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Dolat Capital Report
Torrent Pharmaceuticals Ltd.'s Ebitda and profit after tax were above estimates while revenue was inline.
Revenue stood at Rs 25.9 billion (largely inline), grew by 10.4%/4.0% YoY/QoQ. Ebitda stood at Rs 7.9 billion (above estimate), grew by 11.1%/8.8% YoY/QoQ.
Torrent Pharma's Ebitda margin at 30.5% (+19 bps/+134 bps YoY/QoQ) was slightly higher than our estimate of 29.5% mainly on higher gross margins. Profit after tax at Rs 3.8 billion (above estimate) grew by 6.8%/31.7% YoY/QoQ on higher other income and lower tax.
We upgrade our earnings estimates by 13.6%/11.8% in FY24E/FY25E assuming higher Ebitda margin, other income and lower tax rate versus earlier.
We maintain 'Accumulate' rating with a revised target price of Rs 2,376.
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