22 July 2021
1QFY22 Results Update | Sector: Healthcare
Gland Pharma
Estimate change
TP change
Rating change
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CMP: INR3,802
TP: INR4,460 (+17%)
BUY
Complex products/newer markets to fortify growth pace
Progressing well on scaling up manufacturing of the vaccine
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
GLAND IN
164
623.2 / 8.4
3998 / 1701
24/62/-
1186
Financials & Valuations (INR b)
Y/E MARCH
2021 2022E 2023E
Sales
34.6
48.7
59.8
EBITDA
13.0
18.2
22.7
Adj. PAT
10.0 14.2 18.1
EBITDA Margin (%)
34.8 35.1 35.8
Cons. Adj. EPS (INR)
60.9 86.7 110.9
EPS Gr. (%)
29.0 42.2 28.0
BV/Sh. (INR)
360.9 447.5 558.4
Ratios
Net D:E
-0.5
-0.5
-0.5
RoE (%)
20.9 21.4 22.0
RoCE (%)
20.9 21.5 22.1
Payout (%)
0.0
0.0
0.0
Valuations
P/E (x)
62.4 43.9 34.3
EV/EBITDA (x)
45.4 32.3 25.4
Div. Yield (%)
0.0
0.0
0.0
FCF Yield (%)
0.6
0.3
1.4
EV/Sales (x)
17.1 12.1
9.7
GLAND’s 1QFY22 performance was ahead of our expectation, led by robust
revenue growth across all geographies. It is progressing well on scaling up
manufacturing of the COVID-19 vaccine. It is concurrently developing
products/undertaking capex related to complex product as well as
enhancing its geographical diversification.
We raise our FY22E/FY23E EPS estimate by 8% each to factor in: a) increased
reach as well as penetration in the RoW/India markets, b) better outlook for
the US market, c) higher offtake of Remdesivir/Enoxaparin, and d)
continued manufacturing efficiency driving better operating leverage. We
value GLAND at 35x its 12 months forward earnings to arrive at our TP of
INR4,460.
We remain positive on GLAND due to its: a) superior ramp-up in existing
products, b) healthy build-up in the complex product pipeline, c) ongoing
investment in the vaccine/Biological space, and d) enough scope for
inorganic growth as well. We reiterate our Buy rating.
Revenue grew 31% YoY to INR11.5b (est: INR9.9b) in 1QFY22.
India/RoW sales rose 77%/51% YoY to INR2.3b/INR2.2b (20%/19% of sales).
Sales in core markets grew 16% YoY to INR7b (61% of sales).
Gross margin contracted by ~1,030bp YoY to 53.5% as 1QFY21 had
benefitted from niche launches. GM fell 240bp QoQ due to changes in the
geographic mix.
EBITDA margin decreased at a lower rate (890bp YoY) to 37.8% (est.
37.1%) due to better operating leverage (employee cost/other expenses fell
120bp YoY/30bp YoY as a percentage of sales). In fact, EBITDA margin
expanded 90bp on a QoQ basis.
EBITDA was up 6% YoY to INR4.4b (est. INR3.7b)
Adjusted PAT grew at a higher rate (~12% YoY) to INR3.5b (est. INR2.8b),
aided by higher other income.
GLAND expects US sales to grow by 18-20% YoY in FY22.
It is working on 14 complex products, of which two/three will be filed in
FY22/FY23. It is developing 25-30 complex products over the next 2-3 years.
The management indicated a capex of INR5.7b for FY22, of which INR3b is
to be spent on the vaccine facility (INR1.2b spent till date). It has guided at
an overall capex of INR3.5b in FY23.
The management expects to sustain fixed asset turn at 3.5-3.6x, including
the upcoming investments in the Biological segments.
It has signed a contract with Hetero for the Sputnik vaccine. Trial batches of
the same were completed recently. Manufacturing would start from Sep’21.
Strong beat on earnings led by superior revenue growth
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-21
58.1
12.1
10.4
19.3
Highlights from the management commentary
Mar-21
58.3
11.3
11.9
18.6
FII Includes depository receipts
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.
