ICICI Direct's research report on Torrent Pharmaceuticals
Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets. Revenues – India including CRAMs (57%), Brazil (9%), US (13%) and Germany (11%) • Torrent is the eighth largest domestic player and is ranked in top 10 for CVS, CNS, V&M, GI and anti-diabetes therapies in India.
Upgrade from HOLD to BUY due to 1) good traction in branded business with India, Brazil growth prospects looking solid, Valued at Rs 3235 i.e. 30x P/E on FY24E EPS of Rs 107.8.
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