Sharekhan's research report on Torrent PharmaFor Q3FY2016, Torrent Pharmaceuticals (Torrent Pharma) reported a growth of 33.1% in sales to Rs1,539 crore. Its operating profit grew by 155.4% to Rs613 crore, while operating profit margin (OPM) improved by 1,928BPS to 39.8% and profit for the quarter grew by 189.2% to Rs483 crore. We have upgraded our earnings estimates for FY2016 by 21% and maintained our FY2017 and FY2018 numbers. We have also upgraded our rating to Buy on the stock with a price target of Rs1,741 (valuing the stock at 20x its FY2018 EPS of Rs87).
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