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Dolat Capital Report
Pharma sector has underperformed Nifty index in last 12 months (Nifty Pharma -3.1% versus Nifty up 0.3%).
The companies faced multiple headwinds, and hence stock performance has mirrored that with time and value correction. While we do believe that the pharmaceutical sector has underperformed broader index over the last year, valuations which were on higher side have also settled to reasonable levels, however we still hold the view that pharmaceutical sector is still very much bottoms up and is definitely not a one size fit all story at this juncture.
The year FY23 has hitherto been challenging for the pharma sector, however, strong India business, and gradual abatement in pricing scenario in the U.S., we see signs of earnings recovery in FY24E which will be a function of beneficial base effect.
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