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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. </li><li>The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.</li><li>With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. </li></ul>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 (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. 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 - Performance in Revival Mode; Valuation Attractive

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.</li><li>It maintained EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income. </li></ul>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’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.It maintained EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income. 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 - Operating Lossese in Subsidiary; Maintain HOLD

<ul><li>GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income.</li><li>The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. </li></ul>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’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income.The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. 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 - Stability in the Base Business; Maintain HOLD

<ul>
<li>GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.</li>
<li>The said growth was led by volume growth in existing portfolio, new launches and from milestone income.</li>
<li>The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% YoY. </li>
</ul>
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’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.
The said growth was led by volume growth in existing portfolio, new launches and from milestone income.
The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% YoY. 

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 - Few Green Shoots in the Base Business

<ul><li>GLAND’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.</li><li>Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.</li><li>GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).</li></ul>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’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).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 - Another Washout Quarter with Multiple Headwinds

India

Gland Pharma Limited manufactures and markets small volume parenteral solutions.The Company offers injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, and ophthalmic solutions, and other active pharmaceutical ingredients. Gland Pharma conducts its business worldwide.

Gland Pharma Ltd (GLAND IN)

Gland Pharma - Performance in Revival Mode; Valuation Attractive

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the...

Motilal Oswal

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24. It maintained EBITDA margins of ~34%, which is in...

Axis Direct

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line...

Axis Direct

Gland Pharma Ltd - Few Green Shoots in the Base Business

GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with...

Axis Direct

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India...

Axis Direct