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Torrent Pharma Q4 Review - India Remains Strong, U.S. Surprises: ICICI Securities

Torrent Pharma Q4 Review - India Remains Strong; U.S. Surprises: ICICI Securities

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Close up tablets arranged for photograph. (Source: pxhere)

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ICICI Securities Report

Torrent Pharmaceuticals Ltd.’s Q4 FY22 performance was above our estimates across all parameters.

Revenue grew 10% YoY to Rs 21.3 billion (our estimate: Rs 20.3 billion) led by 12.1% growth in India.

U.S. sales improved 19.4% QoQ to $37 million versus estimated $29 million.

Ebitda margin declined 370 basis points YoY to 26.3% on account of low gross margin. Torrent Pharma has reported an impairment charge of Rs 4.39 billion for discontinuation of the liquid facility in the U.S.

Adjusted profit after tax declined 24.2% to Rs 2.5 billion (our estimate: Rs 2.2 billion).

We remain positive on Torrent Pharma considering its strong domestic franchise supported by a dominant chronic segment.

Click on the attachment to read the full report:

ICICI Securities Torrent Pharma Q4FY22 Results.pdf

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