Motilal Oswal: Torrent Pharma - Annual Report Analysis FY20
An employee repacks tablets. (Photographer: Ore Huiying/Bloomberg)  

Motilal Oswal: Torrent Pharma - Annual Report Analysis FY20

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Motilal Oswal Report

Torrent Pharmaceuticals Ltd.'s FY20 Annual Report analysis highlights modest revenue growth of 3.5%, led by decline in the U.S. (4.2%) and Germany (6.1%).

However, businesses in India/Rest of World registered growth of 8.8%/12.8%.

Ebitda margins expanded 150 basis point to 27.3% due to higher gross margins, lower research and development spends (at 6.2% of revenue versus 7.0% in FY19), containment of employee expenses (at 18.0% of revenues versus 18.3% in FY19) with reduced manpower (by 750 people), and capitalisation of part employee expenses during upgradation of the Levittown facility.

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Motilal Oswal Torrent Pharma Annual Report Analysis.pdf


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