Glenmark Pharma (GNP) delivered better-than-expected earnings growth led by Domestic Formulation (DF), ROW, EU, and API segments. DF growth was partly aided by higher off-take of COVID-related medicine. Lower opex further supported better profitability for the quarter. We tweak our EPS estimate for FY21/FY22, factoring in a) better traction in DF, b) cost rationalization benefits, and c) continued pressure on the LATAM business. We also introduce FY23 estimates. We value GNP at 14x 12M forward earnings to arrive at Target Price of INR495. We believe earnings...