BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
GlaxoSmithKline Pharmaceuticals Ltd. delivered lower-than-expected result in Q1 FY23 owing to muted sales in pain/hormone therapies and delay in recovery of vaccine therapy sales.
Revenue rose 4% YoY to Rs 7.5 billion (versus estimate of Rs 8.2 billion). Gross margin expanded 270 bps YoY to 61.5% due to product mix.
Ebitda margin improved at a lower rate of 150 bps YoY to 20% because of higher other expenses offset by lower employee cost.
GSK Pharma's Ebitda grew 12.2% YoY to Rs 1.5 billion (versus estimate of Rs 1.9 billion). Adjusted profit after tax rose 8.3% YoY to Rs 1.2 billion for the quarter (versus estimate of Rs 1.4 billion).
We cut our earnings per share estimates for FY23/FY24 by 4%/5%, respectively, factoring in slower off-take of vaccine segment and elevated operational costs. We expect 9% earnings compound annual growth rate over FY22-24.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR