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ICICI Securities Report
Blue Jet Healthcare Ltd.’s Q4 FY24 print was disappointing. The company’s performance was bogged down by a few factors, but mainly – the contrast media segment being hurt from lower supplies to its largest customer, and higher recognition of change in inventory denting margins.
Even so, BlueJet is confident on FY25 earnings growth supported by normalisation of ABA HCL supplies/iodinated ramping-up/gadolinium products.
Pharma intermediates and active pharma ingredients shall benefit from a ramp-up in supply to bempedoic acid as the product receives U.S. Food and Drug Administration approval. Further, BlueJet is preparing to boost its pipeline by upping its research and development/infra investments.
We marginally tweak our estimates, which are conservative compared to the company’s outlook. Accordingly, our target price is Rs 445 (earlier Rs 450) with a FY26E PE multiple of 26 times. Retain Buy
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