Published on 13/02/2017 5:26:33 PM | Source: Angel Broking Pvt Ltd

We maintain our Accumulate rating on GlaxoSmithKline Pharmaceuticals Ltd by Ms. Sarabjit Kour Nangra - Angel

Below is the views on GlaxoSmithKline Pharmaceuticals Limited 3QFY2017 Results by Ms. Sarabjit Kour Nangra (VP- Research IT, Angel Broking Pvt Ltd)   

Glaxo Pharmaceuticals (CMP: INR 2,690 / TP: / Upside:)

“Glaxo Pharmaceuticals posted results lower than expected on all fronts. In sales the company posted sales of INR 689cr V/s INR 700cr expected a YoY de-growth of 5.6%. The sales during the quarter were impacted on back of the mandatory price cuts growth by 5.0% in the current quarter. The estimated impact of demonetization adversely impacted sales further by 5%, mainly in acute & consumer brands. On EBITDA front, the company posted EBITDA of 5.1% V/s 9.1% expected V/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at INR 40.8cr V/s INR 78.4cr expected, V/s INR 81.0cr in 3QFY2016, de-growth of 49.6% YoY. The growth in the net profit was lower, on lower than expected OPM’s, which was eroded on back of lower sales and pricing pressures. We maintain our NEUTRAL rating on the stock.”


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