Looking ahead, we expect strong ramp-up in Europe business’ operating performance as well as healthy sales growth in the US (new launches, ramp-up in injectable biz, strong pipeline and diversified product-mix). We expect ARBP’s sales and PAT to witness 10.4% & 15.1% CAGR through FY17-19E, respectively with healthy return ratios (RoE/RoCE at 20.1%/21.5%). We reiterate our BUY recommendation on the stock with a revised Target Price of Rs810 (from Rs 800 earlier).
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