Gland Pharma Q4 Results Review - Superior Execution In The Base Business: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Gland Pharma Ltd. posted lower than expected Q4 FY24 earnings. Weak Cenexi performance dragged down overall profitability for the quarter. Having said this, Gland Pharma continued to exhibit strong traction in the base business (ex-Cenexi) aided by relaunches that went off-market due to issues at its partner’s end. We cut our earnings estimates by 11%/9% for FY25/FY26, factoring in:the extended operational challenges,slower progress in the China business, anda higher effective tax rate. We value Gland Pharma at 27 times 12 months forward earnings to arrive at our target price of Rs 2,070. Reiterate Buy. While Gland Pharma is implementing efforts to turnaround the Cenexi business, it has not only stabilised its base business but also built levers in terms of product pipeline/newer contracts to further scale-up the base business. It is also focusing on obtaining regulatory approvals for its biologics facility for subsequent scale-up of the business. Accordingly, we expect 11%/17%/20% CAGR in revenue/Ebitda/profit after tax over FY24-26 to Rs 70 billion/Rs 18.5 billion/Rs 11.2 billion..Click on the attachment to read the full report:.Gland Pharma Q4 Results: Profit More Than Doubles, But Misses Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Gland Pharma Q4 Results Review - Superior Execution In The Base Business: Motilal Oswal

Cenexi drags the overall performance

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