Aurobindo Pharma - The Smart Investor

Aurobindo Pharma
Entering the big league
Aurobindo Pharma (APL), over the years, has transformed itself from being a
low-margin API player to a high-margin formulation player. Consequently, APL’s
FY2012 OPM and RoE are on par with top Indian generic peers. Concerns on the
debt front are also receding and the company’s net debt/equity ratio is expected
to improve to 0.6x in FY2012 from 1.1x in FY2010. We expect net sales and
recurring profit (excluding other operating income) to post a CAGR of 15.6% and
29.1% respectively, over FY2010-12. The stock is currently trading at 13.6x
FY2011E and 10.3x FY2012E earnings, which is at 50% discount to the top
Indian generic peers and unwarranted due to the improving business mix owing
to which we believe that the stock is poised for re-rating. We Initiate Coverage on
the stock, with a Buy recommendation and SOTP Target Price of `1,330.
Supply agreements to drive growth: To leverage on its cost efficiency and strong
product filings, APL entered into supply agreements with Pfizer and AstraZeneca,
which provides significant revenue visibility. APL is also in talks with other MNCs
for more supply agreements. Revenues from the supply agreements are set to rise
3x over FY2010-12 from `227cr to `644cr.
US and ARV formulation segments to be key drivers for base business: APL’s US
base business (ex-Pfizer) is expected to post CAGR of 36.0% over FY2010-12 to
US $268mn with revenue per product increasing to US $2.6mn from US $2.3mn.
On ARV front, we expect revenues to log CAGR of 11.1% to `612cr over
FY2010-12 as APL would continue to be the largest supplier under the PEPFAR
contract with a market share of 35%.
Valuation: Based on SOTP methodology, core business (ex-other operating
income) is valued at 14x FY2012E EPS (`1,263/share), while other operating
income has been valued at 7x 50% of FY2012E income (`9.5/share) and
ascribed `67/share.
Key Financials (Consolidated)
Y/E March (` cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 2,935 3,370 3,796 4,506
% chg 20.8 14.8 12.7 18.7
Net Profit 100 563 479 617
% chg (58.0) 462.6 (15.0) 28.7
Recurring Profit 301 454 465 617
% chg 26.3 50.7 2.5 32.6
EPS (Rs) 18.6 101.1 84.9 109.2
Adj EPS 56.0 81.5 82.4 109.2
EBITDA Margin (%) 12.7 18.3 18.6 20.4
P/E (x) 20.0 13.7 13.6 10.3
RoE (%) 25.5 29.6 22.7 24.1
RoCE (%) 7.3 12.1 12.3 15.5
P/BV (x) 4.9 3.4 2.8 2.2
EV/Sales (x) 2.8 2.5 2.2 1.8
EV/EBITDA (x) 22.0 13.5 11.6 8.7
Source: Company, Angel Research
Initiating Coverage | Pharmaceutical
October 18, 2010
BUY
CMP `1,120
Target Price `1,330
Investment Period 12 Months
Stock Info
Sector
Market Cap (` cr)
Beta
52 Week High / Low
Avg. Daily Volume
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bloomberg Code
Pharmaceutical
6,521
0.8
1,176/735
27393
5
20,169
6,076
ARBN.BO
ARBP@IN
Shareholding Pattern (%)
Promoters 54.4
MF / Banks / Indian Fls 12.7
FII / NRIs / OCBs 26.8
Indian Public / Others 6.1
Abs. (%) 3m 1yr 3yr
Sensex 12.3 16.4 12.1
APL 11.3 29.4 108.0
Sarabjit Kour Nangra
Tel: 022 – 4040 3800 Ext: 343
sarabjit@angeltrade.com
Sushant Dalmia, CFA
Tel: 022 – 4040 3800 Ext: 320
sushant.dalmia@angeltrade.com
Please refer to important disclosures at the end of this report 1

Exhibit 1: Net Sales, OPM and Recurring PAT (ex other OI) trend
(` cr)
5,000
4,000
3,000
2,000
1,000
0
1,600
271
2,122
694
1,330 1,429 1,431 1,538 1,518 1,523 1,506
Source: Company, Angel Research
2,430
999
2,935
1,397
1,852
Aurobindo Pharma | Initiating Coverage
Initiate Coverage with a Buy and Target Price of `1,330
Recurring earnings (ex other OI) to post CAGR of 29.1%
Net sales are estimated to log a CAGR of 15.6% to `4,506cr over FY2010-12 on
back of supply agreements, the US (ex-Pfizer) and ARV formulation contracts. We
expect APL’s recurring earnings (excluding other operating income) to post a
CAGR of 29.1% over FY2010-12 to `506cr on the back of sales growth and OPM
expansion. We estimate OPM to increase by 206bp to 20.4% during the
mentioned period.
2,273
3,000
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
API Formulations
3,370
3,796
4,506
APL aims to clock US $2bn in FY2014
APL expects to clock strong CAGR of 29.4% in top-line to US $2bn by FY2014
from US $713mn in FY2010. The company expects contribution from the
formulations segment to ramp up to 75% by FY2014 from current levels of 55%.
Exhibit 2: APL’s revenue target
(US $mn)
2400
2000
1600
1200
800
400
0
Source: Company, Angel Research
Our estimates are lower than company’s long term guidance as we expect growth
to be more back-ended for the company driven by US (injectables and controlled
substances) and supply agreements.
October 18, 2010 2
(` cr)
600
500
400
300
200
100
0
67
189
230
169
304
355
506
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Recurring PAT OPM
713
48 15
328
322
CAGR 29.4%
69.9
79.7
27.8
11.6
2,000
125
500
875
500
FY2010 FY2014
API Formulations Supply Agreements Injectable business
25.0
20.0
15.0
10.0
5.0
0.0
(%)

