Maintain buy with a TP of Rs 800 (16x Dec-21E EPS + Rs 135/sh for pipeline). Glenmark reported broadly in-line numbers as revenues grew 16% YoY to Rs 25.6bn, and EBITDA came in at Rs 4.3bn with 17% margin. However, PAT at Rs 1.2bn was much lower than expectation owing to a Rs 1.3bn forex loss included in other income.