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. 

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Equity Bottom-Up

<ul><li>GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income.</li><li>The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% 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’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income.The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% 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 - Stability in the Base Business; Maintain HOLD

<ul>
<li>GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.</li>
<li>The said growth was led by volume growth in existing portfolio, new launches and from milestone income.</li>
<li>The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% 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’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.
The said growth was led by volume growth in existing portfolio, new launches and from milestone income.
The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% 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 - Few Green Shoots in the Base Business

<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

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 - Stability in the Base Business; Maintain HOLD

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line...

Axis Direct

Gland Pharma Ltd - Few Green Shoots in the Base Business

GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with...

Axis Direct

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

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