External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>GLAND’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.</li><li>Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.</li><li>GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GLAND’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

<ul><li>Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.</li><li>Pricing Pressure has led to fall in realisations impacting the Gross Margins</li><li>Higher input and logistics costs on account of supply-side challenges for core portfolio impacted sales conversion in India.</li></ul><div><div><div><div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.Pricing Pressure has led to fall in realisations impacting the Gross MarginsHigher input and logistics costs on account of supply-side challenges for core portfolio impacted sales conversion in India.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Pricing Pressure Enters Into Injectables

<ul><li>GLAND reported weak set of results in Q2FY23with consolidated revenue declining by -3.3% Y0Y due to weak performance in geographies such as US (3.0% YoY), India (-42% YoY) and RoW (- 3.0% YoY).</li><li>However, the company’s gross margins decreased by 120bps YoY due to one-time inventory write-off in Biosimilar CDMO of ~Rs 70 mn as per customer requirement.</li><li>Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical materials.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GLAND reported weak set of results in Q2FY23with consolidated revenue declining by -3.3% Y0Y due to weak performance in geographies such as US (3.0% YoY), India (-42% YoY) and RoW (- 3.0% YoY).However, the company’s gross margins decreased by 120bps YoY due to one-time inventory write-off in Biosimilar CDMO of ~Rs 70 mn as per customer requirement.Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical materials.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma LTD - Intense Competition & Moderate Demand Leads to Business Loss

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five years</li><li>It has been enhancing its offerings by adding complex products to its portfolio, scaling the product at the global level, expanding capacity to aid manufacturing, as well as increased backward integration.</li><li>While constraints on availability of certain materials may hinder performance over the near term, GLAND is in good stead for consistent performance over the next three-to-five years.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five yearsIt has been enhancing its offerings by adding complex products to its portfolio, scaling the product at the global level, expanding capacity to aid manufacturing, as well as increased backward integration.While constraints on availability of certain materials may hinder performance over the near term, GLAND is in good stead for consistent performance over the next three-to-five years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma - Multiple Levers at Play; Valuations Attractive

India

Gland Pharma Limited manufactures and markets small volume parenteral solutions.The Company offers injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, and ophthalmic solutions, and other active pharmaceutical ingredients. Gland Pharma conducts its business worldwide.

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Gland Pharma Ltd (GLAND IN)

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India...

Axis Direct

Gland Pharma Ltd - Pricing Pressure Enters Into Injectables

Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.Pricing Pressure has led to fall...

Axis Direct

Gland Pharma LTD - Intense Competition & Moderate Demand Leads to Business Loss

Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Gland Pharma - Multiple Levers at Play; Valuations Attractive

After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five years

Motilal Oswal

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