
22.7
1.2
105
107
137
157
3.1
41
0.3
FY19E
54.6
63.7
255.2
2.5
4.6
12.2
10.5
2.6
1.9
8.0
0.4
35.3
23.8
19.5
23.3
1.1
103
107
136
157
3.5
59
0.2
0.1
-12.3
8.1
4.9
5.4
0.8
122
96
96
197
4.3
4
1.3
0.1
-0.1
11.9
8.7
9.2
1.0
120
97
118
189
3.8
5
1.3
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest / Dividend recieved
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY12
4,096
2,005
247
-327
-1,288
4,733
-5,445
-712
-6,446
-7,157
0
-6,446
474
6,828
-1,028
-291
15
5,998
-1,159
1,867
708
FY13
6,122
2,487
285
-132
-5,374
3,390
-1,353
2,036
-2,106
-70
-163
-2,269
159
3,403
-1,313
-437
-204
1,608
1,376
709
2,084
FY14
19,703
3,125
232
-3,635
-13,533
5,893
-2,031
3,863
-4,656
-793
-25
-4,681
-910
2,131
-1,079
-875
1,253
520
-298
2,085
1,786
FY15
22,310
3,326
808
-5,966
-2,515
17,963
-596
17,367
-14,389
2,978
0
-14,388
-386
2,298
-843
-1,314
172
-73
2,905
1,786
4,691
FY16
28,130
3,926
682
-7,444
-6,939
18,356
-660
17,696
-15,062
2,633
-196
-15,259
359
2,464
-927
-1,170
490
1,215
3,652
4,691
8,343
FY17E
32,032
4,368
550
-8,532
-8,409
20,009
430
20,439
-17,762
2,677
198
-17,564
0
-3,721
-815
-1,463
-299
-6,298
-3,422
8,344
4,921
(INR Million)
FY18E
38,174
4,897
600
-10,408
-16,181
17,081
0
17,081
-7,000
10,081
0
-7,000
0
-3,110
-926
-1,463
103
-5,396
4,685
4,921
9,606
FY19E
44,008
5,338
750
-12,103
-10,332
27,660
0
27,660
-7,000
20,660
0
-7,000
0
-2,636
-747
-1,463
104
-4,742
15,919
9,606
25,524
6 March 2017
10

Aurobindo Pharma
NOTES
6 March 2017
11

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Aurobindo Pharma
Disclosure of Interest Statement
Analyst ownership of the stock
No
Served as an officer, director or employee -
No
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AUROBINDO PHARMA
6 March 2017
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12