India's Gland Pharma hits record high on strong March-quarter numbers

IIFL Capital Services

18/05/2021 06:03

** Shares of Gland Pharma Ltd  GLAD.NS  gain as much as 9.7%
to a record high of 3,063.15 rupees 
    ** The Indian drugmaker on Monday posted a nearly 34% rise
in consolidated net profit to 2.60 bln rupees ($35.53 mln),
while rev from ops jumped nearly 40%  urn:newsml:reuters.com:*:nBSE7TGKXt
    ** Co said in a statement https://bit.ly/3wrKHE7 that its
revenue rose in all its geographies, including an almost
three-fold jump in rev from rest of the world (RoW) market,
helped by expanding into new markets such as Singapore, Israel
and Saudi Arabia 
    ** COVID-19 has also aided Gland's entry into and ability to
gain market share in various RoW markets which, along with
growth in the regulated-markets business, will drive 21% EPS
Cagr for Gland over FY21-23 - IIFL Securities
    ** GLAD in March struck a deal with the Russian Direct
Investment Fund (RDIF) to make up to 252 mln doses of the
Sputnik V COVID-19 vaccine, with Nirmal Bang Institutional
Equities saying the deal will be "the most important growth
driver" for co in FY22 and FY23    
    ** Up to Monday's close, stock up 19.4% YTD vs a 7.3% YTD
rise in the Nifty Pharma Index  .NIPHARM   

    ($1 = 73.1860 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))