Buy Torrent Pharmaceuticals: target of Rs 3400: Sharekhan

Sharekhan's research report on Torrent Pharmaceuticals

Torrent Pharmaceuticals Limited reported steady numbers for Q1FY22, though PAT missed estimates due to a higher tax rate. The company derives ~60% of its sales collectively from the Indian and Brazil markets and the management sees these two geographies as key growth drivers. The Dahej and Indrad plants are under the USFDA’s scrutiny and post clearance, the company looks to launch 12-15 new products annually from the plants.

Outlook

Given the strong growth outlook across Indian and Brazilian business, we retain a Buy recommendation on the stock with an unchanged PT of Rs 3,400.

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