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Bharat Hegde, CFA
(Bharat.Hegde@motilaloswal.com)
 Motilal Oswal Financial Services
Gland Pharma
Valuation and view
We raise our FY22E/FY23E EPS estimate by 8% each to factor in: a) faster growth
in core markets in FY22, b) geographical expansion and new product launches in
RoW markets, and c) operating leverage, especially in RoW markets.
We expect 35% earnings CAGR over FY21-23E, led by 18%/44%/48% sales CAGR
in its core markets/India/RoW and a 40bp margin expansion.
We value GLAND at 35x its 12 months forward earnings to arrive at our TP of
INR4,460. We remain positive on GLAND on the back of: a) continued growth
momentum in core markets, b) increasing reach and expanding product
portfolio for the RoW segment, c) product pipeline build-up for the Chinese
market, d) consistent compliance, and e) an adequate war chest to tap inorganic
opportunities. We reiterate our BUY rating.
FY22
2QE
3QE
11,750 12,100
41.3
40.8
7,344
7,599
4,406
4,501
48.0
70.4
37.5
37.2
260
280
10
10
350
460
4,486
4,671
0
0
4,486
4,671
1,140
1,200
25.4
25.7
3,347
3,471
3,347
3,471
52.9
70.0
FY21
34,629
31.5
21,607
13,022
36.3
37.6
988
34
1,348
13,348
0
13,348
3,378
25.3
9,970
9,970
29.0
FY22E
48,697
40.6
30,484
18,213
39.9
37.4
1,112
47
1,948
19,002
0
19,002
4,826
25.4
14,175
14,175
42.2
(INR
m)
FY22E
1QE
Var. (%)
9,900
16.6
12.0
6,227
3,673
18.8
-11.0
37.1
278
12
350
3,733
26.4
0
3,733
26.4
937
25.1
2,796
25.4
2,796
25.4
-10.8
Consolidated quarterly performance
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
YoY Change (%)
Margin (%)
Depreciation
Interest
Other Income
PBT before EO expense
One-off income/(expense)
PBT
Tax
Rate (%)
Reported PAT
Adj. PAT
YoY Change (%)
1Q
8,842
31.1
4,716
4,126
56.8
46.7
242
5
321
4,200
0
4,200
1,064
25.3
3,136
3,136
45.5
FY21
2Q
3Q
8,315 8,594
22.7 33.1
5,338 5,952
2,977 2,642
23.7 24.8
35.8 30.7
247
250
8
12
204
351
2,926 2,732
0
0
2,926 2,732
738
691
25.2 25.3
2,189 2,041
2,189 2,041
-8.9 32.5
4Q
8,877
39.8
5,601
3,277
36.6
36.9
249
10
472
3,489
0
3,489
885
25.4
2,604
2,604
59.8
1Q
11,539
30.5
7,176
4,363
5.7
37.8
253
10
618
4,718
0
4,718
1,212
25.7
3,506
3,506
11.8
4QE
13,308
49.9
8,366
4,942
50.8
37.1
319
17
520
5,126
0
5,126
1,275
24.9
3,852
3,852
47.9
Highlights from the management commentary
Around INR300m of India sales in 1QFY22 were due to COVID-related products.
However, as COVID-related sales subside, the non-COVID products business
would pick-up, sustaining the momentum in India sales.
Gross margin for the India business is ~40%.
It expects R&D expense to be 3.5-4% of sales in FY22 (excluding partner
funding).
It has filed six products in China, with two products closer to approval. It expects
to file few more products in China over the next few months. The market size of
the first six products is ~USD550m.
GLAND remains on track for commercial production of Sputnik vaccine by
Oct’21.
The company had INR31b in cash reserve at the end of 1QFY22.
It undertook 13 exhibit batches, driving R&D spend during 1QFY22.
At the end of 1QFY21, it filed 286 ANDAs and 47 are awaiting approval.
