Sharekhan's research report on Torrent Pharmaceuticals
Torrent Pharmaceuticals Limited (Torrent) reported steady growth for Q2FY2022, though PAT missed estimates due to higher tax rate. The company derives ~60% of its sales collectively from Indian and Brazilian markets and management sees these two geographies as key growth drivers. Performance of the US business could be under pressure impacted by price erosion and absence of new launches.
Outlook
Given the strong growth outlook across Indian and Brazilian business, we retain our Buy recommendation on the stock with an unchanged PT of Rs. 3,400.
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