Torrent Pharma - Q4 Better On Operations, Exports To Play Catch Up: Dolat Capital
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Torrent Pharma - Q4 Better On Operations, Exports To Play Catch Up: Dolat Capital

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Dolat Capital Report

Despite subdued revenue growth, Torrent Pharmaceuticals Ltd. reported 30% Ebitda margin and profit after tax of Rs 3.2 billion better than our estimates of 28% and Rs 2.6 billion respectively.

Sluggishness in sales continue to be led by muted exports performance.

U.S. at $37 million was lowest quarterly sales in last four years (30% YoY decline), Brazil (4% YoY decline) partially offset by India (10% YoY growth) led to flattish YoY revenue growth for the quarter.

However, Ebitda margin at 30% was 200 basis points above expectation driven by product mix and lower selling general and administrative spend in India.

Lower tax rate aided profit after tax at Rs 3.2 billion.

Click on the attachment to read the full report:

Dolat Capital Torrent Pharma Q4FY21 Result Update.pdf


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