22 July 2021
2
 Motilal Oswal Financial Services
Gland Pharma
Story in charts
Exhibit 1: Expect 31% revenue CAGR over FY21-23E
Revenue from Operations (INRb)
70.0
Exhibit 2: Expect 18% sales CAGR in core markets over FY21-
23E
Core Markets (INRb)
45.0
35.0
YoY Growth (%)
40.6
40.0
30.0
YoY Growth (%)
40.0%
36.3%
22.0%
14.5%
12.4
FY18
14.2
FY19
19.3
FY20
23.6
FY21
19.1%
60.0
50.0
26.0
8.8
14.9
FY17
16.2
FY18
20.4
FY19
28.8
31.5
22.7
35.0%
35.0
30.0%
25.0
30.0
40.0
25.0
20.0
16.2%
25.0%
20.0%
30.0
20.0
15.0
15.0%
15.0
10.0
10.0%
10.0
20.0
10.0
26.3
FY20
34.6
FY21
48.7
FY22E
59.8
FY23E
5.0
5.0
28.1
FY22E
32.7
FY23E
5.0%
0.0
-
0.0
0.0%
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 3: Expect 48% CAGR in RoW sales over FY21-23E
ROW Sales (INRb)
186%
14.0
12.0
Exhibit 4: Expect 48% CAGR in India sales over FY21-23E
India Sales (INRb)
200%
14.0
YoY Growth (%)
136%
150%
YoY Growth (%)
64.7%
70.0%
12.0
60.0%
10.0
10.0
50.0%
8.0
50%
-2%
0.8
FY18
2.4
FY19
2.3
FY20
5.5
FY21
8.2
FY22E
45%
100%
8.0
29.3%
6.0
50%
6.0
20.5%
4.7
FY20
19.1%
5.6
FY21
9.2
FY22E
25.8%
40.0%
30.0%
4.0
4.0
20.0%
0%
2.0
11.9
-50%
2.0
3.0
FY18
3.9
FY19
11.5
FY23E
10.0%
0.0
0.0
0.0%
FY23E
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 5: Expect EBITDA margin to remain ~38% over FY21-
23E
EBITDA (INRb)
25.0
Exhibit 6: Expect ~35% EPS CAGR over FY21-23E
EPS (INR)
YoY Growth (%)
66.1%
44.8%
29.0%
42.2%
28.0%
90.0%
EBITDA Margin (%)
50.0
120.0
45.8
33.0
34.6
36.3
37.6
37.4
38.0
45.0
70.0%
100.0
40.0
20.0
35.0
80.0
50.0%
15.0
30.0
30.0%
25.0
60.0
10.0%
10.0
20.0
40.0
15.0
-24.6%
26.1
FY17
19.6
FY18
28.4
FY19
47.2
FY20
60.9
FY21
86.7
FY22E
110.9
FY23E
-10.0%
5.0
10.0
6.8
-
5.4
FY18
7.1
FY19
9.6
FY20
13.0
FY21
18.2
FY22E
22.7
FY23E
20.0
-30.0%
5.0
-
-
-50.0%
FY17
Source: Company, MOFSL
Source: Company, MOFSL
22 July 2021
3
 Motilal Oswal Financial Services
Gland Pharma
Newer markets/enhanced product portfolio to sustain earnings
growth momentum
Existing products and new launches drive growth in core markets
Sales in GLAND’s core markets grew ~16% YoY to INR7b in 1QFY22, accounting
for 61% of total sales. US accounted for 54% of total sales in core markets.
Growth in core markets was driven by key products such as Micafungin,
Enoxaperin, Heparin, Dexmedetomidine, and new launches, especially penem
products like Ertapenem and Meropenem. Benefits from the single source
supply contract with the distributor for Enoxaperin, by replacing the innovator,
would start from 4QFY22 onwards. Other recently launched products in the US
are also expected to continue to ramp-up in the remaining part of FY22.
GLAND is strengthening its product pipeline of peptides, long acting injectables,
suspensions, and hormonals. While it is working on 14 products currently, it
intends to enhance the pipeline by 20-25 products over the next 2-3 years.
Given the launch momentum and better traction in existing products, we expect
18% sales CAGR in core markets to INR29b over FY21-23E.
Sales in RoW markets grew 51% YoY to INR2.2b in 1QFY22, led by new
partnerships that helped grow its existing product portfolio and led to
geographic expansion. Growth was aided by new product registrations such as
Ertapenem in the LatAm region.
It has filed six products in China, with a total market size of USD550m. Approval
for the first product is expected towards the end of FY22, with revenue kicking
in from 1QFY23E. We expect sales from newer markets and product launches in
existing markets to drive 48% sales CAGR to INR12b over FY21-23E.
GLAND is on track with respect to scale-up in manufacturing of Sputnik V
vaccine. With process improvements and changes, GLAND is working to increase
yields on both doses of vaccine.
