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Torrent Pharmaceuticals is currently trading at Rs. 1950.40, up by 14.95 points or 0.77% from its previous closing of Rs. 1935.05 on the BSE. The scrip opened at Rs. 1960.05 and has touched a high and low of Rs. 1967.90 and Rs. 1945.10 respectively. So far 2512 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2099.95 on 10-Aug-2023 and a 52 week low of Rs. 1446.15 on 01-Mar-2023. Last one week high and low ...
Torrent Pharmaceuticals moves up on getting EIR for Dahej manufacturing facility
* Torrent Pharma (TRP)’s 1QFY24 financial performance was in line with our estimates. The company is making steady progress in its branded generics segment in India (DF) and LATAM. The growth outlook for the US and Germany is getting better on the back of better scope of resolving regulatory issues/new tender wins. * We raise our EPS estimates for FY24/FY25 by 4% each, factoring in a) reduced intensity of price erosion in US generics, b) product launches and market share gains in LAT...
Neutral Torrent Pharmaceuticals Ltd For Target Rs R1,960 - Motilal Oswal Financial Services Ltd
* Torrent Pharma (TRP)’s 1QFY24 financial performance was in line with our estimates. The company is making steady progress in its branded generics segment in India (DF) and LATAM. The growth outlook for the US and Germany is getting better on the back of better scope of resolving regulatory issues/new tender wins. * We raise our EPS estimates for FY24/FY25 by 4% each, factoring in a) reduced intensity of price erosion in US generics, b) product launches and market share gains in LAT...
Neutral Torrent Pharmaceuticals Ltd For Target Rs 1,960 - Motilal Oswal Financial Services Ltd
India's Glenmark Life Sciences reported a near-25% rise in its first-quarter profit on Friday, led by robust growth of its mainstay active pharmaceutical ingredients (API) business in domestic as well as U.S. and European markets. The Mumbai-based drug maker said profit stood at 1.35 billion rupees ($16.5 million) for the quarter ended June 30, compared with 1.09 billion rupees a year earlier. The company, spun off from Glenmark Pharmaceuticals in 2019 to focus on the API business, ...
India`s Glenmark Life Sciences posts 25% rise in Q1 profit on API strength
Torrent Pharmaceuticals is currently trading at Rs. 1848.30, up by 7.30 points or 0.40% from its previous closing of Rs. 1841.00 on the BSE. The scrip opened at Rs. 1880.00 and has touched a high and low of Rs. 1880.00 and Rs. 1840.70 respectively. So far 10198 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1886.25 on 31-May-2023 and a 52 week low of Rs. 1361.03 on 20-Jun-2022. Last one week high and low of the...
Torrent Pharmaceuticals rises on getting EIR for Gujarat Oral-Oncology manufacturing facility
Torrent Pharmaceuticals is currently trading at Rs. 1797.70, up by 82.90 points or 4.83% from its previous closing of Rs. 1714.80 on the BSE. The scrip opened at Rs. 1754.90 and has touched a high and low of Rs. 1851.15 and Rs. 1744.50 respectively. So far 38530 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1,851.15 on 31-May-2023 and a 52 week low of Rs. 1343.88 on 09-Jun-2022. Last one week high and low of t...
Torrent Pharmaceuticals shines on planning to raise up to Rs 5,000 crore
Torrent Pharmaceuticals is currently trading at Rs. 1516.00, down by 14.50 points or 0.95% from its previous closing of Rs. 1530.50 on the BSE. The scrip opened at Rs. 1532.25 and has touched a high and low of Rs. 1532.30 and Rs. 1501.25 respectively. So far 3613 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1722.70 on 09-Nov-2022 and a 52 week low of Rs. 1242.50 on 12-May-2022. Last one week high and low of t...
Torrent Pharmaceuticals declines on getting 1 observation from USFDA for Gujarat facility
Steady show; margin gain priced in! Result Synopsis Torrent revenues beat expectation as India business up 17% YoY and excluding Curatio domestic business grew 13%. Traction was seen across Brazil (aided by forex tailwind YoY) while Germany rebounded QoQ. Gross margin had a 60bps one-off due to plant shutdown post FDA audit which otherwise would have translated in to margin around 30%. Domestic business would get a boost from full year of Curatio revenues which would add ~2...
