Glenmark Pharma - Steady Q4; Deleveraging To Be On Focus: ICICI Securities
Medicinal tablets are arranged for a photograph in Mumbai. (Photographer: Dhiraj Singh/Bloombergg)

Glenmark Pharma - Steady Q4; Deleveraging To Be On Focus: ICICI Securities

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ICICI Securities Report

Glenmark Pharmaceuticals Ltd.’s Q4 FY21 performance was better than our estimates supported by recovery in U.S. sales and better profitability.

Revenue grew 3.3% YoY to Rs 28.3 billion, Ebitda margin (excluding-forex loss) improved 170 basis points to 18.5% (our estimate: 17.5%) and adjusted profit after tax increased 37.3% to Rs 2.4 billion (our estimate: Rs 1.8 billion).

India business grew 7.7% in line with the industry.

U.S. business improved 3.9% QoQ as high price erosion in its derma portfolio has stabilised mid-single digit.

Click on the attachment to read the full report:

ICICI Securities Glenmark Pharma Q4FY21 Results Update .pdf

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