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Dolat Capital Report
In Q2 FY21, Torrent Pharmaceuticals Ltd. reported muted performance in its key export markets – U.S. (20% YoY decline), Brazil (17% YoY decline, primarily due to currency depreciation) while India (7% YoY growth) aided in flattish revenues for the quarter, in-line with our estimates.
However, Ebitda margin at 31.5% were marginally better than expected led by controlled fixed costs.
With field activities resuming normalcy (approximately 75- 80% in both Indian and Brazilian market), we expect cost structure to normalise in next two quarters.
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