13 May 2016 4QFY16 Results Update | Sector: Healthcare

Glenmark Pharma

BSE SENSEX S&P CNX CMP: INR869 TP: INR900 (+4%) Neutral 25,490 7,815 Bloomberg GNP IN Equity Shares (m) 271.3

M.Cap. (INR b) / (USD b) 235.8/3.5 52-Week Range (INR) 1,262/672 1, 6, 12 Rel.Per (%) 9/-7/4 12M Avg Val (INR m) 949 Free float (%) 53.5

Financials & valuations (INR b) Y/E Mar 2016 2017E 2018E

Sales 75.9 92.4 108.7 EBITDA 13.7 25.0 26.9

Net Profit 7.0 12.2 13.8 Adj.EPS( INR) 24.9 43.1 48.8 EPS Gr. (%) 42.0 73.1 13.4

BV/Sh. (INR) 151.3 202.6 259.7 RoE (%) 16.4 21.3 18.8 RoCE (%) 11.2 20.3 20.2

P/E (x) 34.9 20.2 17.8 P/BV (x) 5.7 4.3 3.3

Estimate change

TP change

Rating change

4QFY16 results in line; US business ramp-up is the key Glenmark Pharma (GNP) reported better than expected 4QFY16 results, with revenue of INR21.7b (up 24% YoY) driven by a strong growth across all geographies (except Europe), and accumulation of annual export incentive income of INR818m. However, reported EBITDA at INR1.9b included a forex loss of INR940m and litigation cost of INR650m. PAT at INR1.7b (up 1514% YoY) was exactly in line with our estimate. Robust guidance for FY17: GNP has guided for a 25% YoY revenue growth in FY17 and base business (Ex-Zetia) revenue growth of ~15% YoY. Notably, sales from Venezuela stood at INR3.2b in FY16, which will decline to <INR1b in FY17. This means that ex-Venezuela, GNP’s revenue growth should be around ~17%-18%YoY. We believe that the US business holds the key for GNP to achieving management’s growth guidance (we estimate a 22% YoY growth in the US business for FY17, driven by key launches, including Nitroglycerine and Welchol). US and India deliver strong growth: The US business grew by 21.6% YoY to USD97m (in line with our estimate) on the back of a strong launch momentum (eight approvals in 4QFY16) and benefits from price increase in Mupirocin, partially offset by persistent pricing pressure on its existing portfolio. India business reported a 22.5%YoY growth, primarily driven by a strong pick-up of Teneligliptin. A recovery in currency and strong growth of ~60% YoY in Mexico led to a 33.5% growth in LATAM. Earnings call highlights: 1) No incremental sales taking place from India to Venezuela, inventory of ~USD10m-15m to be monetized in FY17; 2) Translation loss of INR3b recorded on balance sheet; 3) Cash of USD45 and receivables of USD25 due from Venezuela by FY16 end; 4) GNP plans to file 20 ANDAs in the US in FY17 (vs. 12 in FY16); 5) Capex expected to be ~USD100m in FY17; 6) R&D as percentage of sales (Ex-Zetia) expected to be at ~11% in FY17. Maintain Neutral: Poor cash flow conversion, coupled with rising debt, remains a key concern for GNP (net debt rose to INR3.2b at FY16 end vs. INR3.0b at FY15 end, despite INR9.5b of equity amount raised). Zetia exclusivity will help GNP bring its debt under control and a pick-up in the US base business holds the key to sustainable growth. Maintain Neutral (TP:INR900, 18x FY18E EPS + INR20 NPV for Zetia). Any big in-licensing deal in the innovation business could act as a positive catalyst.

Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Kumar Saurabh (Kumar.Saurabh@MotilalOswal.com); +91 22 3982 5584 Amey Chalke (Amey.Chalke@MotilalOswal.com); +91 22 39825423

13 May 2016 2

Glenmark Pharma

Key highlights

India (23% of sales) India sales grew 22.5% YoY to INR5.4b driven by ramp up in therapies like CVS, Respiratory, Diabetes and Derma. Ramp up in Tenaligliptin has been as per expectations. GNP has also incurred INR650m additional cost in 4Q related to Sitagliptin litigation. At present, GNP is ranked 17th in India market and has 9 brands in top 300. Expect to report muted 1QFY17 due to regulatory issues. However, full year growth is likely to normalize at 15% in FY17. We expect India business to grow at 18%CAGR over FY15-18E.

