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Motilal Oswal Report
Glenmark Pharmaceuticals Ltd. delivered better-than-expected earnings growth led by Domestic Formulation (DF), Rest of World, Europe and Active Pharmaceutical Ingredient segments.
DF growth was partly aided by higher off-take of Covid-19 related medicine. Lower opex further supported better profitability for the quarter.
We tweak our earnings per share estimate for FY21/FY22, factoring in
- better traction in DF,
- cost rationalization benefits, and
- continued pressure on the Latin America business.
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