Hold Torrent Pharmaceuticals; target of Rs 2780: Sharekhan

Sharekhan recommended hold rating on Torrent Pharmaceuticals with a target price of Rs 2780 in its research report dated July 30, 2020.

August 04, 2020 / 07:57 AM IST
 
 
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Sharekhan's research repor on Torrent Pharmaceuticals


Torrent Pharmaceuticals Limited (Torrent) reported strong performance for Q1FY2021 with results ahead of estimates. Revenues grew 1.7% YoY While PAT at Rs 321 cr grew by a sturdy 49% YoY. Torrent derives 55-60% of its sales collectively from India and Brazil and has outperformed industry growth in both these markets. Management expects to sustain the traction in both these markets backed by new product launches. Torrent has submitted responses for all its three plants to the USFDA and is awaiting a response from the regulator. Timely and successful USFDA clearance is critical from a growth perspective.


Outlook


Due to recent run up in stock prices and persisting uncertainties, we see limited upside in the stock price and have retained our Hold recommendation with an unchanged PT of Rs. 2,780.


For all recommendations report, click here


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first published: Aug 4, 2020 07:57 am

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