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Hold Torrent Pharmaceuticals; target of Rs 2574: ICICI Securities

ICICI Securities recommended hold rating on Torrent Pharmaceuticals with a target price of Rs 2574 in its research report dated May 27, 2020.

May 28, 2020 / 12:18 PM IST
 
 
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ICICI Securities research report on Torrent Pharmaceuticals


Torrent Pharma’s (Torrent) Q4FY20 performance was largely in-line with estimates aided by strong India growth and controlled costs. Consolidated revenue grew 4.8% YoY and EBITDA margin improved 270/70bps YoY/QoQ to 28.2% (I-Sec: 26.8%). Adjusted PAT more than doubled to Rs2.6bn (I-Sec: Rs2.2bn) driven by better margin and lower tax rate. US sales remained flat QoQ at US$52mn vs estimated US$51mn despite the company having OAI status on two important plants and no new approvals.


Outlook


The growth in India business was strong at 11.4%, recovered well after three quarters of single digit growth as high base normalised and volume growth improved from recent launches including Ticagrelor, Vildagliptin, Remogliflozin etc. Maintain HOLD.




For all recommendations report, click here


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Broker Research
first published: May 28, 2020 12:18 pm

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