GSK Pharma’s Better Operating Leverage Drives Q3 Profitability: Motilal Oswal 
A bottle of generic tablets produced by an Indian pharma firm. (Photographer: Dhiraj Singh/Bloomberg)

GSK Pharma’s Better Operating Leverage Drives Q3 Profitability: Motilal Oswal 

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.

Motilal Oswal Report

GlaxoSmithKline Pharmaceuticals Ltd.’s Q3 FY21 performance was better than estimated, with an increase in sales driving higher profitability (on account of operating leverage).

With the intensity of YoY decline lower over the past two quarters, the company exhibited low-double-digit YoY growth with the easing of the lockdown and partly aided by the low base of the past year.

We increase our earning per share estimates by 8%/3%/2% for FY21/FY22/FY23E, factoring in strong recovery in key therapies and improving productivity.

Click on the attachment to read the full report:

Motilal Oswal GSK Pharma Q3FY21 Result Update.pdf


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