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Prabhudas Lilladher Report
Torrent Pharmaceuticals Ltd.'s Q2 FY24 Ebitda/profit after tax were largely in line. Our FY24 and FY25E Ebitda broadly remains unchanged.
Torrent Pharma has Rs 70 billion (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and rest of world markets.
Curatio acquisition has been scaling up well with 1400 basis points margin improvement since acquisition.
Historically Torrent Pharma has successfully managed to integrate Unichem and Elder acquisition which gives us comfort.
We expect 16% Ebitda compound annual growth rate and 28% profit after tax CAGR over FY23-26E.
Maintain ‘Buy' rating with target price unchanged at Rs 2,250/share, 20 times enterprise value/Ebitda to FY25E.
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