APL stock poised for re-rating
Aurobindo Pharma | Initiating Coverage
APL has moved up the value chain and transformed from being a
low-margin API player to a high-margin formulations player. Consequently,
contribution from the formulation segment to net sales is expected to increase from
55% in FY2010 to 67% in FY2012. Moreover, APL’s FY2012 OPM and RoE are
in-line with top Indian generic players. The debt concerns are also receding with
the company’s net debt/equity ratio expected to improve to 0.6x in FY2012 from
1.1x in FY2010. At current levels the stock is trading at 13.6x FY2011E and 10.3x
FY2012E earnings, which is at 50% discount to the top Indian generic peers and
unwarranted due to the improving business mix owing to which we believe that it is
poised for re-rating.
Exhibit 3: OPM and RoE comparison (FY2012)
Source: Company, Angel Research. Note: Sector includes Cadila, Cipla, DRL, Lupin, Ranbaxy and
Sun Pharma
Valuation
Exhibit 4: 1-year forward PE and EV/Sales band
(`)
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
Source: Company, Angel Research
30.0
25.0
20.0
15.0
10.0
5.0
0.0
20x
Apr-05
Jul-05
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
On a PE basis, the stock has traded in the 2-22x one-year forward PE band, and
at an average of 11x in the last five years. On the EV/Sales front, the stock has
been trading in the range of 0.8-2.5x and at an average of 1.7x.
15x
10x
5x
October 18, 2010 3
EV (` cr)
22.0
12,000
10,500
9,000
7,500
6,000
4,500
3,000
1,500
22.9
20.4
Sector APL
OPM RoE
0
24.1
Apr-05
Jul-05
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
2.5x
2.0x
1.5x
1.0x

Exhibit 6: Comparative Valuation
Aurobindo Pharma | Initiating Coverage
We have valued APL on a SOTP basis. The base business has been valued at 14x
FY2012E core earnings (`90.2/share), which is at 33% discount (on the back of
low presence in the high-margin domestic formulation business) to the top Indian
generic players and fetches `1,263/share. We have assigned a higher multiple to
APL’s core business compared to the multiple assigned by street and its historical
average, as we believe that the concerns about higher contribution of the API
business is unwarranted given that the company’s FY2012 OPM and RoE are on
par with top Indian generic peers and are likely to sustain going forward.
APL has also seen a substantial spurt in other operating income on the back of
dossier income primarily under the Pfizer agreement and sale of dossiers in
Europe. Other operating income constituted nearly 31.9% of PBT in FY2010.
However, we have assigned a lower multiple as there is lack of clarity regarding
the time-line of the recurring nature of the dossier income. We have valued other
operating income at 7x 50% of FY2012E income (`9.5/share) and ascribed
`67/share.
Exhibit 5: SOTP Valuation (FY2012)
Core business (`90.2/share)
Other Op. income at 50% FY2012E income (`9.5/share)
Total
Source: Company, Angel Research
Multiple
(x)
Per share (`)
14 1,263
7 67
October 18, 2010 4
1,330
We Initiate Coverage on the stock with a Buy recommendation and SOTP Target
Price of `1,330, implying an upside of 19% from current levels.
Comparative Mcap (` cr) Sales (` cr) PE (x) EV/Sales (x) EV/EBITDA (x) RoE (%)
FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Cadila Healthcare 14,147 4,308 5,100 22.5 17.4 3.4 2.8 17.1 13.5 34.8 34.7
Cipla 26,255 5,902 6,797 23.5 19.1 4.3 3.7 21.3 17.3 17.5 18.9
Dr Reddy's 26,924 8,416 9,797 27.0 20.4 3.1 2.6 16.4 13.2 25.0 25.5
Lupin 18,264 5,645 6,579 22.2 17.8 3.3 2.9 17.7 14.7 31.8 31.2
Ranbaxy 24,362 8,162 9,913 15.1 20.1 3.0 2.4 18.6 12.7 31.3 20.2
Sun Pharma 42,252 4,830 5,581 28.5 24.1 7.8 6.6 24.0 19.8 17.1 17.7
Average - 6,521 7,305 23.9 20.6 4.7 3.9 19.9 15.9 24.3 22.9
Aurobindo 6,521 3,796 4,506 13.6 10.3 2.2 1.8 11.6 8.7 22.7 24.1
Prem /(Disc) % to Avg - - - (43.2) (50.2) (53.7) (54.7) (42.0) (45.0) - -
Source: Company, Angel Research

APL has increased its global filing
dramatically from 313 in FY2008 to
1,171 in FY2010
Exhibit 7: API and Formulations filings
1,600
1,200
800
400
0
895
1,126
122 133 145
Investment Arguments
Supply agreements to drive growth
Source: Company, Angel Research. Note: Other regulated markets include multiple registrations in the EU
Aurobindo Pharma | Initiating Coverage
On the global filings front (ANDAs and dossiers) APL has increased its filing
dramatically from 313 in FY2008 to 1,171 in FY2010, as it proposes to scale up
from SSP and Cephs to NPNC products. Further, the transformation from being a
pure API supplier to becoming a formidable formulations player has increased its
cost efficiencies, as 90% of its formulation is now backward integrated.
1,412
FY2008 FY2009 FY2010
US Other Regulated markets
In FY2010, under the Pfizer contract
APL scaled up supply to 23 products to
the US and clocked revenues of US
$48mn
185
128 147 169
Thus, to leverage on its cost efficiency and strong product filings, APL entered into
long-term supply agreements with Pfizer (March 2009) and AstraZeneca
(September 2010), which provides significant revenue visibility going ahead. The
company is also in discussion with other MNCs for more supply agreements.
Under the Pfizer contract, APL would supply more than 100 products post full
commercialisation of the contract and cover various geographies. In FY2010, APL
scaled up supply with 23 products to the US and clocked revenues of US $48mn.
In Europe, the company expects to significantly ramp up in the current fiscal. The
company proposes commercialisation for the rest of the world (RoW) by FY2012.
Pertinently, APL has received upfront payment under the contract boosting its cash
flow. Going ahead, Pfizer is likely to add more products and cover additional
geographies based on the initial response that it receives from its existing markets.
October 18, 2010 5
1,200
1,000
800
600
400
200
0
838
1,002
FY2008 FY2009 FY2010
US Other Regulated markets