US (28% of sales) US business grew 22%YoY to INR6.5b driven by new launches and ramp up in existing products. In 4Q, The company has filed 6 products (12 in FY16). GNP plans to file additional 7 ANDAs in 1QFY17. Overall GNP has received 24 approvals in FY16 – includes 19 final approvals and 5 tentative approvals. Till date, the company ismarketing 112 generic products in the US market while 59 ANDAs pending with theUS FDA (23 para IVs). US growth (excluding Zetia) is expected to be at 15%YoY+. Thecompany is witnessing significant pricing pressure in US business, which is erodingthe base business. (Including Derma). Management has guided for over 20 filings inFY17 and 10-12 product approvals in FY17. Going ahead, we project 28% CAGRgrowth over FY15-18E.

LatAm (10% of sales) Latam sales were at INR2.4b (up 34% YoY), driven by Brazil and Mexico. Brazil business grew 25% in constant currency and Mexico grew 60% in 4Q. The company continues to sell inventory in Venezuela market. Shipment has stopped since Nov’15. In 4Q, GNP launched 8 products in the Latam region (ex- Venezuela) and has also witnessed strong growth in Argentina, Mexico as well. The management has guided for 15-20% growth in Latam markets (Ex-Venezuela).

Europe (12% of sales) Business grew 11%YoY to INR2.7b, helped by UK and Germany market growth. In 4Q, GNP launched 3 products in European region (mostly in-licensed products). GNP launched 2 products in UK and one product in Germany. In FY16, GNP has launched 24 products in European region (16 in-licensed). CEE business has grown in double digit. The company has also completed licensing deal with Celon for Seretide accuhaler. (Seretide is USD700-800m market in Europe). GNP has also filed for this product in 7 countries (mainly Nordic region).

Other highlights R&D expenses stood at 9.6% of sales in FY16. Generic business spends were at

INR4b in FY16. R&D expenses to stay below 11% going ahead. Forex translation loss was at INR940m in 4Q. (~INR800m due to Venezuela). For

full year, P&L forex losses were at INR1.35b in FY16 (~INR800m due to

13 May 2016 3

Glenmark Pharma

Venezuela and Balance sheet losses at INR3b in FY16 (INR1.115b due to Venezuela)

In 4Q, there was also one off cost of INR650m related to litigation of Sitagliptinincluded in other expenses.

For full year, Capex stood at INR4.7b on fixed assets while Intangibles grewINR2.95b. The company has spent INR600m on IT related activities.

Receivable days were at 120 in FY16 v/s 141 in FY15. Inventory days were at 75.Overall Net working capital was at 99days in FY16 v/s 95 days in FY15.

Venezuela PAT INR750m and Sales at INR3b. Venezuela still has USD45m cashon books.

The company clarified that it has no exposure to Semeler; bulk of bio studies aredone internally only.

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Glenmark Pharma

Operating metrics

Exhibit 1: Key operating metrics 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16

Revenue Mix (%)

India 26.5 28.5 23.8 22.5 26.7 28.4 25.5 24.8 28.6 31.9 27.4 23.4

US 36.1 38.1 32.6 29.4 32.9 30.2 29.8 30.2 33.9 31.3 34.2 28.3

Europe 5.9 7.1 8.5 11.3 6.6 7.8 10.2 13.7 6.6 8.4 9.9 10.2

LatAm 7.1 6.6 7.1 6.2 7.9 13.7 13.8 10.2 13.2 8.7 7.0 9.0

SRM 13.6 11.9 18.8 20.1 14.2 10.4 12.2 12.4 9.5 11.0 13.3 12.9

API 10.8 6.9 9.2 9.0 9.7 9.5 8.6 8.7 8.2 8.7 8.2 9.7

Revenue Gr. (%) 19.0 16.6 15.9 27.6 20.1 14.9 6.3 4.2 11.3 13.6 4.5 29.9

India 17.4 21.4 15.3 7.9 20.9 14.5 13.6 15.0 19.1 27.3 12.7 22.5

US 13.9 29.5 19.4 16.7 9.3 (9.0) (2.7) 7.1 14.8 17.9 20.0 21.6

Europe 20.7 35.9 57.6 29.5 34.5 25.1 27.3 25.9 12.4 22.8 2.0 (3.2)

