BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Glaxosmithkline Pharmaceuticals Ltd. reported revenue growth of 15% YoY to Rs 10.1 billion for Q2 FY22.
The robust revenue growth allowed operating leverage to drive Ebitda margin up by 4% YoY and 8% QoQ to 27.4%, despite higher employee cost and other expenses.
GSK Pharma's strong double digit growth was driven by top brands like Augmentin and Calpol, which have displayed sturdy average growth of 26% and 88%, respectively in Q2 along with other leading brands growing in healthy double digits.
We maintain our 'Buy' rating on GSK Pharma, with a target price of Rs 1,805 (42 times average of FY23E & FY24E earnings per share).
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