Exhibit 8: Pfizer contract - Number of products
Co-Exclusive
Solid oral products 75
Exclusive
Solid oral products
Sterile injectable products 11
Non-Exclusive
Solid oral products
Sterile injectable products 1 12 12
Aurobindo Pharma | Initiating Coverage
US France ROEU Aus/NZ Canada RoW
October 18, 2010 6
34
13 77 44 14 55
Total 87 59 89 44 14 60
Source: Company, Angel Research
Under its supply agreement with AstraZeneca, APL would be supplying several
solid dosage and sterile products to the emerging markets covering therapeutic
segments such as anti-infective, CVS and CNS. We expect the AstraZeneca
contract to contribute US $5mn in FY2012. Overall, we expect revenues from the
supply agreements to increase 3x over FY2010-12 from `227cr to `644cr.
Exhibit 9: Sales under supply agreements
(` cr)
800
600
400
200
0
227
Source: Company, Angel Research
367
23
621
FY2010 FY2011E FY2012E
Pfizer AstraZeneca % of Sales
16.0
12.0
8.0
4.0
0.0
5
(%)

APL’s base business (ex Pfizer) logged a
CAGR of 82.3% to US $145mn over
FY2006-10
APL targets day-1 launches in the US
and has commercialised 61 products in
the US
Aurobindo Pharma | Initiating Coverage
US and ARV formulation segment key drivers for base business
APL’s business, excluding the supply agreements, would primarily be driven by the
US and the ARV segment on the formulation front. The API business is expected to
be subdued as the company would be using most of the API for internal
consumption.
Product launches to drive business in US market
APL has particularly been able to scale up its business in the US market through
product introductions and the supply agreement with Pfizer. In the US, the
company has seen a growth in business 16x over FY2006-10 and attained critical
mass. APL’s base business (ex Pfizer) logged a CAGR of 82.3% to US $145mn
over the period. Pertinently, the company scaled up supplies under the Pfizer
contract in FY2010 and clocked revenues of US $48mn. APL offset the lower
revenue per product (US $2.3mn) by widening its product basket (APL-61,
Pfizer-23 products).
Exhibit 10: US market - Performance across players (FY2010)
(US $mn)
400
350
300
250
200
150
100
50
0
374
Source: Company, Angel Research.
APL has commercialised 61 products in the US with the top-10 products
contributing nearly 60% of its revenues in FY2010. The company primarily targets
day-1 launches in the US. APL has been able to garner strong market share in
highly competitive generic products such as Citalopram Hydrobromide, Paroxetine
Hydrochloride, Amoxicillin, Metformin Hydrochloride and Simvastatin owing to cost
advantages. APL is also witnessing strong pick up (has garnered 8% market share)
in the recently launched Valacyclovir tablets. Additionally, APL recently also
received approvals for the low-competition Ampicillin injections, which has a
market size of more than US $100mn.
October 18, 2010 7
357
331
233
193
146
Dr Reddy Lupin Ranbaxy Sun Pharma Aurobindo Cadila

APL expects to file 15-20 ANDAs in
FY2011 and FY2012
Exhibit 12: ANDA filings (FY2010)
180
150
120
90
60
30
0
82
46
Source: Company, Angel Research
19
22
Exhibit 11: APL’s top products in US
Aurobindo Pharma | Initiating Coverage
Key Products # of players Market share (Rx, %)
Citalopram Hydrobromide >15 15
Paroxetine Hydrochloride >10 11
Amoxicillin >10 9
Metformin Hydrochloride >15 6
Simvastatin >15 5
Source: Industry, Angel Research; Note: Market share is for July 2010
APL has also commercialised its New Jersey (NJ) facility, which it acquired from
Sandoz in 2006. Through this facility APL is targeting the institutional business in
the US. Pertinently, to run the institutional business in the US it is necessary to have
a local production unit. APL has also begun filings of controlled substances from
the unit, which is expected to contribute from FY2013 onwards.
APL has been one of the aggressive filers in the US market with 169 ANDAs filed
with 113 approvals received till FY2010. Among the players, APL is the third
largest ANDA filer. APL has aggressively filed in the last three years and is now
geared to reap benefits, even though most of the filings are for highly competitive
products. APL expects to file 15-20 ANDAs in FY2011 and FY2012.
169
FY2007 FY2008 FY2009 FY2010 Total
We expect the base business
(ex-Pfizer) to grow at a CAGR of 36.0%
over FY2010-12 and contribute US
$268mn with revenue per product
increasing to US $2.6mn
Going ahead, the next three years in the US, with US $70bn going
off-patent, one of the highest in history, we believe that APL is well placed to tap
this opportunity. We expect the company to clock 42.0% CAGR in net sales in the
US over FY2010-12 to US $388mn driven by product launches and the Pfizer
contract. This contract is expected to contribute US $120mn constituting 31% of US
sales. We expect the base business (ex-Pfizer) to post a CAGR of 36.0% over
FY2010-12 and contribute US $268mn by FY2012 with revenue per product
increasing to US $2.6mn from US $2.3mn in FY2010 as the company moves
towards the high revenue generating NPNC and injectable (SSP and Cephs)
products.
October 18, 2010 8
250
200
150
100
50
0
211
204
169 163
130
113
Sun Pharma Ranbaxy Aurobindo Dr Reddy Lupin Cadila

