7 February 2021
3QFY21 Results Update | Sector: Healthcare
GSK Pharma
Neutral
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
GLXO IN
169
242.5 / 3.4
1805 / 1033
-15/-38/-19
CMP: INR1,431
TP: INR1,500 (+5%)
Better operating leverage drives profitability
Better prospects with improving MR-Doctor-Patient connect
117
Financials & valuations (INR b)
Y/E MARCH
2021E 2022E 2023E
32.2 36.1 39.7
Sales
7.1
8.3
9.3
EBITDA
5.0
6.1
6.9
Adj. PAT
EBIT Margin (%)
19.4 20.9 21.5
29.8 36.0 40.8
Cons. Adj. EPS (INR)
5.7 20.7 13.5
EPS Gr. (%)
113.0 126.0 143.8
BV/Sh. (INR)
Ratios
Net D:E
-0.4 -0.5 -0.6
26.4 28.6 28.4
RoE (%)
27.2 30.3 30.5
RoCE (%)
Payout (%)
80.8 66.9 59.0
Valuations
48.2 39.9 35.2
P/E (x)
33.2 28.0 24.5
EV/EBITDA (x)
1.4
1.4
1.4
Div. Yield (%)
FCF Yield (%)
1.0
2.5
3.0
EV/Sales (x)
7.3
6.4
5.8
GSK Pharma (GLXO)’s 3QFY21 performance was better than estimated, with
an increase in sales driving higher profitability (on account of operating
leverage). With the intensity of YoY decline lower over the past two
quarters, GLXO exhibited low-double-digit YoY growth with the easing of the
lockdown and partly aided by the low base of the past year.
We increase our EPS estimates by 8%/3%/2% for FY21/FY22/FY23E,
factoring in strong recovery in key therapies and improving productivity. We
continue to value GLXO at 38x 12M forward earnings (25% discount to its
three-year average) to arrive at TP of INR1,500. Maintain Neutral.
GLXO’s revenues grew 10% YoY to INR8.6b (v/s est. of INR8.3b).
The gross margin (GM) expanded 110bp YoY to 59% on increased share of
higher value products.
The EBITDA margin expanded at a higher rate of 800bp YoY to 24% on
account of lower other expenditure (-400bpYoY as % of sales) and lower
employee cost (-280bp YoY as % of sales).
Accordingly, EBITDA grew 65% YoY to INR2.1b (v/s est. of INR1.8b).
Glaxo recognized an exceptional item of INR105m from the reversal of
provisions on account of the Zinetac recall (INR89m) and profit on the sale of
property (INR18m).
Adjusted for the same, PAT grew at a slower rate (v/s EBITDA) at 57% YoY to
INR1.5b (our estimate: INR1.2b) due to a higher tax rate for the quarter.
In 9MFY21, revenue declined 3% YoY to INR23.9b, but EBITDA/PAT grew
8%/4% YoY to INR5.2b/INR3.7b.
As per AIOCD data, GLXO’s top therapy Derma (~26% of overall sales) saw
healthy growth of ~15% YoY in 3QFY21, which contributed to overall growth.
Vaccines (17% of sales) posted flat sales YoY, while the Anti-Infective
therapy (26% of sales) saw a 5.5% decline in 3QFY21 (per AIOCD) – this
impacted overall growth, to some extent.
Betnovate/T Bact in the Derma segment saw 27%/24% YoY growth in
3QFY21. The Infanrix vaccine saw growth of 49% YoY in 3QFY21. Augmentin
(top Anti-Infective brand) declined 4% YoY for the quarter.
On a 12M basis, GLAXO took a price hike of 6.0%, offset (to some extent) by
volume decline of 13% on a YoY basis.
GLXO has recently launched products such as (a) Nucala (to treat pediatric
indication related to Hypereosinophilic syndrome), b) Fluarix Tetra (for the
prevention of Influenza), and c) Menveo (a vaccine to prevent
meningococcal disease).
Moreover, GLXO’s parent has an R&D pipeline of 35+ potential new
therapeutic drugs and 15 new vaccines under various stages of
development.
