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Analyst Research Report Snapshot


Finquest Sec. - Glenmark - Result Q2FY13 November 5, 2012




Finquest Securities Pvt Ltd


05 Nov 2012





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GNP delivered revenue growth across geographies with US and India outperforming the rest. A gain in market share of the new products helped the company to post excellent Q2FY13 numbers, way ahead of the street estimates as well as ours. We believe stock will continue it's re-rating and the valuation gap between pharma majors and Glenmark will reduce going ahead. Maintain BUY-Increase target price to Rs.480 from Rs.395 Stellar results in Q2FY13 was largely on account out performance in US and India Core EBIDTA Margins in Q2FY13 dip due to increase in R&D expenditure

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