APL is one of the largest generic
suppliers under the PEPFAR contracts
with 35% market share
Exhibit 13: US sales trend
(US $mn)
Source: Company, Angel Research
ARV business on strong footing
Aurobindo Pharma | Initiating Coverage
APL derives 15% of its revenues from the ARV segment, which registered 54.9%
CAGR over FY2006-10 to `495cr. This segment derives around 80% of its
revenues from the President's Emergency Plan for AIDS Relief (PEPFAR) program.
The US had committed funds to the tune of US $18.8bn for the PEPFAR program
during FY2004-08. In FY2009, the relief was increased to US $6.6bn and
maintained at US $6.7bn in FY2010. Overall expenditure on the ARV drugs
increased from US $117mn in FY2005 to US $203mn in FY2008, registering a
CAGR of 20%. Meanwhile, the amount spent on generic ARV increased from 9.2%
in FY2005 to 76.4% in FY2008.
APL is one of the largest generic suppliers under the ARV contracts with 35%
market share. APL enjoys high market share as it is fully integrated in all its
products apart from having a larger product basket. Overall, we expect the ARV
segment to post CAGR of 11.1% over FY2010-12 to `612cr with the PEPFAR
allocation for generic ARVs expected to increase.
Exhibit 14: ARV sales trend
(` cr)
500
400
300
200
100
0
700
600
500
400
300
200
100
0
13 35 58
Source: Company, Angel Research
October 18, 2010 9
121
145
48
192
76
268
120
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
86
122
Pfizer Ex-Pfizer % of Sales
404
464
495
549
612
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
ARV % of Sales
50.0
40.0
30.0
20.0
10.0
0.0
20.0
15.0
10.0
5.0
0.0
(%)
(%)

We expect EU to register CAGR of
around 21.0% over FY2010-12 to
`348cr driven by product launches and
the Pfizer contract
We expect revenues from the RoW to
post a CAGR of 19.1% to `294cr over
FY2010-12 and expect the AstraZeneca
contract to contribute Rs23cr in FY2012
Europe and RoW growing at steady pace
Aurobindo Pharma | Initiating Coverage
In Europe, APL has been developing its presence through licensing agreements
with the MNC’s and other generic players. In the UK, Netherland and Italy, APL
has a direct presence. The company is now targeting newer geographies, viz.
Romania, Spain, Yugoslavia and Bulgaria. During FY2006-10, the company’s EU
business registered CAGR of 51.6% to `237cr.
We expect EU to register CAGR of around 21.0% over FY2010-12 to `348cr
driven by product launches and the Pfizer contract. We expect the Pfizer contract to
scale up significantly from `2cr in FY2010 to `63cr in FY2012. Excluding Pfizer,
we expect overall sales to grow by 10.0% to `285cr in FY2012.
Exhibit 15: EU sales trend
(` cr)
45
Source: Company, Angel Research
Over FY2006-10, RoW registered CAGR of 26.2%. In FY2010, RoW contributed
6.1% to the company’s net sales to `207cr. We expect revenues from the RoW to
post a CAGR of 19.1% to `294cr over FY2010-12 and expect the AstraZeneca
contract to contribute Rs23cr in FY2012.
Exhibit 16: RoW sales trend
(` cr)
400
300
200
100
0
400
300
200
100
0
Source: Company, Angel Research
October 18, 2010 10
128
201 198
235
2
247
18
285
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
82
288
Pfizer Ex-Pfizer % of Sales
158
198 207 225
63
253
23
18
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Pfizer AstraZeneca Ex-Pfizer/Astra % of Sales
9.0
6.0
3.0
0.0
15.0
10.0
5.0
0.0
(%)
(%)

We expect the API segment revenues to
remain flat to `1,575cr over FY2010-12
as the company would use most of the
API for internal consumption
API segment to remain subdued
Aurobindo Pharma | Initiating Coverage
APL is one of the largest players in the API space, which contributed around 45% to
its FY2010 sales with supply of SSP (oral and sterile), Cephs (oral and sterile) and
other APIs having predominant exposure in its domestic segment.
APL registered a decline of 5.2% in oral (SSP and Cephs) APIs over FY2006-10 due
to price volatility. The company’s API segment is vulnerable to Pen-G prices as it is
the basic input for API. Hence, to protect its margins, APL shifted to sterile API
products and is now also using most of the API for internal consumption.
Going ahead, we expect the API segment revenues to remain flat to `1,575cr over
FY2010-12 as the company would use most of the API for internal consumption.
Exhibit 17: API sales break-up
(` cr) FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
SSP (Oral) 586 591 673 550 449 421 391
Growth (%)
1.0 13.8 (18.3) (16.8) (8.0) (7.0)
SSP (Sterile) - - 131 174 158 156 159
Growth (%)
32.2 (9.2) (1.0) 2.0
Cephs (Oral) 484 643 393 422 405 417 413
Growth (%)
32.7 (38.8) 7.3 (4.0) 3.0 (1.0)
Cephs (Sterile) - - 199 212 274 277 287
Growth (%)
6.6 29.5 0.9 3.7
ARV & other high value 355 296 152 271 307 310 325
Growth (%)
(16.5) (48.8) 78.9 13.3 0.9 4.7
Total 1,425 1,530 1,548 1,628 1,593 1,581 1,575
Growth (%)
Source: Company, Angel Research
CRAMS a long term driver
7.4 1.1 5.2 (1.6) (0.8) (0.4)
APL launched its CRAMS division, AuroSource, to cater to the global innovators
and biotech players. The division offers services across the entire product life cycle
from pre-clinical to the commercial launch. APL is already in discussion with few
players though we have not factored in any upsides from the business in our
estimates.
October 18, 2010 11