Reduce Torrent Pharmaceuticals Ltd For Target Rs 1,853 - Yes Securities
Its Brazil and India business boost growth; maintaining a Buy With good growth in its brand-name business (India, Brazil, RoW) but counter-balanced by weak sales in Germany, Torrent’s Q3 revenues grew 18% y/y to Rs24.9bn. Adj. for one-time over-absorption of expenses, the gross margin was steady at 71-72%. Even as the EBITDA margin was a sturdy 29%, higher interest and depreciation costs dragged profits to Rs2.8bn. On the good traction in its brand-name generics through launches, mar...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 1,915 - Anand Rathi Share and Stock Brokers
Branded business outperforms Torrent Pharma’s (Torrent) Q3FY23 performance beats our estimates on all parameters. Revenue grew 18.3% YoY to Rs24.9bn (I-Sec: Rs23.3bn) led by 17.4% growth in India and 35.5% growth in Brazil. US sales were down 5.4% QoQ to US$35mn vs estimated US$38mn. EBITDA margin expanded 360bps YoY (-60bps QoQ) to 29.1% (I-Sec: 28.5%). Adjusted PAT grew 13.7% YoY to Rs2.8bn (I-Sec: Rs2.8bn). We remain positive on Torrent considering its strong domestic franch...
Buy Torrent Pharmaceuticals Ltd For Target Rs 1,853 - ICICI Securities
Torrent Pharmaceuticals is currently trading at Rs. 1666.75, up by 14.50 points or 0.88% from its previous closing of Rs. 1652.25 on the BSE. The scrip opened at Rs. 1640.05 and has touched a high and low of Rs. 1687.00 and Rs. 1640.05 respectively. So far 3841 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1722.70 on 09-Nov-2022 and a 52 week low of Rs. 1242.50 on 12-May-2022. Last one week high and low of the...
Torrent Pharmaceuticals trades higher on raising Rs 500 crore through NCDs
In line 2QFY23; focussed efforts towards Branded Generics Work is in progress to resolve the regulatory issues at its Indrad facility * TRP delivered an in line 2QFY23 performance. It continued to outperform in the Branded Generics market of Domestic Formulations (DF) and in Brazil. However, lack of approvals in the US and a subdued German business led to flat YoY earnings in 2QFY23. * We have reduced our FY23/FY24 EPS estimate by 6%/5% to factor in: a) increased competition in certa...
Neutral Torrent Pharma Ltd For Target Rs.1500 - Motilal Oswal
With healthy growth in its branded business (India, Brazil, RoW) offset by weak Germany and US sales, Torrents Q2 revenue was up only 7% y/y to Rs22.9bn. Stable raw material prices sequentially led to a flattish 72% gross margin. This and normal other expenses led to a 70bp q/q drop in the EBITDA margin to 29.6%. Slightly lower interest, depreciation and tax restricted the PAT decline to 1.3% (Rs3.1bn). On the good traction in its brand-name generics business through launches, market-share ga...
Torrent Pharmaceuticals Ltd : India and Brazil business drive growth momentum; maintaining a Buy - Anand Rathi Share and Stock Brokers
In line quarter; D/G to Reduce as TRP digests Curatio acquisition Result Synopsis Torrent Pharma clocked an in line quarter with revenues driven by healthy momentum in India and Brazil while Germany declined due to ongoing tender impact. US business did better than expected with ~2% QoQ decline on a base (which had one-off settlement income in 1Q). Margins were in line and supported by price hikes in India and some moderation in input costs. We build in Curatio revenue, EBIDTA and Rs...
Reduce Torrent Pharmaceuticals Ltd For Target Rs. 1,500- Yes Securities
Torrent Pharma Ltd Buy Torrent Pharma Ltd @ 1590-1594 CMP 1588.10 Stop Loss 1576.40 Target 1608.60/1624 Sell UPL Ltd @ 667-670 CMP 664.15 Stop Loss 674.90 Target 662.60/656.50 To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631 Above views are of the a...
