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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Aug 08, 2017 05:22 PM IST | Source: Moneycontrol.com

Hold Glenmark Pharmaceuticals; target of Rs 763: IDBI Capital

IDBI Capital is bullish on Glenmark Pharmaceuticals has recommended Hold rating on the stock with a target price of Rs 763 in its research report dated July 28, 2017.

 
 
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IDBI Capital's research report on Glenmark Pharmaceuticals

Q1FY18 revenues increased by 20% YoY lower than our forecast by 7.8%. EBITDA margin of 24.4% were better than our estimates of 21.5%, mainly on the back of better gross margins. However, PAT of Rs3.3bn, +47% YoY, was a beat by 9.5%. For FY18, Glenmark has guided gZetia becoming a USD170-180mn franchise, however, remains confident for a 8-10% YoY growth in revenue in FY18E with EBITDA margins of 22%. For the US region, aims a flat or marginally better revenues in FY18E and signing atleast one out-licensing deal to help reduce debt.

Outlook

No major reduction in net debt, Maintain HOLD, TP Rs763 Glenmark has been confident to utilize the gZetia cashflows to reduce FY18 debt.

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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 Aug 7, 2017 12:50 pm
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