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Centrum Broking Report
Glaxosmithkline Pharmaceuticals Ltd. reported revenue growth of 15% YoY to Rs 10.1 billion for Q2 FY22.
The robust revenue growth allowed operating leverage to drive Ebitda margin up by 4% YoY and 8% QoQ to 27.4%, despite higher employee cost and other expenses.
GSK Pharma's strong double digit growth was driven by top brands like Augmentin and Calpol, which have displayed sturdy average growth of 26% and 88%, respectively in Q2 along with other leading brands growing in healthy double digits.
We maintain our 'Buy' rating on GSK Pharma, with a target price of Rs 1,805 (42 times average of FY23E & FY24E earnings per share).
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