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Friday, December 2, 2011

Glenmark Pharmaceuticals Ltd:-Buy/sell/growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Glenmark Pharmaceuticals Ltd

Story:Glenmark Pharmaceuticals reported strong sales growth for the quarter which was higher than street estimates driven by US, India and RoW formulation segments.The company continues to witness strong traction in US business on back of improving market share in existing products and new product launches. However, margins were under pressure on back of increase in raw-material prices and unfavorable product mix (higher RoW segment sales).The company expects recurring EBITDA margins to be in range of 21-22% for FY12.Glenmark also launched generic Malarone in September and has 180-days exclusivity. The company also witnessed solid growth in India which was up by 19.7% YoY while RoW market for Glenmark grew by 82.4% YoY on back of Russia/CIS and Africa region. Glenmark reported EBITDA margins (ex R&D income and Forex loss) of 20.5%, below estimates of 21.8% on back of increasing raw-material cost. The raw-material cost increased by 34.2% YoY on back of change in product mix, increase in raw-material prices and higher sample cost. As a result the gross margins contracted by 124bps.The employee cost was up by 18.3% YoY, while SG&A cost (ex forex loss) increased by 27.9% YoY. Further the company’s net profit was marred by one time payment of USD29mn to Paul Capital and MTM forex loss of Rs 850mn.Remains a hold at present levels.

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