Glenmark Q1 net seen up 89% at Rs 147.6 cr: P Lilladher

Prabhudas Lilladher has come out with its first quarter (April-June) earnings estimates for the pharmaceutical sector. The brokerage house expects Glenmark Pharma to report a 11.5 percent degrowth quarter-on-quarter (growth of 88.6 percent year-on-year) in net profit at Rs 147.6 crore.

Revenues are expected to decrease by 8.7 percent Q-o-Q (up 17.2 percent Y-o-Y) to Rs 1,219.9 crore, according to Prabhudas Lilladher.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 0.8 percent Q-o-Q (up 14.7 percent Y-o-Y) to Rs 252.4 crore.

EBITDA margin or operating profit margin is likely to be at 20.7 percent in June quarter as against 19 percent in March quarter and 21.2 percent in a year ago period.

Prabhudas Lilladher on Glenmark Pharma

Estimating US revenues at USD80/quarter and only INR 90 million impact due to new NLEM, we expect 17 percent Y-o-Y growth for Glenmark in Q1FY14E to Rs 12.2 billion sales. Its revenues in the quarter to be led by US generics, EU branded generics and comparatively less-affected domestic formulaitons at 12 percent Y-o-Y growth.

Semi-reg markets to continue to grow at 35 percent on the back of aggressive launches. EBITDA margin to be increased sequentuially to 21 percent in Q1FY14E from 19 percent in Q4FY13.