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Motilal Oswal Report
Gland Pharma Ltd. delivered in-line Q2 FY22 results, led by a strong revenue growth across all geographies, despite increasing cost pressure on account of supply disruptions.
With vaccine batch validation completed for Sputnik Lite and second dose, the company awaits clarity on the lifting of export restrictions by the government.
We lower our earnings per share estimate by 4%/2% for FY22/FY23, mainly to factor in some delay in commercialisation of the Sputnik contract.
We remain positive on Gland Pharma based on its-
complex product filings including peptides, long-acting injectables for regulated markets,
commercialisation of the Sputnik vaccine manufacturing contract,
rapid expansion in rest of world markets, and
better operating leverage across markets.
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