Hold Glenmark Pharmaceuticals; target of Rs 730: ICICI Direct

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ICICI Direct's research report on Glenmark Pharmaceuticals

Revenues grew 20% YoY to Rs 2363 crore (I-direct estimate: Rs 2146 crore) mainly due to 50% YoY growth in the US to Rs 1045 crore (I-direct estimate: Rs 920 crore) led by gZetia Exclusivity. India business surprisingly grew 15% YoY to Rs 616 crore (I-direct estimate: Rs 437  crore) despite GST transition EBITDA margins increased 519 bps YoY to 24.4% (I-direct estimate: 18.6%) attributable to lower raw material, employee and other  expenses. EBITDA increased 52% YoY  to Rs 578 crore (I-direct  estimate: Rs 399 crore).

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Outlook

We reduce our FY18E, FY 19E EPS estimates by 18%, 20%, respectively. Accordingly, we arrive at our new target price of Rs 730 based on 18x F Y19E EPS of Rs 40.6.For all recommendations report, click here

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