Strong sales growth drives earnings beat as operating leverage kicks in
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Key highlights
Dec-20 Sep-20 Dec-19
75.0
75.0
75.0
10.8
11.3
11.0
1.5
1.0
0.5
12.7
12.8
13.5
FII Includes depository receipts
Research Analyst: Tushar Manudhane
(Tushar.Manudhane@motilaloswal.com)
Bharat Hegde-CFA
(Bharat.Hegde@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
GSK Pharma
Valuation and view
We increase our EPS estimates by 8%/3%/2% for FY21/FY22/FY23E, factoring in
better traction in sales, led by better patient-doctor-medical representative
(MR) connect; expect a 13% earnings CAGR over FY20–23E.
We value GLXO at 38x 12M forward earnings to arrive at TP of INR1,500. We
remain positive on the new introduction from the parent portfolio and
improving profitability on account of product rationalization. We maintain
Neutral,
as current valuations adequately factor in the upside.
FY20
2Q
3Q
8,820 7,786
8.0
-5.7
6,880 6,542
1,940 1,244
17.5
-9.3
22.0
16.0
227
183
1,713 1,061
11.5
-15.2
19.4
13.6
9
30
159
165
1,863 1,196
457
268
24.5
22.4
1,406
927
24.9
9.3
15.9
11.9
-3,622 7,539
5,028 -6,612
FY21E
2Q
3Q
8,793 8,572
-0.3
10.1
6,745 6,517
2,049 2,055
5.6
65.2
23.3
24.0
220
177
1,829 1,878
6.8
77.1
20.8
21.9
9
9
90
140
1,911 2,009
505
549
26.4
27.3
1,406 1,460
0.0
57.4
16.0
17.0
641
-105
765 1,565
FY20
32,244
3.1
25,671
6,573
9.4
20.4
827
5,746
4.1
17.8
63
790
6,472
1,698
18.9
4,775
14.6
14.8
3,843
932
FY21E
32,244
0.0
25,184
7,060
7.4
21.9
802
6,258
8.9
19.4
40
573
6,792
1,742
25.7
5,049
5.7
15.7
216
4,833
3QE
8,253
6.0
6,479
1,774
43
21.5
210
1,564
48
19.0
10
140
1,694
447
26.4
1,247
34.5
15.1
0
1,247
Quarterly Performance (Consolidated)
Y/E March
(Standalone)
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
YoY Change (%)
Margins (%)
Depreciation
EBIT
YoY Change (%)
Margins (%)
Interest
Other Income
PBT before EO Expense
Tax
Rate (%)
Adjusted PAT
YoY Change (%)
Margins (%)
One-off Expense/(Income)
Reported PAT
1Q
7,880
7.1
6,227
1,653
21.9
21.0
191
1,462
17.7
18.6
9
308
1,761
626
35.5
1,173
27.0
14.9
38
1,135
(INR m)
Chg.
(%)
3.9
4Q
7,758
3.3
6,022
1,736
6.5
22.4
226
1,510
1.2
19.5
15
158
1,653
385
23.3
1,269
0.1
16.4
-113
1,382
1Q
6,486
-17.7
5,345
1,141
-31.0
17.6
218
923
-36.9
14.2
11
152
1,065
278
26.1
787
-32.9
12.1
-320
1,107
4QE
8,393
8.2
6,577
1,816
4.6
21.6
187
1,628
7.9
19.4
11
190
1,808
411
22.7
1,397
10.1
16.6
0
1,397
15.8
3.5
12.7
25.5
Key performance Indicators (Consolidated)
Y/E March
Cost Break-up
RM Cost (% of Sales)
Staff Cost (% of Sales)
Other Cost (% of Sales)
Gross Margins(%)
EBITDA Margins(%)
EBIT Margins(%)
1Q
42.0
18.1
18.9
58.0
21.0
18.6
FY20
2Q
41.9
16.7
19.3
58.1
22.0
19.4
3Q
42.1
21.4
20.5
57.9
16.0
13.6
4Q
36.0
22.1
19.5
64.0
22.4
19.5
1Q
39.7
23.4
19.3
60.3
17.6
14.2
FY21E
2Q
41.8
17.5
17.4
58.2
23.3
20.8
3Q
41.0
18.6
16.5
59.0
24.0
21.9
4QE
41.2
18.0
19.2
58.8
21.6
19.4
FY20
FY21E
FY21E
3QE
41.0
19.0
18.5
59.0
21.5
19.0
40.6
19.5
19.6
59.4
20.4
17.8
39.7
23.4
19.3
60.3
21.9
19.4
7 February 2021
2
 Motilal Oswal Financial Services
GSK Pharma
Key exhibits on secondary sales data provided by AIOCD
Exhibit 1: Top 10 drugs
Drug
Therapy
MAT Dec’20
Growth (%)
Value
Growth Mkt.
