Torrent Pharma Posts In-Line Q3, Sluggish Export Weigh On Valuations: Dolat Capital
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Dolat Capital Report
Torrent Pharmaceuticals Ltd. reported an in-line Q3 with sluggishness in sales led by muted exports performance.
U.S. at $39 million was lowest quarterly sales in last four years (23% YoY decline), Brazil (9% YoY decline, primarily due to currency depreciation) while India (7% YoY growth) led to 2.5% YoY revenue growth for the quarter.
However, Ebitda margin at 30.4% were 80 basis points above expectation led by certain one-offs.
Lower tax rate aided profit after tax at Rs 3 billion, in-line with estimates.
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