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ICICI Direct Report
Torrent Pharmaceuticals Ltd. Q1 revenue grew 1.7% YoY to Rs 2,056 crore (our estimate Rs 2,063 crore) mainly due to muted domestic sales amid Covid-19, which grew 2.0% YoY growth to Rs 925 crore.
U.S. formulations de-grew 0.8% YoY to Rs 373 crore due to base business price erosion and lack of new launches. Rest of world (RoW) markets grew 33% YoY to Rs 234 crore.
Ebitda margins expanded 539 basis points YoY to 32.1% (out estimate 27.0%) mainly due to change in product mix and lower travel and promotional spends.
Ebitda grew 22.2% YoY to Rs 661 crore (our estimate Rs 557 crore). Profit after tax grew 48.6% YoY to Rs 321 crore (out estimate Rs 245 crore). Delta vis-a-vis Ebitda was mainly due to lower tax rate and interest cost.
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