Overall contribution of the formulation
segment increased from 17.0% in 2006
to 55.0% in FY2010
Financials
Aurobindo Pharma | Initiating Coverage
Top-line to register 15.6% CAGR over FY2010-12E
APL recorded 20.5% CAGR in net sales during FY2006-10 to `3,370cr driven by
the formulation segments. Overall contribution of the formulation segment
increased from 17.0% in 2006 to 55.0% in FY2010 primarily led by the US and
ARV contracts. During FY2006-10, while sales in the US posted a CAGR of 99.2%
to `912cr driven by product launches and commencement of supplies to Pfizer,
ARV formulation sales logged 54.9% CAGR over on the back of the contract wins
under the PEPFAR project. The API segment however, recorded sluggish CAGR of
3.0% as the increase in volumes was offset by lower price realisations during the
period.
Exhibit 18: Increasing contribution from formulations
100%
80%
60%
40%
20%
0%
17
83
Source: Company, Angel Research
For FY2011, we expect net sales to grow at a slower pace of 12.7% to `3,796cr
due to capacity constraints (NPNC) - the new facilities at the Unit VII (SEZ) and NJ
are expected to scale up gradually. We expect the formulation segment to clock
22.7% yoy growth to `2,273cr, while the API segment is expected to decline by
1.3% to `1,581cr.
In the US region, the formulation segment is expected to clock 35.3% yoy growth
to `1,234cr driven by the off-take under the Pfizer contract primarily in 2HFY2011
and launch of new products (SSP and Ceph injectable products). In Europe, we
expect net sales to come in at `265cr, up 11.5%, while the RoW is expected to
register 8.7% yoy growth to `225cr on the back of product launches. The ARV
segment is expected to clock 10.8% yoy growth to `549cr as contribution from
PEPFAR contract increases.
For FY2012, we expect net sales to clock strong growth of 18.7% to `4,506cr on
the back of increase in capacity utilisation at its new facilities. Formulation sales
are expected to register 32.0% yoy growth to `3,000cr while the API segment is
expected to remain flat at `1,575cr.
October 18, 2010 12
33
67
41
59
48
52
55 60
45 40
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
API Formulations
67
33

Overall, we expect net sales to post a
CAGR of 15.6% over FY2010-12 to
`4,506cr driven by the supply
agreements, US (ex Pfizer) region and
ARV contracts
Exhibit 19: Sales break-up
Aurobindo Pharma | Initiating Coverage
In the US, under the Pfizer contract we expect APL to clock sales of `540cr
following the increase in product launches. Further, ex-Pfizer sales in the US is
expected to grow 36.3% yoy to `1,206cr and is likely to witness improvement in
revenue per product. For EU we expect revenues to grow at 31.4% to `348cr,
while RoW is expected to clock net sales of `294cr following commencement of
supplies under the Pfizer and AstraZeneca contracts. On the ARV front, we expect
growth of 11.5% in revenues to `612cr. Overall, we expect net sales to log a
CAGR of 15.6% over FY2010-12 to `4,506cr driven by the supply agreements, US
(ex Pfizer) region and ARV contracts.
(` cr) FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E CAGR FY2010-12E
Formulations 271 694 999 1,397 1,852 2,273 3,000 27.3
US 58 156 236 537 912 1,234 1,746 38.3
Pfizer - - - 13 225 349 540 54.9
Ex-Pfizer 58 156 236 524 687 885 1,206 32.5
Europe 45 128 201 198 237 265 348 21.0
Pfizer - - - - 2 18 63 461.2
Ex-Pfizer 45 128 201 198 235 247 285 10.0
RoW 82 288 158 198 207 225 294 19.1
Pfizer - - - - - - 18 -
Astra - - - - - - 23 -
Ex-Pfizer, Astra 82 288 158 198 207 225 253 10.6
ARV 86 122 404 464 495 549 612 11.1
API 1,425 1,531 1,548 1,628 1,593 1,581 1,575 (0.6)
SSP 586 591 804 723 607 577 550 (4.8)
Cephalosporin 484 643 592 634 679 694 700 1.5
ARV & other high value 355 296 152 271 307 310 325 2.8
Gross Sales 1,696 2,224 2,547 3,025 3,446 3,854 4,575 15.2
Less Excise duty 95 102 117 90 76 58 69
Net Sales 1,601 2,122 2,430 2,935 3,370 3,796 4,506 15.6
Growth (%)
Source: Company, Angel Research
APL has been able to expand its OPM
(excluding other OI) from 11.1% in
FY2006 to 18.3% in FY2010
32.6 14.5 20.8 14.8 12.7 18.7
Margin expansion to be driven by increasing contribution from
formulations
APL has been able to expand its OPM (excluding other operating income) from
11.1% in FY2006 to 18.3% in FY2010 and is now on par with the sector average
in spite of higher contribution from the low-margin API segment. The company’s
gross margins improved significantly by 12.1% over FY2006-10 to 47.3% on the
back of increasing contribution from the high-margin formulation segment.
However, the increase in gross margins was partly offset by the rise in SG&A and
employee expenses, which restricted the increase in OPM by 7.2% to 18.3% in
FY2010. APL increased its employee strength by 16% in FY2010 with the
commencement of its new facilities and expansion at its API facilities.
October 18, 2010 13