LatAm 31.2 (2.5) 12.3 33.9 33.9 139.0 105.8 70.5 85.7 (28.2) (47.2) 14.6

SRM 25.0 (10.6) 14.9 54.7 25.4 0.3 (31.2) (35.8) (25.2) 21.2 14.1 35.6

API 26.5 9.1 (0.8) 89.4 37.2 41.3 (1.0) (13.0) (22.6) 3.7 (1.0) 97.0

As % of sales

Raw material 32.7 33.3 33.6 26.4 30.3 32.9 32.9 21.8 30.7 29.8 29.4 34.3

Staff cost 17.0 18.1 17.1 16.5 18.7 21.3 18.7 14.5 17.6 21.6 20.0 16.0

Other expenses 30.3 27.1 26.6 35.7 28.5 26.4 27.0 46.0 30.9 28.5 31.0 40.7

Tax Rate 23.1 28.5 18.1 4.1 20.5 25.1 23.0 23.0 29.6 32.4 36.9 16.1

Margins (%)

Gross Margins 67.3 66.7 66.4 73.6 69.7 67.1 67.1 78.2 69.3 70.2 70.6 65.7

EBITDA Margins 20.0 21.6 22.8 21.4 22.5 19.5 21.4 17.7 20.8 20.1 19.6 9.0

EBIT Margins 17.2 17.4 18.9 17.8 18.1 15.6 17.6 14.0 16.5 16.7 16.4 6.1

PAT margins 10.4 10.5 13.5 2.6 12.5 9.9 13.0 0.6 11.0 10.9 9.9 7.9

Source: Company; MOSL

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Glenmark Pharma

Valuation and view

Maintain Neutral: At CMP, the stock is trading at 21x FY17E EPS, 17x FY18E EPS. Our concerns remain on low EBITDA margins (compared with peers), substantial revenue exposure to Venezuela (15-18% of FY16E EPS), quality of balance sheet (low return ratios, high payable days, high FCTR losses) and weak cash flow generation. Re-rating scope is limited unless novel drug pipeline starts delivering in big way or the company receives a few more big approvals in the US market.

We maintain Neutral rating on the stock with target price of INR900 (18x on FY18E EPS + INR20 option value for Zetia).

Key catalysts to drive stock’s performance over the medium term are: Monetisation of key Para IVs like gFinacea and gZetia (FY16-18E). Gradual reduction in gross debt, as cash flows improves. We expect D/E to

moderate from 1.3x in FY15E to 0.3x in FY18E Turnaround in LatAm business (targeted by FY16 end)

Key risks to our investment thesis: Regulatory delays affecting key US launches. Any adverse US FDA action upon inspection of US facilities Developmental setbacks in the novel research pipeline.

Exhibit 2: GNP P/E multiple (over 10 year) Exhibit 3: PE relative to Sensex

21.0

138.7

31.0

12.5 0

50

100

150

Apr-

06

Jul-0

7

Oct

-08

Jan-

10

Apr-

11

Jul-1

2

Oct

-13

Jan-

15

Apr-

16

PE (x) Peak(x) Avg(x) Min(x)

27.6 79.4

-200

0

200

400

600

Apr-

06

Jul-0

7

Oct

-08

Jan-

10

Apr-

11

Jul-1

2

Oct

-13

Jan-

15

Apr-

16

Glenmark Pharma PE Relative to Sensex PE (%)LPA (%)

13 May 2016 6

Glenmark Pharma

Story in charts

Exhibit 4: Formulation lead sales growth (INR b)

Source: Company, MOSL

Exhibit 5: Margins improving with product mix

Source: Company, MOSL

Exhibit 6: Strong earnings growth expected ahead

Source: Company, MOSL

Exhibit 7: R&D expense higher due to NCE research

Source: Company, MOSL

Exhibit 8: Debt lowering with improved cash flows

Source: Company, MOSL

Exhibit 9: Return ratios to increase with better margins

Source: Company, MOSL

22 25 34 45 54 60 69 88 105

FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

Formulations (INR b) API (INR b)

