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Prabhudas Lilladher Report
Torrent Pharmaceuticals Ltd.’s H2 FY22 performance was muted however we believe profitability/margins to normalise from FY23, aided by price hike in branded generic business and cost optimisation steps.
Torrent Pharma’s high exposure to branded generic business (~70% of total revenues) and chronic therapies provides comfort.
Going ahead, timely resolution of plants will pick-up revenue growth in U.S. and benefit operating leverage.
We expect 20% earnings per share compound annual growth rate over FY22-24E.
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