Glenmark Pharma's diversified geographical presence drives Q3GLENMARK - 793 Change: 12.65 (1.62 %)
News: Revenues grew 13.9% YoY to Rs.3173.4 crore driven by 21.5% YoY growth in Europe to Rs.380.7 crore, 14.1% YoY growth in India to 1006.9 crore and 24.3% YoY growth in RoW markets to 417.8 crore. This was partially offset by YoY de-growth of 3% in US to Rs.756.7 crore , YoY decline of 9% in LatAm market to Rs.117 crore and YoY de-growth of 5.3% in APIs to Rs.303.2 crore. EBITDA margins improved 282 bps YoY to 21.8% mainly due to lower employee and other expenditure being partially offset by lower gross margins. EBITDA grew by 30.8% YoY to Rs.693.2 crore while adjusted PAT grew 70.5% YoY to Rs.400.3 crore. [Note: Glenmark incurred one-time loss of Rs. 178.3 crore on account of impairment of certain intangible assets.
Views:Glenmark continued to outperform IPM in Q3 while in consumer business Candid cream and La Shield delivered strong growth. Company witnessed healthy growth in both its key markets of Western Europe and Central Eastern Europe during the quarter while there was healthy growth in base business across geographies in RoW markets. Latin America market remained challenging due to pandemic in Brazil. On US front, company received USFDA approval for NDA Ryaltris. Glenmark remains on track to meet key objectives for FY22 with 10-15% growth and steady EBITDA margins. We expect the US to grow on the back of new launches