Prabhudas Lilladher's research report on Torrent Pharmaceuticals
Torrent Pharma’s (TRP) Q2FY24 EBITDA/PAT were largely in line. Our FY24 and FY25E EBITDA broadly remains unchanged. TRP has Rs 70bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with 1400 bps margin improvement since acquisition. Historically TRP has successfully managed to integrate Unichem and Elder acquisition which gives us comfort. We expect 16% EBITDA CAGR and 28% PAT CAGR over FY23-26E.
Outlook
Maintain ‘BUY’ rating with TP unchanged at Rs 2,250/share, 20x EV/EBITDA to FY25E.
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