Glenmark - 3QFY2013 Result Review - Nirmal Bang

Net Sales stood at Rs13.3bn as against our expectation of Rs12.6bn

Reported EBITDA margins stood at 23.2%, marginally lower than our estimate of 24%. Core EBITDA margins (excluding milestone income) stood at 20.3%, in-line with our expectation

PAT, consequently stood at Rs2.2bn, above our estimate of Rs1.99bn

Overall results were above estimates with India growth being the major surprise. While we expect the stock to react positively, post the recent run-up, the stock looks fairly valued even on FY15 BB estimates. We will come up with a detailed note post the concall. Also, we would roll-over our numbers to FY15 and revise our target price upwards.

Source : Equity Bulls

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