Stock Picks - Torrent Pharma Ltd and UPL Ltd By ICICI Direct
Pricey Curatio acquisition; synergies to play out in FY25; Buy One of the most expensive deals in domestic pharma, Torrent Pharma’s acquisition of Curatio Healthcare for Rs20bn values it at 8.8x EV/sales. The deal will widen Torrent’s reach among paediatricians and dermatologists (nearly 85% of its dermatology portfolio is cosmetic dermatology). The synergies from this deal should reflect in FY25, as well as the benefit from greater MR productivity and the expansion to the nort...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 1,724 - Anand Rathi Share and Stock Brokers
Torrent Pharmaceuticals said that the US FDA issued Form 483 to the company with 3 observations post the inspection of the drug maker's Indrad-based manufacturing facility. In an exchange filing made after market hours yesterday, the company said that the United States Food and Drug Administration (US FDA) had inspected its manufacturing facility at Indrad, Gujarat from 19 September 2022 to 28 September 2022. At the end of the inspection, the company was issued a Form 483 with 3 observati...
Torrent Pharma`s Gujarat facility gets 3 observations from US FDA
Curatio acquisition to strengthen branded portfolio About the stock: Incorporated in 1959, Torrent remains a key play in branded generics (~60% of sales) with a strong India franchise and growing exports traction. * Revenues: India & CRAMs (57%), Brazil (9%), US (13%) and Germany (11%) * Torrent is the eighth largest domestic player and is ranked in top 10 for CVS, CNS, V&M, GI and anti-diabetes therapies in India Event: Acquisition of Curatio Healthcare * The company i...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 1730 - ICICI Direct
The Rs 6,742 crore revenue Torrent Pharmaceuticals Ltd has inked a definitive agreement to acquire city-based Curatio Health Care (I) Private Ltd for a consideration of Rs 2,000 crore. In a regulatory filing, Torrent Pharmaceuticals said that the Rs 224 crore Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. The purchase consideration will be a mix of Rs 115 crore cash and cash equivalents in the acquired business in...
Torrent Pharma to acquire Curatio for Rs 2,000 crore
Torrent Pharmaceuticals Ltd said on Tuesday it will buy dermatology company Curatio Health Care (I) Pvt Ltd for 20 billion Indian rupees ($245.22 million). ($1 = 81.5590 Indian rupees)
India's Torrent Pharma to acquire Curatio Health Care for $245 million
Promising outlook for India and Brazil segments The US and Germany remain laggard in overall performance * Torrent Pharma (TRP) delivered in-line 1QFY23 performance. Healthy growth in domestic formulation (DF)/Brazil was offset to some extent by weak show in Germany and the US generics. While TRP intends to file ANDAs for the US market, successful resolution of the USFDA issues remains the key for business improvement in the US. * We have maintained our EPS estimates for FY23/FY24. W...
Neutral Torrent Pharma Ltd For Target Rs.1,510 - Motilal Oswal Financial Services
Torrent Pharmaceuticals is currently trading at Rs. 1545.30, up by 10.25 points or 0.67% from its previous closing of Rs. 1535.05 on the BSE. The scrip opened at Rs. 1540.00 and has touched a high and low of Rs. 1567.35 and Rs. 1540.00 respectively. So far 4924 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1652.23 on 31-Dec-2021 and a 52 week low of Rs. 1242.50 on 12-May-2022. Last one week high and low of the...
Torrent Pharma rises on getting long term credit rating upgraded by ICRA
Healthy growth in its branded business; maintaining a Buy Backed by growth in its BGx business in India, Brazil and the RoW, Torrent’s Q1 revenue grew 10% y/y to Rs23.5bn. Its gross margin expanded 107bps q/q to 72% chiefly due to the higher BGx and gDapsone contribution. Lower other expenses (discontinued liquids business in the US) and R&D expenditure (5% of sales) resulted in a 401bp q/q EBITDA margin improvement to 30.3%. Ahead, continued growth and product launches in India,...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 1,724 - Anand Rathi Share and Stock Brokers Ltd
Steady growth with stable margin Result Synopsis Torrent Pharma reported an improved quarter with margin improvement QoQ and double digit growth driven by India, US (QoQ) and other markets except Germany. Company guided to double digit growth expectation in current year as India and Brazil continue to fire while US would be dependent on FDA inspection and subsequent plant clearance. Germany too would come back likely in H2 with launch of 4 products in 2Q (of which 3 would be Day 1 launc...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 1,725- Yes Securities
Torrent Pharma is currently trading at Rs. 2905.00, up by 4.10 points or 0.14% from its previous closing of Rs. 2900.90 on the BSE. The scrip opened at Rs. 2927.00 and has touched a high and low of Rs. 2933.00 and Rs. 2879.10 respectively. So far 4240 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3304.45 on 31-Dec-2021 and a 52 week low of Rs. 2485.00 on 12-May-2022. Last one week high and low of the scrip sto...
