Buy Glenmark Pharmaceuticals, target price Rs 619.8: ICICI Direct

ICICI Direct has buy call on Glenmark Pharmaceuticals with a target price of Rs 619.8. The current market price of Glenmark Pharmaceuticals is Rs 612.7. Time period given by analyst is Intra Day when Glenmark Pharmaceuticals price can reach defined target. ICICI Direct recommended to keep stopl oss at Rs 604.7.

Glenmark Pharmaceuticals, incorporated in the year 1977, is a Mid Cap company (having a market cap of Rs 17229.19 Crore) operating in Pharmaceuticals sector.

Glenmark Pharmaceuticals key Products/Revenue Segments include Pharmaceuticals, Other Operating Revenue and Sale of services for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 3333.50 Crore, down -5.84 % from last quarter Total Income of Rs 3540.27 Crore and up 6.63 % from last year same quarter Total Income of Rs 3126.35 Crore. Company has reported net profit after tax of Rs -403.14 Crore in latest quarter.

The company’s top management includes Mr.Glenn Saldanha, Mr.D R Mehta, Mrs.B E Saldanha, Mr.Sridhar Gorthi, Mr.Bernard Munos, Mr.Dipankar Bhattacharjee, Dr.Brian W Tempest, Mr.Rajesh V Desai, Mr.V S Mani, Mrs.Cherylann Pinto, Ms.Saira Ramasastry. Company has Suresh Surana & Associates LLP as its auditors. As on 31-03-2023, the company has a total of 28 Crore shares outstanding.

Investment Rationale
Price at the cusp of breakout above last two weeks falling channel and higher base above its 20 days EMA signalling continuation of the up move.

Promoter/FII Holdings
Promoters held 46.65 per cent stake in the company as of 31-Mar-2023, while FIIs owned 22.47 per cent, DIIs 10.2 per cent.