ICICI Securities: Glenmark Pharma Posts Above Estimate Q1 Results; Lower Costs Aid Margin

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Glenmark Pharma Posts Above Estimate Q1 Results; Lower Costs Aid Margin

ICICI Securities: Glenmark Pharma Posts Above Estimate Q1 Results; Lower Costs Aid Margin

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