It has also signed a fill and finish contract with Hetero for Sputnik V, and expects
manufacturing to start from Sep’21.
It is in discussions with Fosun’s other subsidiaries for potential CDMO contracts
in Biologics/Biosimilars for global markets.
GLAND’s move to expand into the Biologics CDMO space through the vaccine
contract, leveraging parent Fosun’s relations, and strong compliance track
record could add a new lever of growth to its existing business, providing further
upside to our current estimates.
We raise our FY22E/FY23E EPS estimate by 8% each to factor in: a) faster growth
in core markets in FY22, b) geographical expansion and new product launches in
RoW markets, and c) operating leverage, especially in RoW markets.
We expect 35% earnings CAGR over FY21-23E, led by 18%/44%/48% sales CAGR
in its core markets/India/RoW and a 40bp margin expansion.
We value GLAND at a P/E multiple of 35x to arrive at our TP of INR4,460. We
remain positive on GLAND on the back of: a) continued growth momentum in
core markets, b) geographical expansion and new product launches in the RoW
segment, c) operating cost efficiency, d) consistent compliance, and e) an
adequate war chest to tap inorganic opportunities. We reiterate our BUY rating.
Strong performance in RoW markets on the back of new partnerships
Vaccine on track; biopharma CDMO expansion progressing well
Multiple levers to drive 35% earnings CAGR over FY21-23E
22 July 2021
4
 Motilal Oswal Financial Services
Gland Pharma
Financials and valuations
Consolidated Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY17
14,916
9.9
8,542
57.3
6,374
42.7
742
5,633
64
336
5,905
0
5,905
1,643
27.8
4,262
4,262
28.1
28.6
FY18
16,229
8.8
10,876
67.0
5,353
33.0
782
4,571
41
488
5,017
0
5,018
1,804
36.0
3,213
3,213
-24.6
19.8
FY19
20,442
26.0
13,376
65.4
7,066
34.6
820
6,246
36
856
7,067
-200
6,867
2,345
34.1
4,522
4,654
44.8
22.8
FY20
26,332
28.8
16,778
63.7
9,554
36.3
946
8,608
72
1,392
9,928
0
9,928
2,200
22.2
7,728
7,728
66.1
29.3
FY21
34,629
31.5
21,607
62.4
13,022
37.6
988
12,034
34
1,348
13,348
0
13,348
3,378
25.3
9,970
9,970
29.0
28.8
FY22E
48,697
40.6
30,484
62.6
18,213
37.4
1,112
17,101
47
1,948
19,002
0
19,002
4,826
25.4
14,175
14,175
42.2
29.1
(INR m)
FY23E
59,767
22.7
37,055
62.0
22,711
38.0
1,330
21,382
43
2,690
24,028
0
24,028
5,887
24.5
18,141
18,141
28.0
30.4
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Preference Capital
Total Reserves
Net Worth
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Curr. Assets, Loans and Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability and Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
FY17
155
63
20,743
20,898
64
854
21,816
10,055
1,339
8,716
0
1,612
14,410
3,787
4,179
5,331
1,113
2,922
2,003
896
22
11,488
21,816
FY18
155
63
23,949
24,104
59
958
25,121
10,545
2,118
8,426
0
1,989
18,868
5,128
4,752
6,511
2,476
4,163
3,057
956
150
14,706
25,121
FY19
155
63
28,466
28,621
55
1,076
29,752
12,196
2,908
9,288
0
1,232
24,707
9,119
5,061
7,534
2,994
5,473
4,568
765
139
19,234
29,752
FY20
155
63
36,307
36,462
50
741
37,252
13,478
3,797
9,681
0
1,885
29,295
7,563
6,018
13,252
2,462
3,608
2,677
649
282
25,687
37,252
FY21
164
0
58,869
59,032
39
739
59,810
14,327
4,785
9,542
0
3,378
52,040
12,752
6,710
30,058
2,521
5,150
4,007
892
251
46,890
59,810
FY22E
164
0
73,044
73,208
39
739
73,985
19,880
5,897
13,983
0
3,526
63,738
15,451
11,074
33,668
3,546
7,261
5,654
1,254
353
56,477
73,985
(INR m)
FY23E
164
0
91,185
91,349
39
739
92,126
24,450
7,227
17,224
0
2,455
81,293
18,274
13,755
44,913
4,351
8,845
6,872
1,539
434
72,448
92,126
22 July 2021
5
 Motilal Oswal Financial Services
Gland Pharma
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Net Debt/Equity
FY17
26.1
32.3
134.8
0.0
0.0
145.9
117.7
28.2
39.1
91.6
0.0
23.3
22.6
22.1
28.4
1.5
93
102
49
-0.3
FY18
19.6
25.8
155.5
0.0
0.0
193.5
147.4
24.4
35.9
108.8
0.0
7.5
14.3
14.4
18.7
1.5
115
107
69
-0.3
FY19
28.4
35.3
184.7
0.0
0.0
133.6
107.6
20.6
28.4
82.3
0.0
3.2
17.7
17.7
21.9
1.7
163
90
82
-0.3
FY20
47.2
56.0
235.2
0.0
0.0
80.4
67.9
16.2
21.9
60.3
0.0
34.2
23.7
23.9
31.2
2.0
116
83
37
-0.4
FY21
60.9
67.0
