Hold Glenmark Pharmaceuticals; target Rs 358: Nirmal Bang

Nirmal Bang has recommended hold rating on Glenmark Pharmaceuticals with a target price of Rs 358, in its November 18, 2011 research report.

Glenmark Pharmaceuticals reported better than expected total income with 42% yoy growth at Rs 1055.7 crs including outlicensing income of Rs
118.5 crs. Excluding that, also the sales growth was impressive 29.4% at Rs 937 crs. However, due to onetime royalty payment to Paul Capital of Rs 131.7 crs net profit showed a decline of 50% yoy at Rs 55.9 crs.

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