Despite facing Covid-related challenges in various geographies in Q4, the company posted a stable topline while EBITDA was higher mainly due to better gross margins. Going ahead, the management expects margins to improve due to cost rationalisation measures and decline in R&D; expenses as percentage of sales. Glenmark plans to reduce debt using proceeds from the upcoming API business listing, internal accruals, pipeline monetisation (ICHNOS) and divestment of non-core business. On the capex front, although things are looking a bit strained, the management expects some...