360.9
0.0
0.0
62.4
56.7
10.5
17.1
45.4
0.0
23.0
20.9
20.9
37.1
2.4
134
71
42
-0.5
FY22E
86.7
93.4
447.5
0.0
0.0
43.9
40.7
8.5
12.1
32.3
0.0
10.5
21.4
21.5
40.4
2.4
116
83
42
-0.46
(INR m)
FY23E
110.9
119.0
558.4
0.0
0.0
34.3
31.9
6.8
9.7
25.4
0.0
52.6
22.0
22.1
39.6
2.4
112
84
42
-0.5
Consolidated Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest and Finance Charges/(Income)
Direct Taxes Paid
(Inc.)/Dec. in WC
CF from Operations
Others
CF from Operating incl. EO
(Inc.)/Dec. in FA
Free Cash Flow
(Pur.)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc./(Dec.) in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc./Dec. in Cash
Opening Balance
Closing Balance
Term Deposit with Banks
Total Cash and Cash Eq.
FY17
5,780
742
-128
-1,614
-109
4,671
94
4,765
-1,161
3,604
0
159
-1,002
0
-1,107
-58
0
-1,164
2,599
2,732
5,331
0
5,331
FY18
5,016
782
-240
-1,571
-1,934
2,052
-32
2,019
-850
1,169
0
-2,736
-3,587
3,977
-5
-31
0
-36
-1,603
5,331
3,728
2,784
6,512
FY19
6,864
820
-408
-2,235
-3,540
1,501
350
1,851
-1,352
499
0
-1,834
-3,186
0
-4
-25
0
-29
-1,364
3,728
2,363
5,170
7,533
FY20
9,929
946
-452
-2,441
-799
7,181
-172
7,009
-1,708
5,302
0
-5,902
-7,610
0
-7
-62
0
-69
-669
2,363
1,694
11,558
13,252
FY21
13,348
988
28
-3,114
-4,358
6,893
-843
6,049
-2,283
3,766
-13,576
619
-15,240
12,250
-9
-23
0
12,386
3,195
1,694
4,889
25,168
30,057
FY22E
19,002
1,112
-1,901
-4,826
-5,977
7,410
0
7,410
-5,700
1,710
0
1,948
-3,752
0
0
-47
0
-47
3,610
4,889
8,499
25,168
33,667
(INR m)
FY23E
24,028
1,330
-2,646
-5,887
-4,726
12,099
0
12,099
-3,500
8,599
0
2,690
-810
0
0
-43
0
-43
11,245
8,499
19,745
25,168
44,913
22 July 2021
6
 Motilal Oswal Financial Services
Gland Pharma
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
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.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
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available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
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http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
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buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
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specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
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A graph of daily closing prices of securities is available at
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Research Analyst views on Subject Company may vary based on Fundamental
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
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Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
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For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
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
28 October 2020
7
 Motilal Oswal Financial Services
Gland Pharma
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- 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 recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
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.
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This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
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nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
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report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
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expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
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The person accessing this information specifically agrees to exempt MOFSL or any of its
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expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
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.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, 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 through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* 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.
22 July 2021
8