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.
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