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ICICI Securities Report
Glenmark Pharmaceuticals Ltd.’s Q1 FY21 performance was above our estimates on the profitability front driven by cost control and improved revenue mix with higher India sales.
Revenues grew 0.9% YoY to Rs 23.4 billion, Ebitda margin improved 460 basis points to 20.4% (better than estimated 15.3%), and adjusted profit after tax increased 62.8% to Rs 2.1 billion (our estimate Rs 1.2 billion).
India business grew 3.7% outpacing the industry and our estimates with strong traction in new products especially Remogliflozin and strong chronic portfolio.
U.S. business declined with high price erosion in its derma portfolio. We believe the margin expansion was the key highlight of the quarter driven by cost savings and we expect these savings to be partially sustainable.
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