Buy Torrent Pharmaceuticals; target of Rs 3235: ICICI Direct

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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.

Outlook

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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