February 20, 2017 / 13:25 IST
GSK’s revenue fell 6% YoY to Rs 7.06bn from Rs 7.51bn due to mandatory price reductions imposed by the National Pharmaceutical Pricing Authority (NPPA), demonetisation, and imported supply constraints which impacted 5%/5%/3% respectively during the quarter.
Outlook
We maintain our Sell rating on the scrip, and have revised our TP to Rs 1,340 based on 24x March’19E EPS of Rs 55.7, with a downside of 51.2% from the CMP due to its rich valuations. We recommend a switch to Abbott India or Sanofi India.
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