Overall, the transformation to a
formulation player has benefited APL in
dual ways - most of the API is now
utilised for internal consumption making
it cost competitive as well as insulating
the company from the high price
volatility witnessed in the API business
Aurobindo Pharma | Initiating Coverage
Going ahead, increase in contribution from formulations to 67% in FY2012 from
55% in FY2010 and gradual scale up in capacity utilisation at its new facilities are
likely to increase its OPM to 20.4% in FY2012 from 18.3% in FY2010.
On a comparative basis, APL’s OPM would be on par with the sector average. This
is on back of backward integration on the formulation front. Overall, the
transformation to formulation player has benefited APL in dual ways - most of the
API is now utilized for internal consumption (more than 90% of its formulation is
backward integrated) thereby making it cost competitive in the formulation space
as well as insulating the company from the high price volatility (seen especially
between 2008-09 where gains of the formulation business was offset by price
volatility on the API front) witnessed on the API business. Further, APL does not
have a significant presence in the branded generic segment (including India)
owing to which its expenditure for sales promotion and advertisements are on the
lower side.
Exhibit 20: OPM comparison (FY2012)
(%)
40.0
30.0
20.0
10.0
0.0
33.5
Sun
Pharma
21.5 21.0 20.4 19.5 19.4
Cipla Cadila
Healthcare
Source: Company, Angel Research. Note: Ranbaxy’s base business OPM considered.
Recurring PAT (ex other OI) to increase by 29.1% CAGR over
FY2010-12
Recurring PAT (ex other OI) registered CAGR of 46.0% to `304cr during FY2006-
10 driven by sales growth and margin expansion.
Going ahead, interest expense is expected to rise as the company raises debt to
repay the FCCBs (including premium) to the tune of `938cr in May 2011. We
estimate interest expense to increase from `73cr to `91cr in FY2012. Depreciation
cost is also expected to increase from `149cr in FY2010 to `208cr in FY2012 due
to the new facilities (Unit VII (SEZ), NJ and Trident).
In the last two years (FY2009 and FY2010), the company clocked other OI of
`142cr and `206cr on the back of sale of dossiers to Europe and under the Pfizer
contract, which has resulted in strong cash flows for the company. On a
conservative basis, we expect the company to clock dossier income of `140cr both
in FY2011 and FY2012 primarily from the supply agreements.
October 18, 2010 14
7.8
APL Lupin Dr Reddy's Ranbaxy

Excluding the dossier income, recurring
PAT is estimated to record strong CAGR
of 29.1% to `506cr in FY2012
Exhibit 21: Other operating income and Recurring PAT (ex other OI)
(` cr)
250
200
150
100
50
0
6.4
3
3.4
13 11
3.6
Source: Company, Angel Research
142
44.2
Aurobindo Pharma | Initiating Coverage
Overall, we expect recurring PAT to increase by 16.6% to `617cr assuming lower
income from the sale of dossiers. Excluding the dossier income, recurring PAT is
estimated to record strong CAGR of 29.1% to `506cr in FY2012.
31.9
30.0
206
22.6 17.4
20.0
140 140
10.0
FY2006 FY2008 FY2010 FY2012E
Other Op Income % of PBT
APL has been on aggressive capex
spree in the last five years with capex of
`1,721cr
To address capacity constraints on the
NPNC front, APL commercialised Unit
VII (SEZ) in FY2010
50.0
40.0
0.0
(%)
Capex spend to moderate
The company has been on an aggressive capex spree in the last five years
incurring capex of `1,721cr (73% of FY2010 fixed assets), which was largely spent
on the formulation segment.
However, capacity utilisation has been subdued especially in tablets/capsules at
46% in FY2010 primarily due to lower utilisation at the Unit VIB (Cephs) and Unit
XII (SSP). However, going ahead, we expect the utilisation to increase at these
facilities on the back of injectable product launches in the US and pick up in
volume under the supply agreements.
Exhibit 22: Formulation facilities
Units Product Capacity Utilisation (%)
Unit VIB Cephs oral & sterile < 25
Unit XII SSP oral and sterile 85
Unit VII (SEZ) NPNC Newly commenced
USA NJ NPNC Newly commenced
Trident Injectables (NPNC) To commence in 2HFY2012
Source: Company, Angel Research
Further, to address the capacity constraint in Unit III (NPNC), APL built a facility
near Hyderabad (Unit VII SEZ) in FY2010. APL spent around `250cr to set up this
facility, which is spread across 10 acres of the total 75 acres land. The unit has
the capacity to produce to 1,000mn tablets and 100mn capsules per month, which
has almost doubled the company’s tablets/capsules production. The company
expects the unit to meet the increasing demand in the regulated markets and
emerging markets.
October 18, 2010 15
(` cr)
600
400
200
0
67
189
230
169
304
355
506
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Recurring PAT

Exhibit 24: Debt levels, FCF and Capex
(` cr)
2,500
2,000
1,500
1,000
500
0
1,373
2,078
1,908
Source: Company, Angel Research
2,333
2,155
2,004
Aurobindo Pharma | Initiating Coverage
APL has also commercialised its NJ facility, which it acquired from Sandoz in
2006. Through this facility APL is targeting the institutional business in the US. It is
necessary to have a local production unit to run the institutional business. APL has
begun filings of controlled substances from the unit, which is expected to contribute
from FY2013 onwards. Overall, we expect Unit VII SEZ and the NJ facility to scale
up and witness ramp up in capacity utilisation in FY2012 driven by supply
agreements, US and ARV segment leading to an improvement in margins.
Thus, with most of the facilities in place, we expect APL to incur moderate capex of
`568cr over the next two years.
Debt concerns receding
In view of APL’s aggressive capex, its net debt/equity increased to 1.8x in FY2009,
which was much higher than the industry average of 0.4x. However, in FY2010,
with overall improvement in business profitability (OPM expansion), the company’s
net debt/equity improved to 1.1x. Going ahead, in FY2012, we expect net
debt/equity to further improve to 0.6x on the back of debt repayments, decline in
capex and improvement in profitability.
APL has outstanding FCCB of US $139.2mn repayable in May 2011 with the
conversion price at 25-43% premium over the current price. We expect APL to
repay its outstanding FCCBs through internal accruals and debt resulting in outflow
of `938cr.
Exhibit 23: FCCB details
Maturity Date
Issued
(US$ mn)
Converted/
Bought back
O/s US
$mn
October 18, 2010 16
YTM
(%)
Exch Rate
(`/US $)
Amt Payable
(` cr)
Breakeven
price (`)
August 8, 2010 60.0 60.0 - 40.0 - - -
May 10, 2011 150.0 43.8 106.2 46.3 46.0 715 1,615
May 17, 2011 50.0 17.0 33.0 46.9 46.0 223 1,406
Total 260.0 120.8 139.2
Source: Company, Angel Research
1,766
FY2006 FY2008 FY2010 FY2012E
Debt Net Debt Equity
2.0
1.6
1.2
0.8
0.4
0.0
(x)
(` cr)
600
450
300
150
0
(150)
(300)
(450)
(237)
253
(326)
345
(48)
244
(343)
479
29
400
938
288 280
247
198
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
FCF Capex

