Torrent Pharma’s Domestic Formulation, Germany, Controlled Cost Drive Q3 Earnings: Motilal Oswal
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Motilal Oswal Report
Torrent Pharmaceuticals Ltd.’s Q3 FY21 performance was below estimates.
Recovery in the domestic formulation (DF) / Germany business was offset by decline in the U.S. and currency headwinds in Brazil. Reduced opex kept profitability at elevated levels.
We reduce our earnings per share estimates for FY21/FY22/FY23 by 4%/8%/6%, factoring in -
1. an increase in operational expenses with the resumption of promotional activity by medical representatives in the DF segment and
2. the lack of new approvals due to U.S. Food and Drug Administration-imposed regulatory issues at Dahej, Indrad.
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