- 14 Nov 2022
- ICICIdirect Research
GLENMARK POSTS STRONG REVENUE BEAT IN Q2FY23, DRIVEN BY INDIA, ROW MARKETS, APIS
GLENMARK - 1667 Change: 9.15 (0.55 %)News:
Revenues increased 7.2% YoY to Rs 3375 crore. Growth was driven by India and API business. EBITDA grew 5.3% YoY to Rs 622 crore while EBITDA margins declined 34 bps to 18.4%, mainly due to increase in other expenditures. Adjusted PAT increased 1% YoY to Rs 260.4 crore
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Glenmark's numbers were a beat to our estimates, mainly due the higher than expected growth in India, RoW and APIs. In India the company launched nine new products during the quarter and continued to gain market share in some key launches in the cardiac and anti-diabetic segment. In RoW, the company witnessed growth due to healthy growth in base business across geographies (excluding Myanmar,Vietnam,Sri lanka). In Europe, YoY growth driven by healthy growth in both its key markets of western Europe and central Eastern Europe, respiratory portfolio continues to gain market share. The US business was flat year-on-year
Impact:
Positive