Torrent Pharma - Steady Q4; Margins Remain Strong: ICICI Securities
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ICICI Securities Report
Torrent Pharmaceuticals Ltd.’s Q4 FY21 performance was better than estimates on Ebitda and profit after led by better gross margin and higher other income.
Revenue declined 0.5% YoY to Rs 19.4 billion with international markets declining 7.7% offset by 9.8% growth in domestic market.
U.S. sales declined 5.9% QoQ to $37 million versus estimated $40 million.
Better revenue mix led to gross/Ebitda margin improvement of 150/180 basis points YoY.
Adjusted profit after tax grew 24.1% to Rs 3.2 billion, driven by better margin and higher other income.
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