Torrent Pharma rises on entering into agreement with Dr Reddy's Laboratories
Domestic strength to offset muted US Q4 Our view US business proved a surprise offset with a sharp price erosion QoQ which led to margin weakness in Q3. Expect some of the gross margin weakness to reverse in FY23 as select product launches like Dapsone garner approval in Q4. Our presumption of growth driven by domestic and Brazil markets while US and Germany remain lackluster has played out to a large extent and we look to rebound, especially in US business; albeit, a meaningful change ...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 3,500 - Yes Securities
Torrent Pharmaceuticals is currently trading at Rs. 2692.90, down by 467.65 points or 14.80% from its previous closing of Rs. 3160.55 on the BSE. The scrip opened at Rs. 2940.00 and has touched a high and low of Rs. 2940.00 and Rs. 2642.05 respectively. So far 58228 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3304.45 on 31-Dec-2021 and a 52 week low of Rs. 2311.30 on 19-Mar-2021. Last one week high and low o...
Torrent Pharmaceuticals declines on reporting 16% fall in Q3 consolidated net profit
US drags 3QFY22 earnings; inspections key to a revival Well-placed to sustain outperformance in the Indian market * TRP’s 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengt...
Neutral Torrent Pharma Ltd For Target Rs.2,880 - Motilal Oswal
Ultratech Cement Buy Ultratech Cement Ltd @ 7624.00-7632.00 CMP 7630.95 TGT 7737.00 SL 7568.70 Torrent Pharma Buy Torrent Pharma Ltd @ 3283.00-3288.00 CMP 3285.25 TGT 3345.00 SL 3251.70 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are for informatio...
Stock Picks - Ultratech Cement Ltd and Torrent Pharma Ltd By ICICI Direct
Torrent Pharmaceuticals is currently trading at Rs. 3127.30, up by 59.85 points or 1.95% from its previous closing of Rs. 3067.45 on the BSE. The scrip opened at Rs. 2983.00 and has touched a high and low of Rs. 3162.40 and Rs. 2983.00 respectively. So far 4574 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3248.00 on 30-Sept-2021 and a 52 week low of Rs. 2311.30 on 19-Mar-2021. Last one week high and low of th...
Torrent Pharmaceuticals jumps on redeeming NCDs worth Rs 150 crore
Better show in India/Brazil offset by weak US sales Wait continues for USFDA inspection * Torrent Pharma’s (TRP) operational performance in 2QFY22 was slightly below our expectations. The growth momentum in the Domestic Formulation (DF) and Brazil businesses was offset by a muted show in the US business and a higher tax rate. A recovery in the US business remains contingent upon regulatory compliance at its key sites. * We reduce our FY22E/FY23E EPS estimates by ~3.5% each to ...
Neutral Torrent Pharma Ltd For Target Rs.2,00 - Motilal Oswal
India and Brazil support the growth Torrent Pharma’s (Torrent) Q2FY22 performance was largely in line with our estimates. Revenue grew 5.9% YoY to Rs21.4bn led by 12.9% growth in India partially offset by decline in the US and Germany. US sales declined 2.8% QoQ to US$35mn vs estimated US$40mn. EBITDA margin declined marginally by 60bps YoY to 30.9% due to change in product mix and higher employee cost. Adj. PAT grew mere 1.9% to Rs3.2bn. We remain positive on the long-term outlook c...
Add Torrent Pharmaceuticals Ltd For Target Rs.3,172 - ICICI Securities
Lackluster FY22 in store; await US resolution Our view After US, Germany wobbled in Q2 as customer consolidation led to inventory rationalization translating in to fall in German revenues. With uncertain German outlook, on top of continued US stagnancy, India and Brazil would be the key growth drivers in H2 FY22. FDA inspection would be a big positive though largely oral solids plants of Torrent may have a lower priority than injectables, in our view. An improved gross margin beckons in...
