External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.</li><li>Pricing Pressure has led to fall in realisations impacting the Gross Margins</li><li>Higher input and logistics costs on account of supply-side challenges for core portfolio impacted sales conversion in India.</li></ul><div><div><div><div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.Pricing Pressure has led to fall in realisations impacting the Gross MarginsHigher input and logistics costs on account of supply-side challenges for core portfolio impacted sales conversion in India.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Pricing Pressure Enters Into Injectables

<ul><li>GLAND reported weak set of results in Q2FY23with consolidated revenue declining by -3.3% Y0Y due to weak performance in geographies such as US (3.0% YoY), India (-42% YoY) and RoW (- 3.0% YoY).</li><li>However, the company’s gross margins decreased by 120bps YoY due to one-time inventory write-off in Biosimilar CDMO of ~Rs 70 mn as per customer requirement.</li><li>Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical materials.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GLAND reported weak set of results in Q2FY23with consolidated revenue declining by -3.3% Y0Y due to weak performance in geographies such as US (3.0% YoY), India (-42% YoY) and RoW (- 3.0% YoY).However, the company’s gross margins decreased by 120bps YoY due to one-time inventory write-off in Biosimilar CDMO of ~Rs 70 mn as per customer requirement.Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical materials.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma LTD - Intense Competition & Moderate Demand Leads to Business Loss

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five years</li><li>It has been enhancing its offerings by adding complex products to its portfolio, scaling the product at the global level, expanding capacity to aid manufacturing, as well as increased backward integration.</li><li>While constraints on availability of certain materials may hinder performance over the near term, GLAND is in good stead for consistent performance over the next three-to-five years.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five yearsIt has been enhancing its offerings by adding complex products to its portfolio, scaling the product at the global level, expanding capacity to aid manufacturing, as well as increased backward integration.While constraints on availability of certain materials may hinder performance over the near term, GLAND is in good stead for consistent performance over the next three-to-five years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma - Multiple Levers at Play; Valuations Attractive

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Shortages that affected US business are resolved: Gland Pharma faced challenges in the US business on account of key component shortages like syringes, vials, stoppers &amp; needles etc. as its major USFDA-approved supplier rooted its capacity for vaccine manufacturing, leading to residual orders getting piled up.</li></ul><div><div><div><ul><li>Levers for EBITDA margin enhancement going forward: Gland Pharma will have a single- minded focus on EBITDA margin rather than gross margin.</li></ul><div><div><div><div><ul><li>Effect of thrust on the CDMO business: Gland Pharma does not see significant enhancement in opex on account of CDMO business going forward given that costs have already been absorbed in 4QFY22.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Shortages that affected US business are resolved: Gland Pharma faced challenges in the US business on account of key component shortages like syringes, vials, stoppers &amp; needles etc. as its major USFDA-approved supplier rooted its capacity for vaccine manufacturing, leading to residual orders getting piled up.Levers for EBITDA margin enhancement going forward: Gland Pharma will have a single- minded focus on EBITDA margin rather than gross margin.Effect of thrust on the CDMO business: Gland Pharma does not see significant enhancement in opex on account of CDMO business going forward given that costs have already been absorbed in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><div><div><div><ul><li>The company has guided for a capex of Rs3,000mn in FY23, which will be invested in the Pashmelyaram facility, API expansion and expansion of Enoxaparin production capacity.</li><li>The company expects 9-10% revenue growth from new product launches. New product launches are expected to deliver better margins than the existing portfolio.</li><li>Gland is looking at acquiring late stage complex injectable assets / fermentation API assets.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

The company has guided for a capex of Rs3,000mn in FY23, which will be invested in the Pashmelyaram facility, API expansion and expansion of Enoxaparin production capacity.The company expects 9-10% revenue growth from new product launches. New product launches are expected to deliver better margins than the existing portfolio.Gland is looking at acquiring late stage complex injectable assets / fermentation API assets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd. - In-Line with Estimates; Upgrade to Buy on Valuation Comfort

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND IN)

Gland Pharma Ltd - Pricing Pressure Enters Into Injectables

Two large molecules Enoxaprin and Micafungin has lost volume due to entry of new players in US in last 2 quarters.Pricing Pressure has led to fall...

Axis Direct

Gland Pharma LTD - Intense Competition & Moderate Demand Leads to Business Loss

Gross margin in RoW business declined to ~25% in Q2FY23 (vs. ~35% in Q2FY22) due to higher freight cost (included in COGS) as it airlifted critical...

Axis Direct

Gland Pharma - Multiple Levers at Play; Valuations Attractive

After delivering 27% earnings CAGR over FY17-22, GLAND is well-placed to sustain its earnings growth momentum over the next three-to-five years

Motilal Oswal

Gland Pharma- Management Meet Update

We hosted the Gland Pharma management at our Annual Investor Conference to discuss the company’s business outlook. The company remains on track to...

Nirmal Bang

Gland Pharma Ltd. - In-Line with Estimates; Upgrade to Buy on Valuation Comfort

Gland Pharma reported in-line revenue and net profit. Gland continues to grow on the back of higher volume and geographic expansion, with revenue...

Nirmal Bang

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