Concerns
Aurobindo Pharma | Initiating Coverage
� Delay in ramp up of supply agreements: APL is expected to receive 14.3% of
its FY2012 revenues from the supply agreements (Pfizer and AstraZeneca).
Hence, any delay in ramp up of the supply agreements would pose a
downside risk to our estimates.
� Forex risks: Exports constitute 61% of the company revenues. Therefore, any
significant appreciation in the rupee could adversely affect the company's
margins. However, more than 80% of the company’s debt is foreign currency
denominated providing a natural hedge against currency volatility.
� High price volatility in the API business: Higher-than-anticipated price erosion
in the company's generic API business, could impact its profitability. In
FY2008-09, OPMs were flat in spite of higher contribution from the
high-margin formulation business as the gains were offset by the price
volatility in the API business. However, with formulation contribution to net
sales increasing to 67% in FY2012 and reducing dependence on Pen-G
related APIs, which should cushion the company’s margins going ahead.
October 18, 2010 17

Company Background
Aurobindo Pharma | Initiating Coverage
APL, one of the largest API manufacturers in Asia, was incorporated in 1989 by P V
Ramaprasad Reddy and K Nityananda Reddy. APL is now present across the value
chain from intermediates, API and formulations supported by a strong R&D team.
APL has commercialised over 200 APIs and 300 formulation products till date.
Over the years, the company has developed its presence in key therapeutic areas
such as SSPs, Cephs, Anti-virals, CNS, CVS, gastroenterology, pain management,
etc. Being an integrated player, the company enjoys an edge over competition.
The company has 15 manufacturing facilities across the globe approved by the US
FDA and other regulators. APL has presence in more than 100 countries and
derives more than 60% of its revenues from exports.
Exhibit 25: Facilities
Formulations
Unit Products
Unit III Multi-purpose non-Betalactums Oral
Unit VII (SEZ) Non-Betallactums Oral
USA NJ Non-Betallactums Oral
Unit VIB Cephalosporins (Oral & Sterile)
Unit XII Semi-synthetic penicillins (SSP) oral and sterile
API
Units Products
Unit I CVS, CNS, Anti-allergic
Unit IA Cephalosporins (Non-Sterile)
Unit V Semi-synthetic penicillins (sterile and Non sterile)
Unit VIA Cephalosporins (Sterile)
Unit VIII
Gastro enterologicals,
Anti-retroviral
Unit XIB Anti-retroviral
Source: Company, Angel Research
October 18, 2010 18

Profit & Loss Statement (Consolidated)
Aurobindo Pharma | Initiating Coverage
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 2,122 2,430 2,935 3,370 3,796 4,506
Other operating income 13 11 142 206 140 140
Total operating income 2,135 2,441 3,077 3,575 3,936 4,646
% chg 670.9 14.3 26.1 16.2 10.1 18.0
Total Expenditure 1,821 2,089 2,561 2,752 3,089 3,588
Net Raw Materials 1,300 1,412 1,680 1,777 1,932 2,178
Other Mfg costs 206 267 301 338 406 473
Personnel 150 193 244 327 414 533
Other 164 217 336 310 336 403
EBITDA 301 341 374 617 707 919
% chg 70.2 13.2 9.6 65.1 14.6 29.9
(% of Net Sales) 14.2 14.0 12.7 18.3 18.6 20.4
Depreciation& Amortisation 100 100 128 149 187 208
EBIT 202 241 246 468 520 710
% chg 284.4 19.3 2.3 90.0 11.2 36.5
(% of Net Sales) 9.5 9.9 8.4 13.9 13.7 15.8
Interest & other Charges 86 69 93 73 74 91
Other Income 77 110 27 44 34 43
(% of PBT) 37.5 37.6 - 6.9 5.5 5.3
Share in profit of Associates - 0.0 0.0 - - -
Recurring PBT 206 292 323 645 620 802
% chg 170.7 41.8 10.5 100.0 (3.8) 29.4
Extraordinary Expense/(Inc.) - - 201.0 (109.5) (13.9) -
PBT (reported) 206 292 122 754 634 802
Tax 4.4 53.6 21.4 191.4 155.0 185.7
(% of PBT) 2.1 18.4 17.6 25.4 24.4 23.1
PAT (reported) 201 238 100 563 479 617
Less: Minority interest (MI) 1 (0) - (0) - -
PAT after MI (reported) 200 239 100 563 479 617
ADJ. PAT 200 239 301 454 465 617
% chg 292.7 19.1 26.3 50.7 2.5 32.6
(% of Net Sales) 9.4 9.8 3.4 16.7 12.6 13.7
Basic EPS (`) 37.7 44.4 18.6 101.1 84.9 109.2
Adj Fully Diluted EPS (`) 37.7 44.4 56.0 81.5 82.4 109.2
% chg 409.2 17.8 26.3 45.4 1.1 32.6
October 18, 2010 19

