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Motilal Oswal Report
Torrent Pharmaceuticals Ltd. delivered in-line Q1 FY23 performance. Healthy growth in domestic formulation/Brazil was offset to some extent by weak show in Germany and the U.S. generics.
While Torrent Pharma intends to file abbreviated new drug applications for the U.S. market, successful resolution of the U.S. Food and Drug Administration issues remains the key for business improvement in the U.S.
We have maintained our earnings per share estimates for FY23/FY24.
While Torrent Pharma continues to deliver better-than-industry growth in branded generics market, the return ratios remain adversely impacted by lower off-take in the U.S. market.
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