Mumbai: Brokerages have a blended view on Glenmark Pharma after its fourth quarter outcomes. Whereas nearly all of the brokerages have maintained their rankings and elevated worth targets considerably, some like CLSA, JP Morgan, ICICI Securities and HSBC have downgraded their rankings on the inventory.

BofA Securities elevated goal worth to Rs 535 and stated debt discount, divestment of non-core property, management in bills, capex and decrease R&D bills will drive additional re-rating of the inventory at present buying and selling at backside valuations.

Nonetheless, world brokerage CLSA minimize its FY22 EPS estimate by 4 per cent and goal worth to Rs 420 from Rs 440 per share after March-quarter earnings citing flat earnings outlook for FY21 and restricted scope for debt discount.

Shares of Glenmark declined 3.7 per cent to shut at Rs 450 on Tuesday.

Glenmark’s March-quarter efficiency was above estimates with greater home gross sales and visual efforts in the direction of value management. The corporate’s revenues grew by 8 per cent over March 2019 quarter, Ebitda margin improved 160 bps and earnings elevated 13.3 per cent.

Shares of Glenmark rallied 26 per cent up to now one month particularly after the corporate introduced the launch of antiviral drug Favipiravir for the therapy of mild-to-moderate Covid-19 sufferers on June 20.

Contemplating the latest rally, ICICI Securities downgraded the inventory to ‘add’ score from ‘purchase’ with a revised goal worth of Rs 500 share.

Home brokerage Emkay International whereas retaining its purchase score stated any significant upside would depend upon a pick-up in US enterprise in addition to readability of debt discount.