Geojit has given Buy recommendation for Glenmark Pharmaceuticals with a target price of Rs. 717 in its research report issued on Jun 03, 2021
Geojit’s research report on Glenmark Pharmaceuticals
Glenmark registered a 3.3% YoY growth in revenue to Rs. 2,860cr in Q4FY21, backed by robust India, US, Europe and API segments, partially offset by de-growth in Latin America. EBITDA grew 12.4% YoY, with margin expanding by 130bps to 18.5%, on lower costs and improved sales. Adj. PAT rose 24.8% YoY to Rs. 234cr, further aided by lower depreciation and interest costs.
Given strong performance across regions/segments, successful drug launches and controlled debt levels, we reiterate our BUY rating on the stock with a rolled-forward target price of Rs. 717 based on 17x FY23E EPS.