Last 3M Dec’20
(%) share (%)
(INR m)
38,201
(5.4)
100.0
1.6
3.8
4,452
0.4
11.7
(3.9)
(0.0)
2,783
(2.9)
7.3
(3.7)
4.3
2,313
(6.0)
6.1
(4.3)
(5.1)
2,159
3.0
5.7
5.9
7.5
2,152
7.5
5.6
7.2
8.6
2,103
13.0
5.5
27.0
49.2
2,074
15.0
5.4
23.8
42.7
1,682
(0.3)
4.4
8.0
4.7
1,352
35.1
3.5
49.0
50.1
1,086
(11.3)
2.8
(12.5) (11.4)
Source: AIOCD, MOFSL
GSK Pharma’s secondary
sales grew 1.6%YoY in
3QFY21. Brands such as
Infanrix Hexa/ Betnovate-
N/T-Bact saw strong
performance in 3QFY21, but
decline in top products such
as Calpol dragged down
growth.
Total
Augmentin
Synflorix
Calpol
Betnovate C
Eltroxin
Betnovate N
T Bact
Ceftum
Infanrix Hexa
Betnesol
*3M: Oct’20-Dec’20
Anti-Infectives
Vaccines
Pain / Analgesics
Derma
Hormones
Derma
Derma
Anti-Infectives
Vaccines
Hormones
Exhibit 2: Therapy mix (%)
Share
100.0
26.1
22.6
17.2
9.3
8.5
6.4
GSK continued its strong
performance in
Dermatology and VMN
therapies in 3QFY21. Anti-
infectives declined 5% YoY
in 3QFY21.
Dermatology
Anti-Infectives
Vaccines
Pain/Analgesics
Hormones
Vitamins/Minerals/Nutrients
MAT
growth (%)
(5.4)
6.7
(4.6)
(9.7)
(0.0)
0.1
5.3
3M*
1.6
14.8
(5.5)
(0.0)
3.7
(0.5)
14.6
Dec’20
3.8
21.9
(5.1)
0.5
4.6
1.1
10.5
Source: AIOCD, MOFSL
Exhibit 3: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
58.0
21.3
13.9
6.8
Volume decline of 12.6%
YoY offset price growth of
6.9% YoY on a MAT basis in
Dec’20.
MAT
growth (%)
(5.4)
3.4
1.9
(23.2)
(36.0)
Contribution to
growth (%)
100.0
(32.9)
(6.8)
73.3
66.4
Source: AIOCD, MOFSL
Exhibit 4: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
Exhibit 5: Growth distribution (%) (MAT Dec’20)
-12.6
(2.9)
33.3
(5.8)
4.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
6.9
0.3
ACUTE
Price GR
NP GR
Source: AIOCD, MOFSL
6 February 2021
3
 Motilal Oswal Financial Services
GSK Pharma
Valuation and view
Sharp recovery in sales provides better outlook
GLXO’s sales declined 3% YoY for 9MFY21 due to the COVID-related impact to its
business. Since recording 18% YoY decline in sales in 1QFY21, it has seen strong
recovery sequentially over the last two quarters. This is largely attributable to
improved patient-doctor-MR connect. Also, its strategy of rationalizing low-margin
products has led to improved focus on high-value brands, leading to margin
expansion. In addition, a new introduction from the parent portfolio is expected to
build sales momentum for GLXO. With niche introductions, increased market share
in existing products, and an improved sales outlook, we expect GLXO to garner 7%
sales CAGR to INR39b over FY20–23E.
