Motilal Oswal Financial Services has a buy call on the stock with a target price of Rs 3,280.
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Shares of Gland Pharma continued their record-setting spree for second straight day. In the intraday trade of May 19, the stock climbed about 3 percent to hit its all-time high of Rs 3,145.80 on BSE.
On May 18, the company reported a 34 percent rise in its consolidated net profit to Rs 260.4 crore for the fourth quarter ended March 2021, on account of robust sales. The company posted a net profit of Rs 194.8 crore for the corresponding period of the previous fiscal, Gland Pharma said in a BSE filing.
Read more: Gland Pharma Q4 net profit up 34% at Rs 260.4 crore
Brokerages are positive on the prospects of the stock.
Motilal Oswal Financial Services has a buy call on the stock with a target price of Rs 3,280. Motilal Oswal believes the vaccine opportunity is the near-term trigger to be factored in the earnings estimate.
“Gland Pharma has purchased the assets of Vitane Biologics for Rs 90 crore. Further scale-up of this facility, integrating it with its drug production facility, and technology transfer would enable the manufacture of 252m doses of Sputnik V vaccine over a one-year period,” said Motilal Oswal.
Motilal raised its FY22E/FY23E EPS estimate by 5 percent/4 percent to factor in a) strong traction in RoW markets, b) increased offtake of Remdesivir, c) higher business scope from Enoxaparin, and d) continued manufacturing efficiency.
“We also raise our P/E multiple to 31 times (from 29 times earlier) to factor in a) improving growth prospects in the Biosimilars/Vaccine space, b) building of a complex product pipeline like peptides, and c) enhanced business opportunity in the RoW market via entry into newer markets, increased penetration, and superior product lifecycle management,” Motilal Oswal said.
Also read our in-house research team’s analysis of the Gland Pharma’s Q4 results
Brokerage firm Kotak Institutional Equities has a ‘reduce’ call on the stock with a target price of Rs 2,550.
“We expect the company to leverage its broad product portfolio to expand in other geographies while the addition of biologics capabilities will further enhance addressable market opportunity. At 30 times FY2023E EPS, positives are largely priced in,” Kotak said.
“We increase our FY2022-23E EPS estimates by 3-4 percent each to factor in higher supplies of COVID-related drugs and increasing market share in certain key products. Revise fair value to Rs 2,550 based on 28 times FY2023E EPS with higher multiple factoring in an increase in addressable market opportunity through vaccines and biologics CMO,” Kotak said.
The stock traded 1.66 percent up at Rs 3,114.70 on BSE at 1150 hours.
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