6 6 10 11 13 12 14 25 27

24.2 20.1

24.5 21.2 21.5

17.8 18.1

27.0 24.7

FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

EBITDA (INR b) EBITDA Margin (%)

12 13 17 23 20 18 25 43 49 0 4 0

0 0 - -

12 12

FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

Core EPS (INR/ share) One off

1.2 1.4 2.6 3.9 6.0 6.0 7.3 9.5 12.0

4.8 4.7 6.6

7.7

10.0 9.1 9.5 10.3 11.0

FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

R&D Expense (INR b) % of sales

0 8 2 2 2 2

-5

10

10 1.3

0.8 1.0 1.0 1.0 1.1

1.3

0.9

0.6

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

FY18

E

Free cashflow (INR b) D/E

14.1 17.4

19.2 22.2

18.2 15.8 16.4

21.3

18.8

11.7 12.4 11.4 14.7 16.3

12.2 11.2

20.3

20.2

FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

RoE (%) RoCE (%)

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Glenmark Pharma

Financials and valuations

Key assumption Segment growth 2011 2012 2013 2014 2015E 2016E 2017E 2018E India 12.2 18.6 30.7 15.3 15.8 19.5 19.0 18.0 US 15.5 45.3 39.1 20.0 0.6 18.1 44.2 20.1 Europe 24.6 45.2 23.8 35.9 27.4 5.5 20.9 25.3 LatAm 36.2 29.8 15.2 16.7 88.8 -2.0 18.4 18.4 SRM 5.3 45.6 37.1 21.5 -17.7 5.0 15.0 15.0 API 5.3 11.8 28.5 34.6 13.1 0.0 10.0 10.0 Total sales 18.7 36.3 24.7 19.8 10.6 8.2 22.3 18.1 Expenses Raw material 33.6 33.5 33.0 31.3 29.3 30.9 27.0 28.0 Staff cost 17.3 15.6 15.7 17.1 18.2 19.1 17.6 16.9 EBITDA Margins 20.1 24.5 21.2 21.5 17.8 21.4 26.6 25.2

Income Statement (INR Million) Y/E March 2011 2012 2013 2014 2015E 2016 2017E 2018E

Net Sales 29,490 40,204 50,123 59,839 65,953 71,891 87,944 103,841

Change (%) 19.8 36.3 24.7 19.4 10.2 9.0 22.3 18.1

EBITDA 5,922 9,858 10,610 12,870 11,751 15,408 23,382 26,214

Change (%) -0.7 66.5 7.6 21.3 -8.7 31.1 51.7 12.1

Margin (%) 20.1 24.5 21.2 21.5 17.8 21.4 26.6 25.2

Depreciation 947 979 1,270 2,168 2,600 2,761 3,256 3,511

EBIT 4,975 8,879 9,340 10,702 9,151 12,647 20,126 22,703

Interest 1,566 1,466 1,600 1,886 1,902 1,765 1,405 1,243

OI &forex gains/losses 1,405 -1,218 -403 328 564 1,150 1,250 1,350

PBT after EO Exp. 4,815 4,878 7,337 6,969 5,943 12,032 19,971 22,810

Tax 237 238 1,107 1,513 1,190 3,610 5,392 5,703

Tax Rate (%) 4.9 4.9 15.1 21.7 20.0 30.0 27.0 25.0

Reported PAT 4,578 4,640 6,230 5,456 4,752 8,422 14,579 17,108

Minority Interest 0 40 83 33 -1 0 0 0

Adj PAT** 3,547 4,601 6,147 5,423 4,753 8,422 11,264 13,793

Change (%) 7.2 29.7 33.6 -11.8 -12.3 77.2 33.7 22.5

Margin (%) 12.4 12.2 12.4 9.1 7.2 11.7 12.8 13.3

E: MOSL Estimates

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Glenmark Pharma

Financials and valuations

Balance Sheet (INR Million) Y/E March 2011 2012 2013 2014 2015E 2016 2017E 2018E Equity Share Capital 270 271 271 271 271 282 282 282 Reserves 20,102 23,746 27,359 29,562 29,732 46,664 60,253 76,370 Net Worth 20,372 24,016 27,630 29,833 30,003 46,947 60,535 76,652 Minority Interest 267 250 244 133 -2 -2 -2 -2 Loans 21,258 23,225 28,500 33,191 37,999 29,904 26,300 23,416 Deferred liabilities -1081 -2674 -3803 -5142 -2750 -3250 -3250 -3250 Capital Employed 40,816 44,817 52,571 58,015 65,251 73,598 83,582 96,816