Valuation and view
We increase our EPS estimates by 8%/3%/2% for FY21/FY22/FY23E, factoring in
strong recovery in key therapies and improving productivity. We continue to value
GLXO at 38x 12M forward earnings (25% discount to its three-year average) to arrive
at TP of INR1,500. Maintain Neutral.
Exhibit 6: P/E chart
P/E (x)
Min (x)
130.0
100.0
70.0
40.0
10.0
24.5
52.8
33.1
Avg (x)
+1SD
Max (x)
-1SD
110.6
72.5
42.4
20.0
16.0
12.0
8.0
8.2
4.0
11.4
9.5
Exhibit 7: P/B chart
P/B (x)
Min (x)
Avg (x)
+1SD
13.4
Max (x)
-1SD
16.0
12.0
Source: MOFSL, Company, Bloomberg
Source: MOFSL, Company, Bloomberg
7 February 2021
4
 Motilal Oswal Financial Services
GSK Pharma
Story in charts
Exhibit 8: Strong 10% YoY sales growth seen in 3QFY21
17.3
Net Sales (INR b)
7
0.3
8
-6
7.9
8.8
7.8
7.8
3
6.5
-18
YoY growth (%)
10
0
16.6
21.7
Exhibit 9: EBITDA margin expanded ~800bp YoY
EBITDA (INR b)
21.0
22.0
16.0
EBITDA margins (%)
22.4
17.6
23.3
24.0
8.3
7.5
8.8
8.6
1.4
1.6
1.7
1.9
1.2
1.7
1.1
2.0
2.1
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 10: Expect revenue CAGR of ~7% over FY20–23E
Total sales (INR b)
6.8
8.0
3.1
-1.1
32.7
27.4
29.3
29.0
31.3
32.2
0.0
32.2
36.1
39.7
YoY Growth (%)
12.0
10.0
Exhibit 11: Margin to be on an uptrend over FY20–23E
EBITDA (INR b)
18.4
19.2
EBITDA Margin (%)
20.4
21.9
23.0
23.5
3.9
4.7
16.5
11.8
17.5
6.0
FY15
4.5
FY16
3.5
FY17
5.1
FY18
6.0
FY19
6.6
7.1
8.3
9.3
FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY22E FY23E
Source: Company, MOFSL
FY20 FY21E FY22E FY23E
Source: Company, MOFSL
Exhibit 12: Earnings to exhibit ~13% CAGR over FY20–23E
EPS (INR)
31.2
22.1
17.2
19.7
24.6
36.0
28.2
29.8
40.8
Exhibit 13: Expect cash to be distributed to stakeholders
Cash & cash equivalents (INR b)
19.1
13.9
9.3
13.0
11.7
14.2
10.8
8.6
10.7
FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY22E FY23E
Source: Company, MOFSL
FY15
FY16
FY17
FY18
FY19
FY20 FY21E FY22E FY23E
Source: Company, MOFSL
7 February 2021
5
 Motilal Oswal Financial Services
GSK Pharma
Financials and valuations
Income Statement
Y/E December
Net Sales
Change (%)
EBITDA
Change (%)
Margin (%)
Depreciation
EBIT
Int. and Fin. Charges
Other Income - Rec.
