Aurobindo Pharma shares jump 7% despite drop in Q4 profits. Should you buy them?

Shares of Aurobindo Pharma surged by up to 7.2% to reach Rs 655 in early trade on BSE after receiving favourable views on the stock from several top brokerages, despite a 12% YoY dip in profit for Q4FY23. The Hyderabad-based company reported a net profit of Rs 506 crore in the quarter on a sequential basis. Among other brokerages, Bank of America and Goldman Sachs have a ‘buy’ view on the stock, while Kotak Institutional Equities has an ‘add’ call and Nuvama has initiated coverage with a ‘buy’ rating.