Cipla, Torrent Pharma, APL Apollo Tubes, Shriram Transport, Federal Bank & More Q3 Reviews: HDFC Securities

HDFC Securities Institutional Equities

Cipla Ltd. - Cipla’s Q3 results came largely in line with our estimates as strong growth trends in India and the U.S. were partially offset by weak performance in other markets. India business continues to remain on a strong footing and is expected to outperform the market growth over the next few years.

Torrent Pharmaceuticals Ltd. - Torrent Pharma’s Q3 results were below expectations as revenue/Ebitda missed estimates by ~2%/20%. Ebitda margin at ~26% took a hit on account of elevated price erosion in the U.S. and certain one-offs.

Shriram Transport Finance Company Ltd. - Shriram Transport Finance’s Q3 FY22 earnings missed our estimates, primarily due to higher provisions on account of the Reserve Bank of India’s revised norms on daily marking of non-performing assets.

APL Apollo Tubes Ltd. - APL Apollo Tubes’ Q3 revenue increased 24% YoY/5% QoQ to Rs 32.3 billion, aided by higher realisation despite a 19% YoY volume decline.

Federal Bank Ltd. - Federal Bank’s Q3 FY22 earnings were broadly in line with our estimates as declining credit costs were partially offset by muted reflation in asset yields and lower other income.

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