PBT
Tax
Tax Rate (%)
Adj PAT
Change (%)
One-off Expense (net of tax)
Reported PAT
Change (%)
Margin (%)
FY15
32,725
3.9
6,009
-3.1
18.4
254
5,756
0
2,320
8,076
2,793
34.6
5,283
11.1
519
5,802
-7.5
17.7
FY16
27,411
4.7
4,516
-6.1
16.5
248
4,269
0
1,500
5,769
2,026
35.1
3,742
-29.2
-135
3,607
-22.3
13.2
FY17
29,265
6.8
3,455
-23.5
11.8
264
3,192
0
1,463
4,655
1,744
37.5
2,911
-22.2
457
3,368
-22.2
11.5
FY18
28,957
-1.1
5,058
46.4
17.5
380
4,678
2
545
5,222
1,893
36.2
3,329
14.4
178
3,507
14.4
12.1
FY19
31,281
8.0
6,008
18.8
19.2
486
5,522
6
1,023
6,540
2,373
36.3
4,167
25.2
-21
4,454
25.2
14.2
FY20
32,244
3.1
6,573
9.4
20.4
827
5,746
63
790
6,472
1,698
26.2
4,775
14.6
-3,843
932
-79.1
2.9
FY21E
32,244
0.0
7,060
7.4
21.9
802
6,258
40
573
6,792
1,742
25.7
5,049
5.7
-216
4,833
418.6
15.0
FY22E
36,113
12.0
8,292
17.4
23.0
760
7,532
55
650
8,127
2,032
25.0
6,095
20.7
0
6,095
26.1
16.9
(INR m)
FY23E
39,724
10.0
9,346
12.7
23.5
799
8,547
65
690
9,172
2,256
24.6
6,916
13.5
0
6,916
13.5
17.4
Balance Sheet
Y/E December
Equity Share Capital
Reserves
Capital Reserve
Net Worth
Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Account Receivables
Cash & Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Deferred Tax Assets
Appl. of Funds
FY15
847
17,426
17
18,290
26
18,316
3,212
1,981
1,231
1,152
1
28,942
3,756
1,003
19,106
5,077
13,841
4,434
9,406
15,101
831
18,316
FY16
847
20,969
17
21,832
16
21,848
2,284
243
2,040
2,677
1
24,820
5,259
1,266
13,919
4,376
8,700
5,393
3,307
16,119
1011
21,848
FY17
847
19,204
17
20,069
10
20,078
3,313
464
2,850
5,732
1
20,540
4,258
1,708
9,321
5,253
9,960
6,750
3,210
10,580
916
20,078
FY18
847
19,709
17
20,573
6
20,579
4,020
792
3,228
9,229
18
25,962
5,002
1,470
12,964
6,527
18,896
15,046
3,850
7,066
1037
20,579
FY19
1,694
19,687
17
21,398
2
21,400
5,590
1,278
4,300
10,026
17
24,148
4,865
1,205
11,714
6,364
17,713
13,642
4,071
6,435
622
21,400
FY20
1,694
16,495
17
18,206
0
18,206
10,190
2,105
7,566
1,201
15
21,469
4,830
998
10,832
4,808
13,149
7,763
5,386
8,319
1105
18,206
FY21E
1,694
17,432
17
19,143
0
19,143
11,190
2,906
8,284
451
15
21,768
5,481
1,612
8,548
6,126
12,479
7,094
5,386
9,289
1105
19,143
FY22E
1,694
19,631
17
21,342
0
21,342
12,190
3,666
8,524
-299
15
25,252
5,778
1,878
10,735
6,861
13,255
7,223
6,032
11,997
1105
21,342
(INR m)
FY23E
1,694
22,650
17
24,361
0
24,361
13,190
4,466
8,724
-1,049
15
29,749
5,839
2,185
14,177
7,548
14,183
7,548
6,635
15,566
1105
24,361
7 February 2021
6
 Motilal Oswal Financial Services
GSK Pharma
Financials and valuations
Ratios
Y/E December
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Creditor days
Leverage Ratio
Debt/Equity
FY15
31.2
32.7
108.0
62.5
120.6
57.6
54.9
13.3
8.6
46.6
4.4
FY16
22.1
23.6
128.9
50.0
136.2
65.0
61.0
11.1
8.4
50.8
3.5
FY17
17.2
18.7
118.5
30.0
175.1
83.6
76.6
12.1
8.0
67.7
2.1
FY18
19.7
21.9
121.4
35.0
91.9
73.1
65.6
11.8
8.0
45.5
2.4
FY19
24.6
27.5
126.3
20.0
97.9
58.4
52.3
11.4
7.4
38.5
1.4
FY20
28.2
33.1
107.5
20.0
85.4
50.9
43.4
13.4
7.2
35.4
1.4
FY21E
29.8
34.5
113.0
20.0
80.8
48.2
41.6
12.7
7.3
33.2
1.4
FY22E
36.0
40.5
126.0
20.0
66.9
39.9
35.5
11.4
6.4
28.0
1.4
FY23E
40.8
45.5
143.8
20.0
59.0
35.2
31.5
10.0
5.8
24.5
1.4
23.1
21.9
23.5
14
52
49
-1.0
17.1
18.6
16.8
17
70
72
-0.6
14.5
13.9
12.0
21
53
84
-0.5
16.2
16.4
9.5
19
63
190
-0.6
19.5
19.9
8.3
14
57
159
-0.5
26.2
24.3
