Torrent Pharma Q1 Review - Strong Margins Likely To Sustain: ICICI Securities

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 Securities Report.Torrent Pharmaceuticals Ltd.’s Q1 FY22 performance was largely in line with our estimates. Revenue grew 3.8% y-o-y to Rs 21.3 billion with international markets declining 9.8% offset by 18.2% growth in domestic market. U.S. sales declined 2.7% q-o-q to $36 million versus estimated $38 million.Better revenue mix and controlled selling, general and administrative expenses led to Ebitda margin improvement of 170 basis points q-o-q. Adjusted profit after tax grew just 2.8% to Rs 3.3 billion due to increase in effective tax rate on account of deferred tax utilisation. We are positive on Torrent Pharma's long-term outlook considering growth improvement in India business with chronic segment dominance, potential resolution of official action indicated/warning letter status at two facilities in FY22E, earning per share CAGR of 13.3% over FY21-FY23E and strengthening balance sheet with improving free cash flow generation..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Torrent Pharma Q1 Review - Strong Margins Likely To Sustain: ICICI Securities

Torrent Pharma Q1 Review - Strong Margins Likely To Sustain: ICICI Securities

Choose a plan