Gross Block 25,899 29,027 33,609 38,408 42,516 49,516 55,516 61,516 Less: Accum. Deprn. 4,876 4,137 5,286 7,430 10,029 12,790 16,046 19,557 Net Fixed Assets 21,023 24,235 26,634 30,181 32,486 36,726 39,470 41,959 Capital WIP 1,100 656 1,689 798 798 798 798 798 Investments 309 298 323 331 171 171 171 171 Intangibles (net) 9,723 11,253 12,136 12,729 12,729 12,729 12,729 12,729 Curr. Assets 25,988 29,472 37,493 47,814 57,872 61,039 71,147 86,683 Inventory 8,070 7,877 8,435 9,329 12,690 14,772 15,661 18,492 Account Receivables 11,308 12,436 16,400 21,563 25,118 25,605 31,322 36,985 Cash and Bank Balance 1,959 3,201 6,052 7,948 7,681 8,227 10,491 15,138 Others 4,651 5,958 6,605 8,974 12,382 12,435 13,673 16,068 Curr. Liability & Prov. 7,605 9,843 13,568 21,109 26,077 25,135 28,004 32,795 Account Payables 7,560 9,334 12,557 17,540 24,564 23,635 26,504 31,295 Provisions 44 509 1,011 3,569 1,513 1,500 1,500 1,500 Net Current Assets 18,384 19,629 23,925 26,705 31,795 35,904 43,144 53,889 Appl. of Funds 40,816 44,817 52,571 58,015 65,251 73,598 83,582 96,816 E: MOSL Estimates

Ratios Y/E March 2011 2012 2013 2014 2015E 2016 2017E 2018E Basic (INR)

EPS (Fully diluted)* 13.1 17 22.7 20.0 17.5 29.8 39.9 48.9 Cash EPS 16.6 20.6 27.3 28.0 27.1 39.6 51.5 61.3 BV/Share 75.4 88.8 102.0 110.0 110.6 166.4 214.5 271.7 DPS 0.7 2.0 2.0 2.0 3.0 3.0 3.0 3.0 Payout (%) 5.2 13.6 10.2 11.6 20.0 11.8 6.8 5.8 Valuation (x)

P/E (Fully diluted) 66.5 38.4 43.5 49.6 34.9 20.2 17.8 PEG (x) 9.3 0.0 1.1 -3.7 -4.0 0.7 0.3 1.3 Cash P/E 52.5 42.3 31.8 31.1 32.1 25.3 16.0 14.2 P/BV 11.5 9.8 8.5 7.9 7.9 5.7 4.3 3.3 EV/Sales 8.6 6.4 5.2 4.4 4.0 3.5 2.8 2.3 EV/EBITDA 43.1 25.9 24.3 20.3 22.6 19.4 10.4 9.4 Dividend Yield (%) 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 Return Ratios (%)

RoE 17.4 19.2 22.2 18.2 15.8 17.9 18.6 18.0 RoCE 13.4 11.4 16.1 19.9 14.4 18.6 26.6 25.9 Working Capital Ratios

Fixed Asset Turnover (x) 1.5 1.8 2.0 2.1 2.1 2.1 2.3 2.6 Debtor (Days) 140 113 119 132 139 130 130 130 Inventory (Days) 100 72 61 57 70 75 65 65 Working Capital (Days) 203 149 130 114 133 141 136 136 Leverage Ratio (x)

Current Ratio 3.4 3.0 2.8 2.3 2.2 2.4 2.5 2.6 Debt/Equity 1.0 1.0 1.0 1.1 1.3 0.6 0.4 0.3

