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Last Updated : Nov 13, 2017 04:54 PM IST | Source: Moneycontrol.com

Hold Glenmark Pharmaceuticals; target of Rs 730: Sharekhan

Sharekhan recommended hold rating on Glenmark Pharmaceuticals with a target price of Rs 730 in its research report dated November 03, 2017.

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Sharekhan's research report on Glenmark Pharmaceuticals


Glenmark Pharmaceuticals  (Glenmark Pharma) revenue grew 1.5% y-o-y to  Rs. 2,256.6 crore for Q2FY18, while operating  profit declined by 13.5% to Rs. 388.4 crore.  Adjusted profit declined 4.2% to Rs. 214.2 crore.  The weak performance was on account of a 5.7%  decline in US business and a 21.7% drop in Latin  America (LatAm) business. The US business is  witnessing pricing pressure to the tune of 13%  (versus 10-12% earlier). Moreover, raw material  cost increased 22.2%, while staff cost rose 15.5%  (owing to increments and bonuses given to  employees), leading to a sharp fall in operating  profit. However, a lower tax rate of 21.6% (versus  29.1% y-o-y) restricted the decline in adjusted  profit to 4.2%.


Outlook


Taking into account the management’s cautious  outlook, post a weak quarterly performance,  we reduce our sales and earnings estimates  by 4% /4% and 21.8%/15% for FY2018/ FY2019,  respectively. We maintain our Hold rating and  revise our PT downward to Rs. 730, valuing the  stock at 15x FY2019 earnings.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Nov 13, 2017 04:54 pm
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