Shares of GlaxoSmithKline Pharmaceuticals Ltd. shed over 2.5%, the steepest fall inover a week afterthe company reported net income forthe third quarter that missedthe average analyst estimate, for the quarter-ended December.
GlaxoSmithKline Pharmaceuticals Q3FY22 (Consolidated, YoY)
- Revenue up 3% at Rs 815.92 crore Vs Bloomberg consensus estimate of Rs 927 crore
- Net profit down 4% at Rs 150.35 crore Vs estimate of Rs 164 crore
- Ebitda up 9% at Rs 197.81 crore Vs Rs 180.66 crore
- Margin at 24.2% Vs 22.8%
Of the nine analysts tracking the company, five maintain ‘buy’, one suggest ‘hold’ and three recommend ‘sell’. The overall consensus price of analysts tracked by Bloomberg imply an upside of 12.7%.
ICICI Securities
- Maintains ‘reduce’ with the target price cut to Rs 1,498 from Rs 1,564 earlier; implied return of -2.77%.
- Strong performance in anti-infective, analgesic and VMN segments was offset by weak performance in vaccines segment.
- Expects recovery in vaccine business to be gradual.
- Profitability improved due to transfer of Iodex and Ostocalcium brands to GSK Asia Pvt.
- Expects GSK Pharma to report strong growth in both revenue and earnings in FY22E with healthy recovery in the acute segment and low base.
- Current valuation already captures all near-term upsides.
- Healthy growth in newly launched products like Fluarix Tetra and Menveo augurs well for the future growth.
Motilal Oswal
- Maintains ‘neutral’ with the target price raised to Rs 1,630 from Rs 1,600 earlier; an implied return of 3.13%
- Growth in pharma portfolio was offset by lower off-take of vaccines because of the third covid wave.
- Expects gradual revival in the vaccine business.
- Expects 10% earnings CAGR over FY22-24, led by healthy brand recall in pharma portfolio and recovery in vaccine sales.
- Tweaks EPS estimates for FY22/FY23/FY24 by 2% to factor in improved outlook for vaccine business, better traction in brands like Augmentin/Ceftum and removal of sales of brands transferred to GSK Asia.
- Current valuation adequately factors in the upside from potential revenue growth.
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Adani Won’t Seek Compensatory Tariff From India’s Gujarat State
Billionaire Gautam Adani’s group firm Adani Power Mundra Ltd. and western Indian state of Gujarat have settled a dispute over compensatory tariff dues, India’s Attorney General KK Venugopal said at a hearing in Supreme Court.
- Adani Power will resume power supply to Gujarat and forgo the higher tariff earlier claimed as compensation for increased price of imported coal, Venugopal said.
- Supreme Court disposed of the case that had sought a relook at 2019 verdict of the court, and said the two parties will be governed by the settlement terms.
Source: Bloomberg
