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.
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