Buy Torrent Pharmaceuticals Ltd For Target Rs.3,600 - Yes Securities
Strong margins likely to sustain Torrent Pharma’s (Torrent) Q1FY22 performance was largely in line with our estimates. Revenue grew 3.8% YoY to Rs21.3bn with international markets declining 9.8% offset by 18.2% growth in domestic market. US sales declined 2.7% QoQ to US$36mn vs estimated US$38mn. Better revenue mix and controlled S,G&A expenses led to EBITDA margin improvement of 170bps QoQ. Adj. PAT grew just 2.8% to Rs3.3bn due to increase in effective tax rate on account of de...
Add Torrent Pharmaceuticals Ltd For Target Rs.3,295 - ICICI Securities
DF on a strong footing; making inroads in Trade Generics US growth revival largely dependent on regulatory clearance * TRP’s 1QFY22 performance was largely in line with our estimates. Growth momentum in the Domestic Formulation (DF) business was offset by a muted showing in the US business and a higher tax rate. It continues to work on alternate site filings to lower the impact of USFDA regulatory issues. * We reduce our FY22E/FY23E EPS estimate by 7%/2% to factor in a delay in...
Neutral Torrent Pharma Ltd For Target Rs.2,800 - Motilal Oswal
India growth drives steady numbers… About the stock: Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets. * Revenues – India including CRAMs (53%), Brazil (8%), US (16%) and Germany (13%). * Torrent is the eighth largest domestic player and is ranked in top 10 for CVS, CNS, V&M, GI and anti-diabetes therapies in India Q1FY22 Results: Torrent reported steady Q1FY22 results....
Hold Torrent Pharmaceuticals Ltd For Target Rs.3250 - ICICI Securities
Our view Torrent seems to have dodged any further erosion in US business particularly when other peers like ALPM and DRRD have been impacted; indeed, US sales have been trending in line with expectation at around US$35‐38mn for last 2 quarters. With US decline exiting the base comparison from Q3, reckon the double digit growth across other key markets – India, Brazil and Germany would be visible. Entry in to trade generics should not dilute margin over next 2 years at least as busine...
Buy Torrent Pharma Ltd For Target Rs. 3,200 - Yes Securities
Key News Ramco Cements Q1 net profit up 46% to Rs 172 cr on growth in sales The Ramco Cements Ltd on Tuesday reported a 46.10 per cent increase in consolidated net profit at Rs 171.67 crore for the quarter ended June, helped by growth in sales The company had posted a net profit of Rs 117.50 crore during the April-June period of the previous fiscal, it said in a regulatory filing. Total income was up 17.33 per cent to 1,239.99 crore during the quarter under review as against Rs 1,056.79...
Key News - Ramco Cements Ltd, HUDCO, Karnataka Bank Ltd, Torrent Pharmaceuticals Ltd, IndusInd Bank Ltd by ARETE Securities
JSW Steel Buy JSW Steel Ltd @ 684.00-686.0 CMP 684.25 TGT 697.50 SL 678.70 Torrent Pharma Buy Torrent Pharma Ltd @ 3015.00-3020.00 CMP 3016.85 TGT 3069 SL 2989.40 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are for information...
Stock Picks - JSW Steel Ltd and Torrent Pharma Ltd By ICICI Direct
Below are Quote on Pharma companies by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd Pharma Majors- Cipla, Dr.Reddy’s, Sun pharma, Torrent pharma and Emcure are collaborating for the Clinical Trial of Investigational Oral Anti-Viral Drug Molnupiravir for treatment of mild COVID-19 patients in India. Molnupiravir is an oral anti-viral that inhibits the replication of multiple RNA viruses including SARS-CoV-2. ...
Quote on Pharma companies by Mr. Yash Gupta, Angel Broking Ltd
Steady quarter; margins remain strong Torrent Pharma’s (Torrent) Q4FY21 performance was better than estimates on EBITDA and PAT led by better gross margin and higher other income. Revenue declined 0.5% YoY to Rs19.4bn with international markets declining 7.7% offset by 9.8% growth in domestic market. US sales declined 5.9% QoQ to US$37mn vs estimated US$40mn. Better revenue mix led to gross/EBITDA margin improvement of 150/180bps YoY. Adj. PAT grew 24.1% to Rs3.2bn, driven by better ...
