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Subscribe to Glenmark Life Sciences: Arihant Capital

Arihant Capital has come out with its report on Glenmark Life Sciences. The research firm has recommended to ''Subscribe'' the ipo in its research report as on July 26, 2021.

July 27, 2021 / 01:34 PM IST
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Todays L/H

Arihant Capital IPO report on Glenmark Life Sciences

Glenmark Life Sciences Ltd (GLS) is a subsidiary of Glenmark pharmaceuticals Ltd. Glenmark Pharma acquired Zorg Laboratories Ltd in July,2018 via share purchase agreement, pursuant to the acquisition the company name was changed to Glenmark Life Sciences Ltd. Glenmark life sciences is the leading developer and manufacturer of Active Pharmaceutical Ingredients (APIs).The company deriving ~35% of revenue from Glenmark Pharma (Promoter Company) and remaining from other pharma companies. Majority of revenue (65.64%) derived from regulated markets by the company as on FY21. GLS exports its products to 60-70 countries across the world. It has strong relationship with customers, currently working with 16 out of 20 largest generic companies globally. It has four manufacturing facilities with an aggregate annual capacity of 726.6 KL as on Mar,21. Currently having 120 Portfolio molecules and working towards to developing 8-10 molecules each year.

Valuation and Outlook

At a upper price band of INR 720 stock is trading at a P/E multiple of 22.1(x). We believe Glenmark Life Sciences Ltd is a good long term proven business model with strong product portfolio, strong and long term relationship with key customers, experienced management team with consistent track record supported by strong performance, timely execution and clean regulatory track record. We are recommending “Subscribe for long term” for this issue.

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