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Glenmark Pharma

Financials and valuations

Cash Flow Statement (INR Million) Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E Op. Profit/(Loss) before Tax 5,922 9,858 10,610 12,870 11,751 15,408 23,382 26,214 Interest/Dividends Recd. 1,405 -1,218 -403 328 564 1,150 1,250 1,350 Direct Taxes Paid -2,029 -1,830 -2,236 -2,852 1,201 -4,110 -5,392 -5,703 (Inc)/Dec in WC 1,530 -3 -1,445 -885 -5,356 -3,563 -4,975 -6,098 CF from Operations 6,828 6,806 6,526 9,461 8,160 8,885 14,264 15,764

EO Expense 0 1,317 0 2,175 1,871 0 0 0 CF frmOp.incl EO Exp. 6,828 5,489 6,526 7,286 6,289 8,885 14,264 15,764

(Inc)/Dec in FA 810 -3,746 -4,703 -4,824 -4,906 -7,000 -6,000 -6,000 Free Cash Flow 7,639 1,743 1,824 2,462 1,384 1,885 8,264 9,764 (Pur)/Sale of Investments -128 11 -25 -7 159 0 0 0 CF from Investments 682 -3,735 -4,728 -4,831 -4,746 -7,000 -6,000 -6,000

Change in Networth -7,520 -364 -1,982 -2,619 -3,630 9,511 0 0 Inc/(Dec) in Debt 2,701 1,950 5,268 4,581 4,674 -8,095 -3,604 -2,883 Interest Paid -1,566 -1,466 -1,600 -1,886 -1,902 -1,765 -1,405 -1,243 Dividend Paid -236 -633 -634 -635 -952 -990 -990 -990 CF from Fin. Activity -6,621 -512 1,052 -559 -1,810 -1,340 -6,000 -5,117

Inc/Dec of Cash 890 1,242 2,851 1,896 -267 545 2,265 4,647 Add: Beginning Balance 1,069 1,959 3,201 6,052 7,948 7,681 8,227 10,491 Closing Balance 1,959 3,201 6,052 7,948 7,681 8,227 10,491 15,138

13 May 2016 10

Glenmark Pharma

Corporate profile: GlenmarkPharma

Exhibit 10: Shareholding pattern (%) Mar-16 Dec-15 Mar-15

Promoter 46.5 46.5 48.3

DII 5.6 5.6 6.1

FII 36.4 36.9 34.7

Others 11.6 11.0 10.9

Note: FII Includes depository receipts

Exhibit 11: Top holders Holder Name % Holding

Aranda Investments (Mauritius) Pte Ltd 4.0 Oppenheimer Developing Markets Fund 2.7 Life Insurance Corporation Of India 2.2 T. Rowe Price Emerging Markets Stock Fund 1.3 Government Of Singapore 1.1

Exhibit 12: Top management Name Designation

Glenn Saldanha Chairman & Managing Director

B E Saldanha Director

Cheryl Pinto Director (Corporate Affairs)

Exhibit 13: Directors Name Name

Glenn Saldanha Brian W Tempest*

B E Saldanha Julio F Ribeiro*

D R Mehta* Rajesh Desai

Bernard Munos* Cheryl Pinto

Sridhar Gorthi*

*Independent

Exhibit 14: Auditors

Name Type

Walker Chandiok& Co LLP Statutory SevekariKhare& Associates Cost Auditor

Exhibit 15: MOSL forecast v/s consensus EPS

(INR) MOSL

forecast Consensus

forecast Variation

(%)

FY17 39.9 49.8 -19.9 FY18 48.9 53.0 -7.7

Company description Glenmark is one of the second tier integrated pharmaceutical companies which has differentiated itself through its success in NCE research. The company has pipeline of 5 Novel drugs in different phases of clinical studies. It is also one of the leading Indian generic companies in US with focus on niche generics segments. Glenmark has large presence in semi-regulated markets.

Exhibit 22: Sensex rebased

GLENMARKPHARMA

OTHER COMPANIES

SECTOR UPDATES

REPORT GALLERY

13 May 2016 12

Glenmark Pharma

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List of associate companies of Motilal Oswal Securities Limited -Click here to access detailed report Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues Disclosure of Interest Statement GLENMARK PHARMA Analyst ownership of the stock No Served as an officer, director or employee No A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes

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