Add Torrent Pharmaceuticals Ltd For Target Rs.2,940 - ICICI Securities
In line numbers; focus on margins, brands to sustain Q4FY21 topline remained subdued with growth in India and Germany offset by decline in US sales. Revenues stayed flattish, down 0.5% YoY to | 1937 crore mainly due to 30.1% YoY decline in US formulations to | 269 crore. Domestic sales grew 9.8% YoY to | 922 crore. Brazil de-grew 3.6% YoY to | 189 crore. Germany business grew a robust 23.6% YoY to | 267 crore. EBITDA margins expanded 189 bps YoY to 30.0% mainly led by better gross margin p...
Buy Torrent Pharmaceuticals Ltd For Target Rs. 3290 - ICICI Direct
Steady outperformance in the Branded Generics segment US business at a trough; expect a gradual recovery from here on * TRP’s 4QFY21 result was marginally below our estimates at an operational level, led by a sharp YoY decline in US and CRAMS sales. It continues to build its product portfolio and enhance marketing efforts to outperform in Brazil, Germany, and the Branded Generics segment in Domestic Formulation (DF). It is also working on alternate site filings to reduce the regul...
Neutral Torrent Pharma Ltd For Target Rs. 2,530 - Motilal Oswal
Below are Quote on Torrent Pharma - 4QFY21 by Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd Torrent pharma reported numbers in line with expectation for Q4FY21. Torrent Pharma limited reported total revenue from operations at ₹1937 crores down by 1% YoY from ₹ 1948 crores in Q4FY20. Domestic market revenue was up by 10% at ₹922 crores while USA has reported a degrowth of 30% at ₹269 crores. Germany market was a c...
Torrent Pharma - 4QFY21 By Mr. Yash Gupta, Angel Broking Ltd
Result Highlights * Q4 revenue came in at flat YoY vs. estimate of +1% YoY. India business grew by 9.8% YoY, Germany +23% YoY; US reported a decline of 30% YoY (impacted by price erosion on base business & base impact of Sartan portfolio discontinuation). Brazil sales also fell 3.6% YoY * Domestic business PCPM at Rs0.85mn/MR/month * Gross margin expanded by 153bps YoY, which was further aided by lower other expenses which led to EBITDA margin expansion of 189bps YoY ...
Buy Torrent Pharmaceutical Ltd For Target Rs. 3,120 - Yes Securities
Steady quarter; debt reduction on track Torrent Pharma’s (Torrent) Q3FY21 performance was marginally below estimates with adj. PAT being impacted by lower other income. Revenue grew 1.5% YoY to Rs20.0bn with international markets declining 6.5% offset by 6.8% growth in domestic market. US sales declined 8.6% QoQ to US$39mn vs estimated US$45mn. Controlled costs aided 290bps jump in EBITDA margin to 30.4% (I-Sec: 31.0%). Adj. PAT grew 18.3% to Rs3.0bn, driven by better marg...
Add Torrent Pharmaceuticals Ltd For Target Rs.3,024 - ICICI Securities
Soft quarter; steady outlook Torrent’s Q3 results were a tad below expectation due to a miss in the US (- 9% QoQ, price erosion, lack of new launches). EBITDA margin at 30.4% (+300bps YoY, -106bps QoQ) came in line with our estimate. Barring US, other markets witnessed recovery and are well on track to outperform industry growth. With cost normalisation, management expects margin in FY22 to taper down to ~29% levels from ~30%+ levels in FY21. We like Torrent’s India franchise (...
Add Torrent Pharma Ltd For Target Rs.2,835 - HDFC Securities
In line numbers; future holds on launch momentum Q3 revenues remained flattish (up 1.5% YoY) at | 1995 crore (I-direct estimate: | 2072 crore) mainly due to 23.4% YoY decline in US formulations to | 292 crore. Domestic sales grew 6.8% YoY to | 930 crore. Brazil de-grew 8.5% YoY to | 173 crore. Germany business grew a robust 21.0% YoY to | 265 crore. EBITDA margins expanded 296 bps YoY to 30.4% (I-direct estimate: 30.5%) mainly due to lower other expenses amid lower travel and promotional ...
Buy Torrent Pharmaceuticals Ltd For Target Rs.3,290 - ICICI Direct
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