Glenmark Q3 PAT seen up 89% at Rs 106 cr QoQ

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Glenmark Q3 PAT seen up 89% at Rs 106 cr QoQ

Glenmark Pharma is expected to report a profit after tax of Rs 106 crore in the third quarter of FY12, rising 89% as compared to Rs 56 crore in previous quarter.

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Glenmark Pharma is expected to report a profit after tax of Rs 106 crore in the third quarter of FY12, rising 89% as compared to Rs 56 crore in previous quarter.

Revenues are seen going down 10% to Rs 952.5 crore from Rs 1,056 crore quarter-on-quarter.

EBITDA is likely to fall 9% to Rs 205 crore in the quarter ended December FY12 versus Rs 226 crore in an earlier quarter. Operating profit margin is expected to be at 21.5% versus 21.4% QoQ and 23% YoY.

On year-on-year basis, revenues are likely to go up by 25.6% and EBITDA is seen going up by 17.6%. But, profit after tax is expected to go down 3.2%.
 
Company will report numbers according to International Financial Reporting Standards (IFRS) hence there might be variations while comparing YoY, but QoQ is comparable.

Highlights

- PAT figures excludes MTM losses this quarter

- Some analysts estimating a loss on the bottomline due to MTM as well

- In Q2FY12 forex loss was Rs 85 crore

- Could see licensing fee of USD 5 million related to successful completion of Phase I trials for GRC 15300
* Q2FY12 Licensing income was Rs 120 crore from Sanofi on

- Revenues growth led by US markets on the back of new launches especially Malarone where company has exclusivity - 78% share and full sales realized this quarter. Others include Levocetirizine, Felodipine and oral contraceptives
* Q2 US grew 34% YoY due to ramp up in 19 ANDAs + launch of Malarone (but was only 17 days)

- Domestic market could see some moderation in growth on a large base -
* In Q2 domestic market grew 13.4% to Rs 254 crore YoY

- Expect Semi regulated markets to continue uptrend (Semi regulated +67% to Rs 148 crore)

- Margin expansion on the back of benefit from licensing fee benefit + rupee depreciation

- Management reduced EBITDA margin guidance to 21 to 22% vs 22 to 23% earlier