Hitesh Mahida of Antique Stock Broking told CNBC-TV18, "We are quite positive on Glenmark Pharma. The management was also quite upbeat in its commentary during the call. The Rs 106 crore of forex loss which the company has booked during the quarter, I believe it is on receivable for almost 5-6 months. So they have sort of booked in forex loss for almost 2 quarters during this quarter. These things will not sort of continue from going ahead."
"Now Russia and Ukraine signing the ceasefire probably devast is over as far as rubble devaluation is concerned against the dollar. We believe in such a situation the Russia sales will not get impacted going ahead at least on year-on-year (Y-o-Y) basis in FY16. Anyways they have received some good approvals in Russia," he said.
"We believe that the company will take price hikes going ahead to offset some of the losses which they are incurring due to devaluation of the local currency. The pipeline is very strong for the US market; 2015 is going to be a very busy year for the company. They have lot of good ANDA launches in 2015. The prime reason why the margins have been subdued is because of the rubble devaluation and the US growth not picking up. Both things should recover from FY16 onwards."
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