Balance Sheet (Consolidated)
Aurobindo Pharma | Initiating Coverage
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 27 27 27 28 28 28
Share Application Money - - - - - -
Reserves& Surplus 859 1,097 1,214 1,801 2,248 2,821
Shareholders’ Funds 886 1,124 1,241 1,829 2,276 2,849
Minority Interest 4 3 3 4 4 4
Total Loans 2,078 1,908 2,333 2,155 2,004 1,766
Deferred Tax Liability 68 73 77 91 116 133
Total Liabilities 3,036 3,109 3,654 4,079 4,400 4,753
APPLICATION OF FUNDS
Gross Block 1,414 1,601 1,869 2,312 2,850 3,280
Less: Acc. Depreciation 316 418 575 697 884 1,092
Net Block 1,099 1,184 1,294 1,615 1,966 2,188
Capital Work-in-Progress 219 278 536 570 320 170
Goodwill 54 53 105 96 96 96
Investments 0 60 0 0 0 0
Current Assets 2,135 2,059 2,289 2,506 2,882 3,384
Cash 582 283 128 73 151 68
Loans & Advances 272 316 394 375 562 640
Other 1,281 1,460 1,767 2,058 2,169 2,676
Current liabilities 471 526 570 708 864 1,085
Net Current Assets 1,664 1,534 1,719 1,798 2,018 2,299
Mis. Exp. not written off - - - - - -
Total Assets 3,036 3,109 3,654 4,079 4,400 4,753
October 18, 2010 20

Cash Flow Statement (Consolidated)
Aurobindo Pharma | Initiating Coverage
Y/E March (` cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Profit before tax 206 292 73 752 620 802
Depreciation 100 100 128 149 187 208
(Inc)/Dec in Working Capital (267) (91) (334) (261) (142) (364)
Less: Other income (83) (49) (180) 44 34 43
Direct taxes paid (23) (46) (30) (153) (130) (169)
Cash Flow from Operations 99 305 16 443 501 435
(Inc.)/Dec. in Fixed Assets (345) (244) (479) (400) (288) (280)
(Inc.)/Dec. in Investments (205) 113 48 (9) - -
Other income (83) (49) (180) 44 34 43
Cash Flow from Investing (633) (181) (611) (365) (254) (237)
Issue of Equity 3 2 - 5 0 -
Inc./(Dec.) in loans 791 (141) 287 (1) (137) (238)
Dividend Paid (Incl. Tax) (9) (16) (39) (29) (33) (43)
Others 130 (268) 193 (109) - -
Cash Flow from Financing 915 (423) 440 (132) (169) (281)
Inc./(Dec.) in Cash 381 (300) (155) (54) 78 (83)
Opening Cash balances 202 582 283 128 73 151
Closing Cash balances 582 283 128 73 151 68
October 18, 2010 21

Key Ratios
Aurobindo Pharma | Initiating Coverage
Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 29.7 25.2 20.0 13.7 13.6 10.3
P/CEPS 19.9 17.8 26.4 8.8 9.5 7.7
P/BV 6.7 5.4 4.9 3.4 2.8 2.2
Dividend yield (%) 0.2 0.3 0.4 0.4 0.4 0.6
EV/Sales 3.5 3.1 2.8 2.5 2.2 1.8
EV/EBITDA 24.8 22.4 22.0 13.5 11.6 8.7
EV / Total Assets 2.5 2.5 2.3 2.0 1.9 1.7
Per Share Data (`)
EPS (Basic) 37.7 44.4 18.6 101.1 84.9 109.2
EPS (fully diluted) 37.7 44.4 56.0 81.5 82.4 109.2
Cash EPS 56.2 63.0 42.4 127.9 118.0 146.1
DPS 2.5 3.3 4.5 5.0 4.9 6.6
Book Value 166.1 209.1 230.9 328.3 403.1 504.7
Dupont Analysis
EBIT margin 9.5 9.9 8.4 13.9 13.7 15.8
Tax retention ratio 97.9 81.6 82.4 74.6 75.6 76.9
Asset turnover (x) 1.0 0.9 1.0 0.9 1.0 1.0
ROIC (Post-tax) 8.9 7.5 6.7 9.8 9.9 12.6
Cost of Debt (Post Tax) 4.9 2.8 3.6 2.4 2.7 3.7
Leverage (x) 0.9 1.6 1.6 1.5 1.0 0.7
Operating ROE 12.7 14.7 11.7 20.6 16.9 18.9
Returns (%)
ROCE (Pre-tax) 7.7 7.8 7.3 12.1 12.3 15.5
Angel ROIC (Pre-tax) 10.1 10.3 9.2 15.0 14.5 17.2
ROE 23.5 23.7 25.5 29.6 22.7 24.1
Turnover ratios (x)
Asset Turnover (Gross Block) 1.6 1.6 1.8 1.7 1.5 1.5
Inventory / Sales (days) 96 108 99 101 102 98
Receivables (days) 103 97 92 94 94 92
Payables (days) 81 78 70 74 70 67
WC cycle (ex-cash) (days) 203 174 169 169 167 161
Solvency ratios (x)
Net debt to equity 1.7 1.4 1.8 1.1 0.8 0.6
Net debt to EBITDA 5.0 4.8 5.9 3.4 2.6 1.8
Interest Coverage (EBIT / Int.) 2.3 3.5 2.6 6.4 7.0 7.8
October 18, 2010 22

Aurobindo Pharma | Initiating Coverage
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Aurobindo Pharma
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
October 18, 2010 23

Aurobindo Pharma | Initiating Coverage
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Research Team
Tel: (022) 3952 4568 / 4040 3800
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Technicals:
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Mileen Vasudeo
Derivatives:
Technical Analyst vasudeo.kamalakant@angeltrade.com
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angeltrade.com
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com
Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Simran Kaur Research Editor simran.kaur@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
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