Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>2QFY21 Result Update</p>
<h2>Glenmark Pharmaceuticals</h2>
<h3>Strong revenue performance, but margins lower</h3>
<p>Glenmark Pharmaceuticals (Glenmark) reported 2QFY21 revenue of Rs29,525mn, which was above our/consensus estimate by 6.4%/5%. Revenue was up by 5.2% YoY and 25.9% QoQ. EBITDA margin stood at 18.7% (up 272bps YoY), led by cost savings but was it was down QoQ as some of the cost savings in marketing expenses came back and staff costs were higher (due to annual revisions). The management expects EBITDA…</p>

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<p>1QFY21 Result Update</p>
<h2>Glenmark Pharmaceuticals</h2>
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<h3>Operational cost savings help offset pain of revenue decline</h3>
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<p>Glenmark Pharmaceuticals (Glenmark) reported 1QFY21 revenue of Rs23,448mn, which was above our estimate by 4.5% and below consensus estimate by 2%. Revenue was up 1% YoY and down 15% QoQ. EBITDA margin stood at 20.4% (up 567bps YoY), led by cost savings. The management expects EBITDA margin to remain in the range of 19-20% in FY21.</p>
<p>The sequential decline in revenue was due to…</p>
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India

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

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