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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