ICICI Direct: Torrent Pharma - Q2 Revenues In-Line; Better-Than-Expected Ebitda Margins 
Tablets of multiple vitamin and minerals supplement are arranged for a photograph. (Photographer: Kiyoshi Ota/Bloomberg)

ICICI Direct: Torrent Pharma - Q2 Revenues In-Line; Better-Than-Expected Ebitda Margins 

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Torrent Pharmaceuticals Ltd. Q2 revenues remained flattish, growing a mere 0.6% YoY to Rs 2,017 crore (our estimate Rs 2,086 crore) mainly due to 13.9% YoY decline in U.S. formulations to Rs 327 crore.

Domestic sales grew 7.1% YoY to Rs 963 crore. Brazil de-grew 17.3% YoY to Rs 129 crore. Germany business grew 4.4% YoY to Rs 261 crore.

Ebitda margins expanded 450 basis points YoY to 31.5% (our estimate 30.0%) mainly due to lower other expenses amid likely lower travel and promotional spends due to Covid-19.

Click on the attachment to read the full report:

ICICI Direct Torrent Pharma Q2FY21 Result Update.pdf

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