5.4
11
55
88
-0.6
26.4
27.2
4.1
18
62
80
-0.4
28.6
30.3
4.3
19
58
73
-0.5
28.4
30.5
4.6
20
54
69
-0.6
Cash Flow Statement
Y/E December
Oper. Profit/(Loss) bef. Tax
Interest/Div. Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
EO expense
CF frm Op. incl EO exp.
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from investments
Change in Equity capital
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
Bank balances other than cash
Closing Balance
FY15
6,528
2,320
-2,703
410
6,555
519
3,376
-603
3,292
576
1,800
0
-10
0
-6,374
-791
2,205
-4,970
207
946
1,153
17,953
19,106
FY16
4,381
1,500
-2,207
-6,205
-2,531
-135
1,389
-596
657
-0
4,990
-
-10
-
-5,097
4,898
-6,173
-6,383
-4
1,153
1,149
12,770
13,919
FY17
3,912
1,463
-1,649
942
4,669
457
2,344
-4,085
-1,284
0
3,006
0
-6
0
-5,097
422
-427
-5,108
243
1,149
1,391
7,930
9,321
FY18
5,236
545
-2,013
7,156
10,925
178
4,728
-4,255
651
-18
-1,042
0
-4
-2
-3,058
234
-235
-3,066
620
1,391
2,011
10,953
12,964
FY19
5,987
1,023
-1,958
-619
4,434
-21
4,095
-2,367
1,707
1
-1,535
847
-4
-6
-4,080
-109
-232
-3,583
-1,023
2,011
988
10,725
11,714
FY20
2,730
790
-2,180
-2,766
-1,427
-3,843
4,905
4,225
5,287
2
-568
-
-2
-63
-4,078
-46
-87
-4,276
60
988
1,048
9,784
10,832
FY21E
7,060
573
-1,742
-3,253
2,638
0
2,638
-250
2,388
0
-250
0
0
-40
-4,078
182
-736
-4,672
-2,284
1,048
-1,236
9,784
8,548
FY22E
8,292
650
-2,032
-522
6,388
0
6,388
-250
6,138
0
-250
0
0
-55
-4,078
182
-3,951
2,187
-1,236
950
9,784
10,735
(INR m)
FY23E
9,346
690
-2,256
-126
7,654
0
7,654
-250
7,404
0
-250
0
0
-65
-4,078
182
-3,961
3,443
950
4,393
9,784
14,177
7 February 2021
7
 Motilal Oswal Financial Services
GSK Pharma
NOTES
7 February 2021
8
 Motilal Oswal Financial Services
GSK Pharma
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30
days take appropriate measures to make the recommendation consistent with the investment rating legend.
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Details
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of
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on
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9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
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The associates of MOFSL may have:
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financial interest in the subject company
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actual/beneficial ownership of 1% or more securities in the subject company
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received compensation/other benefits from the subject company in the past 12 months
7 February 2021
9
 Motilal Oswal Financial Services
GSK Pharma
other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
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might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
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Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI:
ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration
No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
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NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered
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* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law
Tribunal, Mumbai Bench.
-
7 February 2021
10